Idaho First Bank Reports 2014 Results

MCCALL, ID--(Marketwired - January 20, 2015) - Today Idaho First Bank (OTCQB: IDFB) reported financial results for the year ended December 31, 2014. The Bank reported net income of $1,722,000 for the year, an increase of 42% from 2013 net income of $1,216,000. Net income for the fourth quarter of 2014 was $578,000. Mark Miller, Chairman of the Board, commented, "We are continuing to see improvements in the economic conditions of our primary markets. The Board continues to actively monitor the Bank's performance. We congratulate the Bank's management and staff on the continued success of the Bank." 

The Bank's earnings for the year have been positively impacted by loan growth, improvement in net interest margin, reduction of non-performing assets, and tax benefits. Net interest income improved by 20% and improving credit quality resulted in a reduction in the provision for loan losses. Mortgage banking income was down 15%, due to the industry wide drop in home refinancing. The 20% improvement in net interest income was due to a 16% increase in average loans and an increase in net interest margin from 4.10% to 4.33%. "We continue to improve the earnings of the Bank. While refinancing loan volume decreased, other core segments; commercial and consumer lending experienced strong growth," stated Greg Lovell, President and CEO.

Nonperforming assets were only $302,000 at December 31, 2014, compared to $1.5 million at the end of 2013. There were no nonperforming loans. President Lovell commented, "Our loan clients continue to show improving business trends. Problem loans of all kinds are reaching historic lows. Our Boise branch has been instrumental in the expansion of our commercial loan and deposit business. We will continue to expand our base in this important market." 

Shareholders' equity at December 31, 2014, was $12.4 million, an increase of $2.9 million from a year ago. Book value per share was 63 cents at year end, up from 59 cents at the beginning of the year.

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 two mortgage banking offices 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.