MCCALL, IDAHO--(Marketwire - Apr 27, 2011) - Today Idaho First Bank (OTCQB: IDFB) reported financial results for the first quarter of 2011. The Bank reported a loss of $143,000 for the first quarter of 2011 compared to a loss of $509,000 in the first quarter of 2010 and a loss of $391,000 in the last quarter of 2010. The quarterly loss was the smallest loss in the Bank's history.
Mark Miller, Chairman of the Board, commented, "We have seen significant improvement in the trends and performance of the Bank." He further said, "We have worked closely to reduce costs, including compensation and incentive packages, increased oversight, and realigned Committee Charters to help increase shareholder value and to meet our long-term profit targets."
The net loss for the first quarter of 2011 was $366,000 less than the loss in the same quarter of 2010. This large improvement was primarily caused by three favorable items; the provision for loan losses dropped from $250,000 to $85,000, mortgage banking income increased from $68,000 to $202,000; and noninterest expenses dropped by $117,000.
Nonperforming assets declined from $4.5 million at March 31, 2010, to $3.2 million at March 31, 2011. Nonperforming assets increased in the first quarter from year-end levels. Greg Lovell, President of the Bank, commented, "While short term fluctuations in the level of nonperforming assets will occur, we feel that the Bank has survived the worst of the economic crisis and that the long-term trend of nonperforming assets is improving."
Mr. Lovell further stated, "Our community is beginning a slow recovery and the Bank will continue to seek out viable loans in Valley County and from our Boise loan production office. In addition we are focused on boosting our lower cost deposit accounts to build core funding and reduce the cost of our funding."
Stockholders' equity was $4.7 million at March 31, 2011, or 6% of assets. Book value per share was 59 cents per share. The Bank continues efforts to raise capital with a goal of capital reaching 10% of assets.
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 loan production office in downtown 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: 2011 2010 Change
--------- --------- --------------------
Net interest income $ 444 $ 506 $ (62) -12%
Provision for loan losses 85 250 (165) -66%
Mortgage banking income 202 68 134 197%
Other noninterest income 61 49 12 24%
Noninterest expenses 765 882 (117) -13%
Net loss (143) (509) 366 72%
At March 31: 2011 2010 Change
--------- --------- --------------------
Loans $ 53,976 $ 56,922 $ (2,946) -5%
Allowance for loan losses 1,179 1,520 (341) -22%
Assets 77,499 83,026 (5,527) -7%
Deposits 69,488 73,856 (4,368) -6%
Stockholders' equity 4,672 3,595 1,077 30%
Nonaccrual loans 2,340 3,732 (1,392) -37%
Accruing loan more than 90
days past due - - -
Other real estate owned 866 784 82 10%
Total nonperforming assets 3,206 4,516 (1,310) -29%
Book value per share 0.59 2.57 (1.98) -77%
Shares outstanding 7,949,932 1,398,284 6,551,648 469%
Allowance to loans 2.18% 2.67%
Allowance to nonperforming
loans 50% 41%
Nonperforming loans to total
loans 4.34% 6.56%
Averages for the 3 months ended
March 31: 2011 2010 Change
--------- --------- --------------------
Loans $ 53,226 $ 57,260 $ (4,034) -7%
Earning assets 78,150 78,692 (542) -1%
Assets 80,457 80,885 (428) -1%
Deposits 71,456 71,628 (172) 0%
Stockholders' equity 4,696 3,765 931 25%
Loans to deposits 74% 80%
Net interest margin 2.30% 2.61%
Idaho First Bank
Quarterly Financial Highlights (unaudited)
(Dollars in thousands)
Income Statement Q1 2011 Q4 2010 Q3 2010 Q2 2010 Q1 2010
-------- -------- -------- -------- --------
Net interest income $ 444 $ 496 $ 563 $ 549 $ 506
Provision for loan
losses 85 450 100 750 250
Investment securities
gains 321
Mortgage banking income 202 255 250 98 68
Other noninterest income 61 46 51 49 49
Noninterest expenses 765 1,059 946 842 882
Net loss (143) (391) (182) (896) (509)
Period End Information Q1 2011 Q4 2010 Q3 2010 Q2 2010 Q1 2010
-------- -------- -------- -------- --------
Loans $ 53,976 $ 53,081 $ 57,521 $ 58,391 $ 56,922
Allowance for loan
losses 1,179 1,025 1,073 1,115 1,520
Nonperforming loans 2,340 1,871 1,883 2,125 3,732
Other real estate owned 866 1,064 1,243 697 784
Quarterly net
charge-offs (69) 498 143 1,154 43
Allowance to loans 2.18% 1.93% 1.87% 1.91% 2.67%
Allowance to
nonperforming loans 50% 55% 57% 52% 41%
Nonperforming loans to
loans 4.34% 3.52% 3.27% 3.64% 6.56%
Average Balance
Information Q1 2011 Q4 2010 Q3 2010 Q2 2010 Q1 2010
-------- -------- -------- -------- --------
Loans $ 53,226 $ 56,271 $ 57,165 $ 56,486 $ 57,260
Earning assets 78,150 79,035 82,617 80,100 78,692
Assets 80,457 81,720 84,774 82,038 80,885
Deposits 71,456 73,256 76,661 73,408 71,628
Stockholders' equity 4,696 3,014 2,568 3,016 3,765
Loans to deposits 74% 77% 75% 77% 80%
Net interest margin 2.30% 2.49% 2.70% 2.75% 2.61%
Contact Information: Contacts: Greg Lovell 208.630.2001 Don Madsen 208.947.0430