SOURCE: Idaho First Bank

April 28, 2017 19:04 ET

Idaho First Bank Reports Quarterly Results

MCCALL, ID--(Marketwired - April 28, 2017) - Today Idaho First Bank (OTC PINK: IDFB) reported financial results for the first quarter of 2017, with a net loss of $140,000. The major reason for the loss was the costs of two new branches, which will improve the Bank's long-term market position. Mark Miller, Chairman of the Board, commented, "The Board is pleased with the opportunities to expand in New Meadows and Eagle. These new branches fit with the Bank's strategic plan of adding lower cost core deposits and increasing our franchise value. The Board continues to closely monitor the performance of the Bank and believes the investments in people, locations, and system improvements are a key to long-term value accretion."

Loans grew by 23% during the past year to $115 million at March 31, 2017. In the same period, there was a 25% growth in deposits, to $125 million.

The allowance for loan losses stood at $1,447,000, or 1.25% of loans at March 31, 2017. Total nonperforming assets were $1.3 million, a significant improvement from the $2.0 million balance a year ago. The Bank had no other real estate owned at quarter-end.

Shareholders' equity at March 31, 2017, was $16.5 million, an increase of about $1 million from the prior year. Book value per share was $6.17 at March 31, 2017.

"While, the first quarter was slow, we have had very strong annual growth in loans and interest income from our business development efforts. Marketplace uncertainties and continued strong competition will continue to challenge us. We continue to work on final resolution of two remaining problem credits. We are focused on improving our performance as we move forward this year," stated Greg Lovell, President and CEO. He continued, "During the second quarter of 2017 we will release improved mobile banking services. This will increase our ability to quickly and efficiently serve our clients and gain profitable relationships."

Idaho First Bank is a state-chartered commercial bank that opened for business in October 2005. Its headquarters are located in McCall, Idaho, with branches in Boise, Eagle and New Meadows.

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)  
                  
For the three months ended March 31:  2017   2016   Change  
 Net interest income  $1,284   $1,098   $186   17 %
 Provision for loan losses   -    225    (225 ) -100 %
 Mortgage banking income   352    410    (58 ) -14 %
 Other noninterest income   115    87    28   32 %
 Noninterest expenses   1,978    1,620    358   22 %
  Net income (loss) before taxes   (227 )  (250 )  23   9 %
 Tax provision (benefit)   (87 )  (101 )  14   14 %
  Net income (loss)  $(140 ) $(149 ) $9   6 %
                     
At March 31:  2017   2016   Change  
 Loans  $115,322   $93,945   $21,377   23 %
 Allowance for loan losses   1,447    1,468    (21 ) -1 %
 Assets   145,332    118,552    26,780   23 %
 Deposits   125,446    100,642    24,804   25 %
 Stockholders' equity   16,541    15,579    962   6 %
                      
 Nonaccrual loans   1,297    1,567    (270 ) -17 %
 Accruing loans more than 90 days past due   -    -           
 Other real estate owned   -    383           
                      
  Total nonperforming assets   1,297    1,950    (653 ) -33 %
                      
 Book value per share   6.17    6.61    (0.44 ) -7 %
 Shares outstanding   2,678,875    2,358,562    320,313   14 %
                      
 Allowance to loans   1.25 %  1.56 %         
 Allowance to nonperforming loans   112 %  94 %         
 Nonperforming loans to total loans   1.12 %  1.67 %         
                     
Averages for the quarter ended March 31:  2017   2016   Change  
 Loans  $117,990   $94,460   $23,530   25 %
 Earning assets   139,007    110,803    28,204   25 %
 Assets   150,899    122,041    28,858   24 %
 Deposits   130,864    104,263    26,601   26 %
 Stockholders' equity   16,622    15,689    933   6 %
                      
 Loans to deposits   90 %  91 %         
 Net interest margin   3.75 %  3.99 %         
  
  
Idaho First Bank  
Quarterly Financial Highlights (unaudited)  
(Dollars in thousands)  
                      
Income Statement  Q1 2017   Q4 2016   Q3 2016   Q2 2016   Q1 2016  
 Net interest income  $1,284   $1,268   $1,206   $1,159   $1,098  
 Provision for loan losses   -    140    130    -    225  
 Mortgage banking income   352    627    649    535    410  
 Other noninterest income   115    109    114    100    87  
 Noninterest expenses   1,978    2,142    2,006    1,720    1,620  
  Net income (loss) before taxes   (227 )  (278 )  (167 )  74    (250 )
 Tax provision (benefit)   (87 )  (113 )  (65 )  32    (101 )
  Net income (loss)  $(140 ) $(165 ) $(102 ) $42   $(149 )
                           
Period End Information  Q1 2017   Q4 2016   Q3 2016   Q2 2016   Q1 2016  
 Loans  $115,322   $120,630   $115,472   $112,206   $93,945  
 Allowance for loan losses   1,447    1,602    1,454    1,516    1,468  
 Nonperforming loans   1,297    1,531    1,531    2,030    1,567  
 Other real estate owned   -    -    -    -    383  
 Quarterly net charge-offs   154    (8 )  192    (48 )  (9 )
                            
 Allowance to loans   1.25 %  1.33 %  1.26 %  1.35 %  1.56 %
 Allowance to nonperforming loans   112 %  105 %  95 %  75 %  94 %
 Nonperforming loans to loans   1.12 %  1.27 %  1.33 %  1.81 %  1.67 %
                           
Average Balance Information  Q1 2017   Q4 2016   Q3 2016   Q2 2016   Q1 2016  
 Loans  $117,990   $116,517   $112,166   $103,683   $94,460  
 Earning assets   139,007    134,662    126,494    116,762    110,803  
 Assets   150,899    146,399    137,902    128,010    122,041  
 Deposits   130,864    127,152    118,768    108,656    104,263  
 Stockholders' equity   16,622    15,665    15,620    15,586    15,689  
                            
 Loans to deposits   90 %  92 %  94 %  95 %  91 %
 Net interest margin   3.75 %  3.75 %  3.79 %  3.99 %  3.99 %

Contact Information

  • Contacts:
    Greg Lovell
    208.630.2001

    Don Madsen
    208.947.0430