SOURCE: Idaho First Bank

July 23, 2015 18:54 ET

Idaho First Bank Reports Mid-Year Results

MCCALL, ID--(Marketwired - July 23, 2015) - Today Idaho First Bank (OTC PINK: IDFB) reported financial results for the six months ended June 30, 2015. The Bank reported net income of $984,000 for the first half of the year, a significant increase from net income of $640,000 in the first half of 2014. Mark Miller, Chairman of the Board, commented, "We are gratified with our results but continue to focus on our goal of being a top-tier performing bank. The Board continues to actively monitor our strategic direction and path to achieving this goal. We congratulate the Bank's management and staff on the continued success of the Bank."

The Bank's earnings were positively impacted by loan growth, improvement in net interest income, mortgage banking income, and tax benefits. Net interest income for the six months was up 19% from the prior year. The provision for loan losses was a result of loan growth. Mortgage banking income was up 20%. The 19% improvement in net interest income was primarily due to a 19% increase in average loans. "We are focused on income growth while maintaining strong credit standards. We are well balanced in our income sources that contribute to our success," stated Greg Lovell, President and CEO.

Nonperforming assets were $2.8 million at June 30, 2015, compared to $.5 million at the same date in 2014. President Lovell commented on the increase, "We have three secured loans that migrated to non-accrual status. We are aggressively working to resolve these loans. We do not foresee other increases in problem assets at this time."

Shareholders' equity at June 30, 2015, was $14.7 million, an increase of $4.0 million from a year ago. This solid increase came from both stronger net income and shareholders exercising warrants. The Bank's regulatory Tier 1 Leverage Ratio was a strong 10.41% at June 30, well above regulatory requirements. Book value per share of $6.26 reflects the recent 1 for 10 reverse stock split. This compares to an adjusted book value of $6.02 per share one year ago.

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 six months ended June 30:  2015   2014   Change  
 Net interest income  $2,194    $1,847    $347    19 %
 Provision for loan losses   170     86     84    98 %
 Mortgage banking income   1,083     899     184    20 %
 Other noninterest income   171     143     28    20 %
 Noninterest expenses   2,900     2,673     227    8 %
  Net income before taxes   378     130     248    191 %
 Tax provision (benefit)   (606 )   (510 )   (96 )  -19 %
  Net income  $984     640    $344    54 %
                        
At June 30:   2015     2014     Change  
 Loans  $99,571    $82,857    $16,714    20 %
 Allowance for loan losses   1,448     1,061     387    36 %
 Assets   123,471     100,918     22,553    22 %
 Deposits   107,294     88,821     18,473    21 %
 Stockholders' equity   14,691     10,682     4,009    38 %
                         
 Nonaccrual loans   2,828     -     2,828       
 Accruing loans more than 90 days past due   -     -     -       
 Other real estate owned   -     529     (529 )  -100 %
                         
  Total nonperforming assets   2,828     529     2,299    435 %
                         
 Book value per share   6.26     6.02     0.24    4 %
 Shares outstanding   2,345,864     1,775,412     570,452    32 %
                         
 Allowance to loans   1.45 %   1.28 %           
 Allowance to nonperforming loans   51 %   N/A             
 Nonperforming loans to total loans   2.84 %   0.00 %           
                        
Averages for the six months ended June 30:   2015     2014     Change  
 Loans  $92,710    $77,819    $14,891    19 %
 Earning assets   105,909     86,480     19,429    22 %
 Assets   115,861     95,610     20,251    21 %
 Deposits   100,957     84,336     16,621    20 %
 Stockholders' equity   13,338     9,766     3,572    37 %
                         
 Loans to deposits   92 %   92 %           
 Net interest margin   4.18 %   4.31 %           
                
 
Idaho First Bank
Quarterly Financial Highlights (unaudited)
(Dollars in thousands)
                    
Income Statement  Q2 2015   Q1 2015   Q4 2014   Q3 2014   Q2 2014
 Net interest income  $1,111    $1,083    $1,072    $1,037    $969  
 Provision for loan losses   120     50     115     90     86  
 Mortgage banking income   658     425     494     760     618  
 Other noninterest income   88     83     82     79     71  
 Noninterest expenses   1,535     1,365     1,280     1,537     1,374  
  Net income before taxes   202     176     253     249     198  
 Tax provision (benefit)   (303 )   (303 )   (325 )   (255 )   (245 )
  Net income  $505    $479    $578    $504    $443  
                               
Period End Information   Q2 2015     Q1 2015     Q4 2014     Q3 2014     Q2 2014  
 Loans  $99,571    $91,896    $88,538    $83,979    $82,857  
 Allowance for loan losses   1,448     1,323     1,274     1,156     1,061  
 Nonperforming loans   2,828     -     -     -     -  
 Other real estate owned   -     302     302     462     529  
 Quarterly net charge-offs   (4 )   1     (3 )   (6 )   9  
                                
 Allowance to loans   1.45 %   1.44 %   1.44 %   1.38 %   1.28 %
 Allowance to nonperforming loans   51 %   N/A     N/A     N/A     N/A  
 Nonperforming loans to loans   2.84 %   0.00 %   0.00 %   0.00 %   0.00 %
                               
Average Balance Information   Q2 2015     Q1 2015     Q4 2014     Q3 2014     Q2 2014  
 Loans  $96,414    $88,965    $86,603    $84,578    $80,415  
 Earning assets   110,038     101,735     96,666     95,435     89,179  
 Assets   120,089     111,586     106,528     104,899     98,519  
 Deposits   104,687     97,185     92,690     91,266     87,162  
 Stockholders' equity   13,691     12,982     11,994     11,239     9,960  
                                
 Loans to deposits   92 %   92 %   93 %   93 %   92 %
 Net interest margin   4.05 %   4.32 %   4.40 %   4.31 %   4.36 %
                     

Contact Information

  • Contacts:

    Greg Lovell
    208.630.2001

    Don Madsen
    208.947.0430