SOURCE: Idaho First Bank

January 20, 2015 18:51 ET

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.

Idaho First Bank 
Financial Highlights (unaudited) 
(Dollars in thousands, except per share) 
               
For the year ended December 31: 2014   2013   Change 
 Net interest income $3,956   $3,305   $651  20%
 Provision for loan losses  291    410    (119 )-29%
 Mortgage banking income  2,153    2,533    (380 )-15%
 Other noninterest income  304    294    10  3%
 Noninterest expenses  5,490    5,258    232  4%
  Net income before taxes  632    464    168  36%
 Tax provision (benefit)  (1,090 )  (752 )  (338 )-45%
  Net income $1,722   $1,216   $506  42%
                  
At December 31:  2014    2013    Change 
 Loans $88,538   $74,562   $13,976  19%
 Allowance for loan losses  1,274    1,134    140  12%
 Assets  109,520    90,868    18,652  21%
 Deposits  95,691    79,878    15,813  20%
 Stockholders' equity  12,435    9,489    2,946  31%
                  
 Nonaccrual loans  -    869    (869 )-100%
 Accruing loans more than 90 days past due  -    -    -    
 Other real estate owned  302    610    (308 )-50%
                  
  Total nonperforming assets  302    1,479    (1,177 )-80%
                  
 Book value per share  0.63    0.59    0.04  7%
 Shares outstanding  19,763,547    16,190,546    3,573,001  22%
                  
 Allowance to loans  1.44 %  1.52 %       
 Allowance to nonperforming loans  N/A    130 %       
 Nonperforming loans to total loans  0.00 %  1.17 %       
                  
Averages for the year ended December 31:  2014    2013    Change 
 Loans $81,737   $70,700   $11,037  16%
 Earning assets  91,305    80,678    10,627  13%
 Assets  100,704    86,389    14,315  17%
 Deposits  88,188    77,207    10,981  14%
 Stockholders' equity  10,699    6,744    3,955  59%
                  
 Loans to deposits  93 %  92 %       
 Net interest margin  4.33 %  4.10 %       
               
               
Idaho First Bank 
Quarterly Financial Highlights (unaudited) 
(Dollars in thousands) 
                    
Income Statement Q4 2014   Q3 2014   Q2 2014   Q1 2014   Q4 2013 
 Net interest income $1,072   $1,037   $969   $878   $890 
 Provision for loan losses  115    90    86    -    - 
 Mortgage banking income  494    760    618    281    484 
 Other noninterest income  82    79    71    72    72 
 Noninterest expenses  1,280    1,537    1,374    1,299    1,345 
  Net income (loss) before taxes  253    249    198    (68 )  101 
 Tax provision (benefit)  (325 )  (255 )  (245 )  (265 )  (752)
  Net income $578   $504   $443   $197   $853 
                         
Period End Information  Q4 2014    Q3 2014    Q2 2014    Q1 2014    Q4 2013 
 Loans $88,538   $83,979   $82,857   $78,426   $74,562 
 Allowance for loan losses  1,274    1,156    1,061    983    1,134 
 Nonperforming loans  -    -    -    869    869 
 Other real estate owned  302    462    529    585    610 
 Quarterly net charge-offs  (3 )  (6 )  9    150    33 
                         
 Allowance to loans  1.44 %  1.38 %  1.28 %  1.25 %  1.52%
 Allowance to nonperforming loans  N/A    N/A    N/A    113 %  130%
 Nonperforming loans to loans  0.00 %  0.00 %  0.00 %  1.11 %  1.17%
                         
Average Balance Information  Q4 2014    Q3 2014    Q2 2014    Q1 2014    Q4 2013 
 Loans $86,603   $84,578   $80,415   $75,194   $73,987 
 Earning assets  96,666    95,435    89,179    83,751    82,639 
 Assets  106,528    104,899    98,519    92,670    89,544 
 Deposits  92,690    91,266    87,162    81,478    79,335 
 Stockholders' equity  11,994    11,239    9,960    9,570    8,095 
                         
 Loans to deposits  93 %  93 %  92 %  92 %  93%
 Net interest margin  4.40 %  4.31 %  4.36 %  4.25 %  4.27%

Contact Information

  • Contacts:
    Greg Lovell
    208.630.2001

    Don Madsen
    208.947.0430