MCCALL, ID--(Marketwired - October 15, 2014) - Today Idaho First Bank (OTCQB: IDFB) reported financial results for the nine months ended September 30, 2014. The Bank reported net income of $1,144,000 for the first nine months of 2014, compared to net income of $363,000 in the same period in 2013. For the second quarter of 2014 net income was $504,000 compared to $443,000 in the second quarter of this year and $157,000 in the third quarter of 2013. Mark Miller, Chairman of the Board, commented, "We are seeing the economic conditions of our primary market areas improve and believe we can continue our improvement in operating results."
The Bank's earnings for the year have been positively impacted by loan growth, improvement in net interest margin, reduction of non-performing assets, and tax benefits. Net interest income has improved by 19% while the improving credit quality has allowed for a reduction in the provision for loan losses. Year-to-date mortgage banking income is down 19%, partially a result of a drop in home refinancing. However, on a quarter-over-quarter basis mortgage income was steady as the Bank continues to emphasize purchase loan transactions. The 20% improvement in net interest income was due to a 15% increase in average loans and an increase in net interest margin from 4.04% to 4.31%. "We continue to improve the core earnings of the Bank. While refinancing loan volume has decreased, mortgage lending continues to be a strong source of core earnings," stated Greg Lovell, President and CEO.
Nonperforming assets were only $462,000 at September 30, 2014, compared to $1.6 million at September 30 of last year. 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 allowed further expansion of our commercial loan and deposit business. We believe market conditions will allow us to continue to expand our base in this important market."
Shareholders' equity at September 30, 2014, was at $11.6 million, an increase of $4.5 million from a year ago. Book value per share increased to 61 cents at September 30, 2014, compared to 57 cents per share a 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: | 2014 | 2013 | Change | ||||||||||||||
| Net interest income | $ | 2,884 | $ | 2,415 | $ | 469 | 19 | % | |||||||||
| Provision for loan losses | 176 | 410 | (234 | ) | -57 | % | |||||||||||
| Mortgage banking income | 1,659 | 2,049 | (390 | ) | -19 | % | |||||||||||
| Other noninterest income | 222 | 222 | - | 0 | % | ||||||||||||
| Noninterest expenses | 4,210 | 3,913 | 297 | 8 | % | ||||||||||||
| Net income before taxes | 379 | 363 | 16 | 4 | % | ||||||||||||
| Tax provision (benefit) | (765 | ) | (765 | ) | |||||||||||||
| Net income | 1,144 | 363 | 781 | 215 | % | ||||||||||||
| At September 30: | 2014 | 2013 | Change | ||||||||||||||
| Loans | $ | 83,979 | $ | 72,669 | $ | 11,310 | 16 | % | |||||||||
| Allowance for loan losses | 1,156 | 1,167 | (11 | ) | -1 | % | |||||||||||
| Assets | 102,976 | 91,192 | 11,784 | 13 | % | ||||||||||||
| Deposits | 89,907 | 81,777 | 8,130 | 10 | % | ||||||||||||
| Stockholders' equity | 11,641 | 7,092 | 4,549 | 64 | % | ||||||||||||
| Nonaccrual loans | - | 1,261 | (1,261 | ) | -100 | % | |||||||||||
| Accruing loans more than 90 days past due | - | - | - | ||||||||||||||
| Other real estate owned | 462 | 307 | 155 | 50 | % | ||||||||||||
| Total nonperforming assets | 462 | 1,568 | (1,106 | ) | -71 | % | |||||||||||
| Book value per share | 0.61 | 0.57 | 0.04 | 7 | % | ||||||||||||
| Shares outstanding | 19,177,622 | 12,524,445 | 6,653,177 | 53 | % | ||||||||||||
| Allowance to loans | 1.38 | % | 1.61 | % | |||||||||||||
| Allowance to nonperforming loans | N/A | 93 | % | ||||||||||||||
| Nonperforming loans to total loans | 0.00 | % | 1.74 | % | |||||||||||||
| Averages for the nine months ended Sept 30: | 2014 | 2013 | Change | ||||||||||||||
| Loans | $ | 80,097 | $ | 69,593 | $ | 10,504 | 15 | % | |||||||||
| Earning assets | 89,498 | 80,017 | 9,481 | 12 | % | ||||||||||||
| Assets | 98,741 | 85,326 | 13,415 | 16 | % | ||||||||||||
| Deposits | 86,671 | 76,490 | 10,181 | 13 | % | ||||||||||||
| Stockholders' equity | 10,262 | 6,289 | 3,973 | 63 | % | ||||||||||||
| Loans to deposits | 92 | % | 91 | % | |||||||||||||
| Net interest margin | 4.31 | % | 4.04 | % | |||||||||||||
| Idaho First Bank | ||||||||||||||||||||||
| Quarterly Financial Highlights (unaudited) | ||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||
| Income Statement | Q3 2014 | Q2 2014 | Q1 2014 | Q4 2013 | Q3 2013 | |||||||||||||||||
| Net interest income | $ | 1,037 | $ | 969 | $ | 878 | $ | 890 | $ | 870 | ||||||||||||
| Provision for loan losses | 90 | 86 | - | - | 190 | |||||||||||||||||
| Mortgage banking income | 760 | 618 | 281 | 484 | 769 | |||||||||||||||||
| Other noninterest income | 79 | 71 | 72 | 72 | 71 | |||||||||||||||||
| Noninterest expenses | 1,537 | 1,374 | 1,299 | 1,345 | 1,363 | |||||||||||||||||
| Net income (loss) before taxes | 249 | 198 | (68 | ) | 101 | 157 | ||||||||||||||||
| Tax provision (benefit) | (255 | ) | (245 | ) | (265 | ) | (752 | ) | - | |||||||||||||
| Net income | 504 | 443 | 197 | 853 | 157 | |||||||||||||||||
| Period End Information | Q3 2014 | Q2 2014 | Q1 2014 | Q4 2013 | Q3 2013 | |||||||||||||||||
| Loans | $ | 83,979 | $ | 82,857 | $ | 78,426 | $ | 74,562 | $ | 72,669 | ||||||||||||
| Allowance for loan losses | 1,156 | 1,061 | 983 | 1,134 | 1,167 | |||||||||||||||||
| Nonperforming loans | - | - | 869 | 869 | 1,261 | |||||||||||||||||
| Other real estate owned | 462 | 529 | 585 | 610 | 307 | |||||||||||||||||
| Quarterly net charge-offs | (6 | ) | 9 | 150 | 33 | 19 | ||||||||||||||||
| Allowance to loans | 1.38 | % | 1.28 | % | 1.25 | % | 1.52 | % | 1.61 | % | ||||||||||||
| Allowance to nonperforming loans | N/A | N/A | 113 | % | 130 | % | 93 | % | ||||||||||||||
| Nonperforming loans to loans | 0.00 | % | 0.00 | % | 1.11 | % | 1.17 | % | 1.74 | % | ||||||||||||
| Average Balance Information | Q3 2014 | Q2 2014 | Q1 2014 | Q4 2013 | Q3 2013 | |||||||||||||||||
| Loans | $ | 84,578 | $ | 80,415 | $ | 75,194 | $ | 73,987 | $ | 72,037 | ||||||||||||
| Earning assets | 95,435 | 89,179 | 83,751 | 82,639 | 82,186 | |||||||||||||||||
| Assets | 104,899 | 98,519 | 92,670 | 89,544 | 88,666 | |||||||||||||||||
| Deposits | 91,266 | 87,162 | 81,478 | 79,335 | 79,399 | |||||||||||||||||
| Stockholders' equity | 11,239 | 9,960 | 9,570 | 8,095 | 6,939 | |||||||||||||||||
| Loans to deposits | 93 | % | 92 | % | 92 | % | 93 | % | 91 | % | ||||||||||||
| Net interest margin | 4.31 | % | 4.36 | % | 4.25 | % | 4.27 | % | 4.20 | % | ||||||||||||
Contact Information:
Contacts:
Greg Lovell
208.630.2001
Don Madsen
208.947.0430