SOURCE: Idaho First Bank

April 27, 2011 18:54 ET

Idaho First Bank Reports Quarterly Financial Results

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