SOURCE: Idaho First Bank

January 15, 2014 21:11 ET

Idaho First Bank Reports 2013 Results

MCCALL, ID--(Marketwired - Jan 15, 2014) - Today Idaho First Bank (OTCQB: IDFB) reported financial results for the year ended December 31, 2013. The Bank reported net income of $1,216,000 for the year, compared to net income of $262,000 in 2012. Net income before taxes was up 77%, from $262,000 in 2012 to $464,000 in 2013. Net income was enhanced as the Bank began to utilize the benefit of its deferred tax asset. "We believe the results speak for themselves," stated Mark Miller, Chairman of the Board. "The Bank can be proud of its continuing improvement in its financial performance."

Comparing the two years, the Bank achieved a 10% increase in net interest income. This was driven by average loan growth of 3% and net interest margin improving from 3.88% to 4.10%. Improving credit quality allowed for a reduction in the provision for loan losses from $685,000 to $410,000. Mortgage banking income was up 31%, contributing to the improved results. "The performance of the loan portfolio is having a positive impact on our earnings. Lower problem loan levels also contributed to the improvement in the net interest margin," stated Greg Lovell, President and CEO. Further Mr. Lovell said, "Our focus on the purchase market for our real estate group continues to strengthen our position as a leader in mortgage lending."

Nonperforming assets were $1.5 million at December 31, 2013, a decrease of 20% from the prior year. The allowance for loan losses was 1.52% of loans at December 31. During 2013 the Bank restructured its occupancy cost which lowered costs significantly and provided addition capital to the Bank. Net income was significantly affected by a tax benefit of $752,000, as the Bank recognized a tax benefit for a portion of net operating loss carry forwards.

The Bank successfully raised $3.4 million of new capital stock during the year. With increased earnings and additional stock the Bank's shareholders' equity reached $9.5 million, or 10% of assets at the end of December. Book value per share was 59 cents at December 31, 2013.

"The Bank has reached a capital level that is strong," stated Chairman Miller. President Lovell stated, "We continue to have improving economic conditions in our market areas that should allow continued improvement in our operating performance."

Idaho First Bank is a state-chartered commercial bank that opened for business in October 2005. Its headquarters are located in McCall, Idaho, with a branch and a mortgage banking office located in Boise.

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, except per share)  
                         
For the year ended December 31:   2013     2012     Change  
  Net interest income   $ 3,305     $ 3,001     $ 304     10 %
  Provision for loan losses     410       685       (275 )   -40 %
  Mortgage banking income     2,533       1,938       595     31 %
  Other noninterest income     294       277       17     6 %
  Noninterest expenses     5,258       4,269       989     23 %
    Net income before taxes     464       262       202     77 %
  Tax provision (benefit)     (752 )     -       (752 )      
    Net income     1,216       262       954     364 %
                               
At December 31:     2013       2012       Change  
  Loans   $ 74,562     $ 72,187     $ 2,375     3 %
  Allowance for loan losses     1,134       1,114       20     2 %
  Assets     90,868       85,741       5,127     6 %
  Deposits     79,878       78,338       1,540     2 %
  Stockholders' equity     9,489       5,001       4,488     90 %
                                 
  Nonaccrual loans     869       1,012       (143 )   -14 %
  Accruing loans more than 90 days past due     -       -       -        
  Other real estate owned     610       827       (217 )   -26 %
                                 
    Total nonperforming assets     1,479       1,839       (360 )   -20 %
                                 
  Book value per share     0.59       0.61       (0.02 )   -3 %
  Shares outstanding     16,190,546       8,206,932       7,983,614     97 %
                                 
  Allowance to loans     1.52 %     1.54 %              
  Allowance to nonperforming loans     130 %     110 %              
  Nonperforming loans to total loans     1.17 %     1.40 %              
                               
Averages for the year ended December 31:   2013     2012     Change  
  Loans   $ 70,700     $ 68,110     $ 2,590     4 %
  Earning assets     80,678       77,354       3,324     4 %
  Assets     86,389       80,733       5,656     7 %
  Deposits     77,207       73,295       3,912     5 %
  Stockholders' equity     6,744       4,775       1,969     41 %
                                 
  Loans to deposits     92 %     93 %              
  Net interest margin     4.10 %     3.88 %              
                                 
                                 
   
   
Idaho First Bank  
Quarterly Financial Highlights (unaudited)  
(Dollars in thousands)  
                               
Income Statement   Q4 2013     Q3 2013     Q2 2013     Q1 2013     Q4 2012  
  Net interest income   $ 890     $ 870     $ 774     $ 771     $ 788  
  Provision for loan losses     -       190       90       130       160  
  Mortgage banking income     484       769       622       658       486  
  Other noninterest income     72       71       74       77       82  
  Noninterest expenses     1,345       1,363       1,280       1,270       1,078  
    Net income before taxes     101       157       100       106       118  
  Tax provision (benefit)     (752 )     -       -       -       -  
    Net income     853       157       100       106       118  
                                         
Period End Information   Q4 2013     Q3 2013     Q2 2013     Q1 2013     Q4 2012  
  Loans   $ 74,562     $ 72,669     $ 72,575     $ 68,195     $ 72,187  
  Allowance for loan losses     1,134       1,167       996       934       1,114  
  Nonperforming loans     869       1,261       1,104       703       1,012  
  Other real estate owned     610       307       606       633       827  
  Quarterly net charge-offs     33       19       28       310       154  
                                           
  Allowance to loans     1.52 %     1.61 %     1.37 %     1.37 %     1.54 %
  Allowance to nonperforming loans     130 %     93 %     90 %     133 %     110 %
  Nonperforming loans to loans     1.17 %     1.74 %     1.52 %     1.03 %     1.40 %
                                         
Average Balance Information   Q4 2013     Q3 2013     Q2 2013     Q1 2013     Q4 2012  
  Loans   $ 73,987     $ 72,037     $ 68,778     $ 67,918     $ 69,745  
  Earning assets     82,639       82,186       77,775       80,068       79,651  
  Assets     89,544       88,666       84,070       83,181       83,104  
  Deposits     79,335       79,399       74,488       75,540       75,495  
  Stockholders' equity     8,095       6,939       6,636       5,274       4,886  
                                           
  Loans to deposits     93 %     91 %     92 %     90 %     92 %
  Net interest margin     4.27 %     4.20 %     3.99 %     3.91 %     3.94 %
                                           
                                           

Contact Information

  • Contacts:
    Greg Lovell
    208.630.2001

    Don Madsen
    208.947.0430