MCCALL, ID--(Marketwired - April 24, 2015) - Today Idaho First Bank (
The Bank's earnings for the quarter were positively impacted by loan growth, improvement in net interest margin, mortgage banking income, reduction of non-performing assets, and tax benefits. Net interest income was up 23% from the prior year. The provision for loan losses was a result of loan growth. Mortgage banking income was up 51%. The 23% improvement in net interest income was due to an 18% increase in average loans and an increase in net interest margin from 4.25% to 4.32%. "We continue to improve the earnings of the Bank," stated Greg Lovell, President and CEO.
Nonperforming assets were only $302,000 at March 31, 2015, compared to $1.5 million at the same date in 2014. 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 March 31, 2015, was $13.4 million, an increase of $3.7 million from a year ago. Book value per share was 63 cents at quarter end, up from 60 cents on March 31, 2014.
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 three months ended March 31: | 2015 | 2014 | Change | |||||||||||||
| Net interest income | $ | 1,083 | $ | 878 | $ | 205 | 23 | % | ||||||||
| Provision for loan losses | 50 | - | 50 | |||||||||||||
| Mortgage banking income | 425 | 281 | 144 | 51 | % | |||||||||||
| Other noninterest income | 83 | 72 | 11 | 15 | % | |||||||||||
| Noninterest expenses | 1,365 | 1,299 | 66 | 5 | % | |||||||||||
| Net income before taxes | 176 | (68 | ) | 244 | 359 | % | ||||||||||
| Tax provision (benefit) | (303 | ) | (265 | ) | (38 | ) | -14 | % | ||||||||
| Net income | $ | 479 | $ | 197 | $ | 282 | 143 | % | ||||||||
| At March 31: | 2015 | 2014 | Change | |||||||||||||
| Loans | $ | 91,896 | $ | 78,426 | $ | 13,470 | 17 | % | ||||||||
| Allowance for loan losses | 1,323 | 983 | 340 | 35 | % | |||||||||||
| Assets | 110,882 | 95,710 | 15,172 | 16 | % | |||||||||||
| Deposits | 96,040 | 84,654 | 11,386 | 13 | % | |||||||||||
| Stockholders' equity | 13,433 | 9,693 | 3,740 | 39 | % | |||||||||||
| Nonaccrual loans | - | 869 | (869 | ) | -100 | % | ||||||||||
| Accruing loans more than 90 days past due | - | - | - | |||||||||||||
| Other real estate owned | 302 | 585 | (283 | ) | -48 | % | ||||||||||
| Total nonperforming assets | 302 | 1,454 | (1,152 | ) | -79 | % | ||||||||||
| Book value per share | 0.63 | 0.60 | 0.03 | 5 | % | |||||||||||
| Shares outstanding | 21,193,198 | 16,190,546 | 5,002,652 | 31 | % | |||||||||||
| Allowance to loans | 1.44 | % | 1.25 | % | ||||||||||||
| Allowance to nonperforming loans | N/A | 113 | % | |||||||||||||
| Nonperforming loans to total loans | 0.00 | % | 1.11 | % | ||||||||||||
| Averages for the three months ended March 31: | 2015 | 2014 | Change | |||||||||||||
| Loans | $ | 88,965 | $ | 75,194 | $ | 13,771 | 18 | % | ||||||||
| Earning assets | 101,735 | 83,751 | 17,984 | 21 | % | |||||||||||
| Assets | 111,586 | 92,670 | 18,916 | 20 | % | |||||||||||
| Deposits | 97,185 | 81,478 | 15,707 | 19 | % | |||||||||||
| Stockholders' equity | 12,982 | 9,570 | 3,412 | 36 | % | |||||||||||
| Loans to deposits | 92 | % | 92 | % | ||||||||||||
| Net interest margin | 4.32 | % | 4.25 | % | ||||||||||||
| Idaho First Bank | |||||||||||||||||||||
| Quarterly Financial Highlights (unaudited) | |||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||
| Income Statement | Q1 2015 | Q4 2014 | Q3 2014 | Q2 2014 | Q1 2014 | ||||||||||||||||
| Net interest income | $ | 1,083 | $ | 1,072 | $ | 1,037 | $ | 969 | $ | 878 | |||||||||||
| Provision for loan losses | 50 | 115 | 90 | 86 | - | ||||||||||||||||
| Mortgage banking income | 425 | 494 | 760 | 618 | 281 | ||||||||||||||||
| Other noninterest income | 83 | 82 | 79 | 71 | 72 | ||||||||||||||||
| Noninterest expenses | 1,365 | 1,280 | 1,537 | 1,374 | 1,299 | ||||||||||||||||
| Net income (loss) before taxes | 176 | 253 | 249 | 198 | (68 | ) | |||||||||||||||
| Tax provision (benefit) | (303 | ) | (325 | ) | (255 | ) | (245 | ) | (265 | ) | |||||||||||
| Net income | $ | 479 | $ | 578 | $ | 504 | $ | 443 | $ | 197 | |||||||||||
| Period End Information | Q1 2015 | Q4 2014 | Q3 2014 | Q2 2014 | Q1 2014 | ||||||||||||||||
| Loans | $ | 91,896 | $ | 88,538 | $ | 83,979 | $ | 82,857 | $ | 78,426 | |||||||||||
| Allowance for loan losses | 1,323 | 1,274 | 1,156 | 1,061 | 983 | ||||||||||||||||
| Nonperforming loans | - | - | - | - | 869 | ||||||||||||||||
| Other real estate owned | 302 | 302 | 462 | 529 | 585 | ||||||||||||||||
| Quarterly net charge-offs | 1 | (3 | ) | (6 | ) | 9 | 150 | ||||||||||||||
| Allowance to loans | 1.44 | % | 1.44 | % | 1.38 | % | 1.28 | % | 1.25 | % | |||||||||||
| Allowance to nonperforming loans | N/A | N/A | N/A | N/A | 113 | % | |||||||||||||||
| Nonperforming loans to loans | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 1.11 | % | |||||||||||
| Average Balance Information | Q1 2015 | Q4 2014 | Q3 2014 | Q2 2014 | Q1 2014 | ||||||||||||||||
| Loans | $ | 88,965 | $ | 86,603 | $ | 84,578 | $ | 80,415 | $ | 75,194 | |||||||||||
| Earning assets | 101,735 | 96,666 | 95,435 | 89,179 | 83,751 | ||||||||||||||||
| Assets | 111,586 | 106,528 | 104,899 | 98,519 | 92,670 | ||||||||||||||||
| Deposits | 97,185 | 92,690 | 91,266 | 87,162 | 81,478 | ||||||||||||||||
| Stockholders' equity | 12,982 | 11,994 | 11,239 | 9,960 | 9,570 | ||||||||||||||||
| Loans to deposits | 92 | % | 93 | % | 93 | % | 92 | % | 92 | % | |||||||||||
| Net interest margin | 4.32 | % | 4.40 | % | 4.31 | % | 4.36 | % | 4.25 | % | |||||||||||
Contact Information:
Contacts:
Greg Lovell
208.630.2001
Don Madsen
208.947.0430