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Idaho First Bank Reports Quarterly Results

MCCALL, ID--(Marketwired - April 28, 2017) - Today Idaho First Bank (OTC PINK: IDFB) reported financial results for the first quarter of 2017, with a net loss of $140,000. The major reason for the loss was the costs of two new branches, which will improve the Bank's long-term market position. Mark Miller, Chairman of the Board, commented, "The Board is pleased with the opportunities to expand in New Meadows and Eagle. These new branches fit with the Bank's strategic plan of adding lower cost core deposits and increasing our franchise value. The Board continues to closely monitor the performance of the Bank and believes the investments in people, locations, and system improvements are a key to long-term value accretion."

Loans grew by 23% during the past year to $115 million at March 31, 2017. In the same period, there was a 25% growth in deposits, to $125 million.

The allowance for loan losses stood at $1,447,000, or 1.25% of loans at March 31, 2017. Total nonperforming assets were $1.3 million, a significant improvement from the $2.0 million balance a year ago. The Bank had no other real estate owned at quarter-end.

Shareholders' equity at March 31, 2017, was $16.5 million, an increase of about $1 million from the prior year. Book value per share was $6.17 at March 31, 2017.

"While, the first quarter was slow, we have had very strong annual growth in loans and interest income from our business development efforts. Marketplace uncertainties and continued strong competition will continue to challenge us. We continue to work on final resolution of two remaining problem credits. We are focused on improving our performance as we move forward this year," stated Greg Lovell, President and CEO. He continued, "During the second quarter of 2017 we will release improved mobile banking services. This will increase our ability to quickly and efficiently serve our clients and gain profitable relationships."

Idaho First Bank is a state-chartered commercial bank that opened for business in October 2005. Its headquarters are located in McCall, Idaho, with branches in Boise, Eagle and New Meadows.

This release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA"). Such forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, economic conditions, the regulatory environment, loan concentrations, vendors, employees, technology, competition, and interest rates. Readers are cautioned not to place undue reliance on the forward-looking statements. Idaho First Bank has no obligation to publicly update the forward-looking statements after the date of this release. This statement is included for the express purpose of invoking PSLRA's safe harbor provisions.

   
   
Idaho First Bank  
Financial Highlights (unaudited)  
(Dollars in thousands)  
                         
For the three months ended March 31:   2017     2016     Change  
  Net interest income   $ 1,284     $ 1,098     $ 186     17 %
  Provision for loan losses     -       225       (225 )   -100 %
  Mortgage banking income     352       410       (58 )   -14 %
  Other noninterest income     115       87       28     32 %
  Noninterest expenses     1,978       1,620       358     22 %
    Net income (loss) before taxes     (227 )     (250 )     23     9 %
  Tax provision (benefit)     (87 )     (101 )     14     14 %
    Net income (loss)   $ (140 )   $ (149 )   $ 9     6 %
                               
At March 31:   2017     2016     Change  
  Loans   $ 115,322     $ 93,945     $ 21,377     23 %
  Allowance for loan losses     1,447       1,468       (21 )   -1 %
  Assets     145,332       118,552       26,780     23 %
  Deposits     125,446       100,642       24,804     25 %
  Stockholders' equity     16,541       15,579       962     6 %
                                 
  Nonaccrual loans     1,297       1,567       (270 )   -17 %
  Accruing loans more than 90 days past due     -       -                
  Other real estate owned     -       383                
                                 
    Total nonperforming assets     1,297       1,950       (653 )   -33 %
                                 
  Book value per share     6.17       6.61       (0.44 )   -7 %
  Shares outstanding     2,678,875       2,358,562       320,313     14 %
                                 
  Allowance to loans     1.25 %     1.56 %              
  Allowance to nonperforming loans     112 %     94 %              
  Nonperforming loans to total loans     1.12 %     1.67 %              
                               
Averages for the quarter ended March 31:   2017     2016     Change  
  Loans   $ 117,990     $ 94,460     $ 23,530     25 %
  Earning assets     139,007       110,803       28,204     25 %
  Assets     150,899       122,041       28,858     24 %
  Deposits     130,864       104,263       26,601     26 %
  Stockholders' equity     16,622       15,689       933     6 %
                                 
  Loans to deposits     90 %     91 %              
  Net interest margin     3.75 %     3.99 %              
   
   
Idaho First Bank  
Quarterly Financial Highlights (unaudited)  
(Dollars in thousands)  
                               
Income Statement   Q1 2017     Q4 2016     Q3 2016     Q2 2016     Q1 2016  
  Net interest income   $ 1,284     $ 1,268     $ 1,206     $ 1,159     $ 1,098  
  Provision for loan losses     -       140       130       -       225  
  Mortgage banking income     352       627       649       535       410  
  Other noninterest income     115       109       114       100       87  
  Noninterest expenses     1,978       2,142       2,006       1,720       1,620  
    Net income (loss) before taxes     (227 )     (278 )     (167 )     74       (250 )
  Tax provision (benefit)     (87 )     (113 )     (65 )     32       (101 )
    Net income (loss)   $ (140 )   $ (165 )   $ (102 )   $ 42     $ (149 )
                                         
Period End Information   Q1 2017     Q4 2016     Q3 2016     Q2 2016     Q1 2016  
  Loans   $ 115,322     $ 120,630     $ 115,472     $ 112,206     $ 93,945  
  Allowance for loan losses     1,447       1,602       1,454       1,516       1,468  
  Nonperforming loans     1,297       1,531       1,531       2,030       1,567  
  Other real estate owned     -       -       -       -       383  
  Quarterly net charge-offs     154       (8 )     192       (48 )     (9 )
                                           
  Allowance to loans     1.25 %     1.33 %     1.26 %     1.35 %     1.56 %
  Allowance to nonperforming loans     112 %     105 %     95 %     75 %     94 %
  Nonperforming loans to loans     1.12 %     1.27 %     1.33 %     1.81 %     1.67 %
                                         
Average Balance Information   Q1 2017     Q4 2016     Q3 2016     Q2 2016     Q1 2016  
  Loans   $ 117,990     $ 116,517     $ 112,166     $ 103,683     $ 94,460  
  Earning assets     139,007       134,662       126,494       116,762       110,803  
  Assets     150,899       146,399       137,902       128,010       122,041  
  Deposits     130,864       127,152       118,768       108,656       104,263  
  Stockholders' equity     16,622       15,665       15,620       15,586       15,689  
                                           
  Loans to deposits     90 %     92 %     94 %     95 %     91 %
  Net interest margin     3.75 %     3.75 %     3.79 %     3.99 %     3.99 %