SOURCE: Idaho First Bank

October 29, 2015 18:21 ET

Idaho First Bank Reports Nine-Month Results

MCCALL, ID--(Marketwired - October 29, 2015) - Today Idaho First Bank (OTC PINK: IDFB) reported financial results for the nine months ended September 30, 2015. The Bank reported net income of $1,438,000 for the first nine months of 2015, a 26% increase from net income of $1,144,000 in the same period 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, and tax benefits. Net interest income for the first nine months of 2015 was up 17% from the prior year. The improvement in net interest income was primarily due to an 18% increase in average loans. The provision for loan losses increased to keep up with loan growth and to strengthen the allowance for loan losses. The allowance was 1.63% of loans at September 30, 2015, compared to 1.38% at the same time in 2014. "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 $1.8 million at September 30, 2015, a reduction of $1.0 million from the balance as of June 30th of this year. It compares to $.5 million at the same date in 2014. The current non-performing assets are related to the migration of long-term problem credit relations to final resolution. The Bank believes the current loan portfolio remains strong and the number of problem assets are winding down.

Shareholders' equity at September 30, 2015, was $15.2 million, an increase of $3.6 million from a year ago. Our strong performance, and the conversion by shareholders of outstanding warrants, has allowed strong growth in our book value per share. Book value reached $6.46 at September 30, 2015. This compares favorably compares to a book value of $6.07 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 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 nine months ended September 30:  2015   2014   Change  
 Net interest income  $3,379   $2,884   $495   17 %
 Provision for loan losses   320    176    144   82 %
 Mortgage banking income   1,686    1,659    27   2 %
 Other noninterest income   260    222    38   17 %
 Noninterest expenses   4,476    4,210    266   6 %
  Net income before taxes   529    379    150   40 %
 Tax provision (benefit)   (909 )  (765 )  (144 ) -19 %
  Net income  $1,438    1,144   $294   26 %
                     
At September 30:  2015   2014   Change  
 Loans  $97,164   $83,979   $13,185   16 %
 Allowance for loan losses   1,586    1,156    430   37 %
 Assets   125,521    102,976    22,545   22 %
 Deposits   108,946    89,907    19,039   21 %
 Stockholders' equity   15,159    11,641    3,518   30 %
                      
 Nonaccrual loans   1,797    -    1,797      
 Accruing loans more than 90 days past due   -    -    -      
 Other real estate owned   -    462    (462 ) -100 %
                     
  Total nonperforming assets   1,797    462    1,335   289 %
                     
 Book value per share   6.46    6.07    0.39   6 %
 Shares outstanding   2,347,460    1,917,762    429,698   22 %
                     
 Allowance to loans   1.63 %  1.38 %         
 Allowance to nonperforming loans   88 %  N/A           
 Nonperforming loans to total loans   1.85 %  0.00 %         
                     
Averages for the nine months ended Sep. 30:  2015   2014   Change  
 Loans  $94,489   $80,097   $14,392   18 %
 Earning assets   108,592    89,498    19,094   21 %
 Assets   118,789    98,741    20,048   20 %
 Deposits   103,367    86,671    16,696   19 %
 Stockholders' equity   13,871    10,262    3,609   35 %
                      
 Loans to deposits   91 %  92 %         
 Net interest margin   4.16 %  4.31 %         
                     
                
  
Idaho First Bank  
Quarterly Financial Highlights (unaudited)  
(Dollars in thousands)  
   
Income Statement  Q3 2015   Q2 2015   Q1 2015   Q4 2014   Q3 2014  
Net interest income  $1,185   $1,111   $1,083   $1,072   $1,037  
 Provision for loan losses   150    120    50    115    90  
 Mortgage banking income   603    658    425    494    760  
 Other noninterest income   89    88    83    82    79  
 Noninterest expenses   1,576    1,535    1,365    1,280    1,537  
  Net income before taxes   151    202    176    253    249  
 Tax provision (benefit)   (303 )  (303 )  (303 )  (325 )  (255 )
  Net income  $454   $505   $479   $578   $504  
                           
Period End Information  Q3 2015   Q2 2015   Q1 2015   Q4 2014   Q3 2014  
 Loans  $97,164   $99,571   $91,896   $88,538   $83,979  
 Allowance for loan losses   1,586    1,448    1,323    1,274    1,156  
 Nonperforming loans   1,797    2,828    -    -    -  
 Other real estate owned   -    -    302    302    462  
 Quarterly net charge-offs   12    (4 )  1    (3 )  (6 )
                           
 Allowance to loans   1.63 %  1.45 %  1.44 %  1.44 %  1.38 %
 Allowance to nonperforming loans   88 %  51 %  N/A    N/A    N/A  
 Nonperforming loans to loans   1.85 %  2.84 %  0.00 %  0.00 %  0.00 %
                           
Average Balance Information  Q3 2015   Q2 2015   Q1 2015   Q4 2014   Q3 2014  
 Loans  $97,989   $96,414   $88,965   $86,603   $84,578  
 Earning assets   113,871    110,038    101,735    96,666    95,435  
 Assets   124,550    120,089    111,586    106,528    104,899  
 Deposits   108,109    104,687    97,185    92,690    91,266  
 Stockholders' equity   14,918    13,691    12,982    11,994    11,239  
                            
 Loans to deposits   91 %  92 %  92 %  93 %  93 %
 Net interest margin   4.13 %  4.05 %  4.32 %  4.40 %  4.31 %
                           
                           

Contact Information

  • Contacts:
    Greg Lovell
    208.630.2001

    Don Madsen
    208.947.0430