SOURCE: Idaho First Bank

April 20, 2016 21:33 ET

Idaho First Bank Reports Quarterly Results

MCCALL, ID--(Marketwired - April 20, 2016) - Today Idaho First Bank (OTC PINK: IDFB) reported financial results for the quarter ended March 31, 2016. The Bank reported a net loss of $149,000 for the first quarter of 2016, primarily caused by a provision for loan losses of $225,000. Mark Miller, Chairman of the Board, commented, "While posting a quarterly loss is disappointing, the Board believes it positions the Bank for improved performance in the future. We believe that Management has made appropriate reserves to protect the Bank against future credit losses. Management believes that the loan provision is not indicative of a general deterioration in credit quality, and the Board concurs with that assessment."

Non-performing assets were $2.0 million at March 31, 2016, which is a $1.6 million increase from the same date in 2015. Kathleen Lewis, EVP and Chief Credit Officer of the Bank, stated, "While the increase in nonperforming assets is discouraging, it appears to be a short-lived event. Since the end of the quarter there was a significant reduction in these assets through the sale of our other real estate owned property." The allowance for loan losses was 1.56% of loans at March 31, 2016, compared to 1.44% one year earlier. The increase in the provision was necessary for anticipated loss exposure on a single loan resulting from the untimely death of the borrower.

Don Madsen, Chief Financial Officer stated, "Our balance sheet shows fundamental strength from increased capital and liquidity." Shareholders' equity at March 31, 2016, was $15.6 million, an increase of $2.1 million from a year ago. Book value per share was $6.61 at the end of the quarter, up 27 cents from a one year ago.

"We have begun to see increased loan volumes and interest income from our business development efforts. We are cautiously optimistic that organizational changes and investments in technology will improve our results as we continue on in 2016," stated Greg Lovell, President and CEO. "We believe that this quarter was one of correction and not reflective of our normal performance. We believe that the roll out of improved mobile banking services as well as increased marketing efforts are improving the Bank's ability to 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 two branches 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 three months ended March 31:     2016     2015     Change
  Net interest income   $ 1,098   $ 1,083   $ 15   1%
  Provision for loan losses     225     50     175   350%
  Mortgage banking income     410     425     (15)   -4%
  Other noninterest income     87     83     4   5%
  Noninterest expenses     1,620     1,365     255   19%
    Net income before taxes     (250)     176     (426)   -242%
  Tax provision (benefit)     (101)     (303)     202   67%
    Net income (loss)   $ (149)   $ 479   $ (628)   -131%
                           
At March 31:     2016     2015     Change
  Loans   $ 93,945   $ 91,896   $ 2,049   2%
  Allowance for loan losses     1,468     1,323     145   11%
  Assets     118,552     110,882     7,670   7%
  Deposits     100,642     96,040     4,602   5%
  Stockholders' equity     15,579     13,433     2,146   16%
  Nonaccrual loans     1,567     -     1,567    
  Accruing loans more than 90 days past due     -     -     -    
  Other real estate owned     383     302     81   27%
    Total nonperforming assets     1,950     302     1,648   546%
  Book value per share     6.61     6.34     0.27   4%
  Shares outstanding     2,358,562     2,119,320     239,242   11%
  Allowance to loans     1.56%     1.44%          
  Allowance to nonperforming loans     94%     N/A          
  Nonperforming loans to total loans     1.67%     0.00%          
                         
Averages for the three months ended March 31:     2016     2015     Change
  Loans   $ 94,460   $ 88,965   $ 5,495   6%
  Earning assets     110,803     101,735     9,068   9%
  Assets     122,041     111,586     10,455   9%
  Deposits     104,263     97,185     7,078   7%
  Stockholders' equity     15,689     12,982     2,707   21%
                         
  Loans to deposits     91%
    92%          
  Net interest margin     3.99%     4.32%          
                       
 
Idaho First Bank
Quarterly Financial Highlights (unaudited)
(Dollars in thousands)
 
Income Statement   Q1 2016   Q4 2015   Q3 2015   Q2 2015   Q1 2015
  Net interest income $ 1,098   $ 1,190   $ 1,185   $ 1,111   $ 1,083
  Provision for loan losses   225     -     150     120     50
  Mortgage banking income   410     269     603     658     425
  Other noninterest income   87     81     89     88     83
  Noninterest expenses   1,620     1,467     1,576     1,535     1,365
    Net income (loss) before taxes   (250)     73     151     202     176
  Tax provision (benefit)   (101)     (412)     (303)     (303)     (303)
    Net income (loss) $ (149)   $ 485   $ 454   $ 505   $ 479
                                 
Period End Information   Q1 2016     Q4 2015     Q3 2015     Q2 2015     Q1 2015
  Loans $ 93,945   $ 96,102   $ 97,164   $ 99,571   $ 91,896
  Allowance for loan losses   1,468     1,234     1,586     1,448     1,323
  Nonperforming loans   1,567     1,157     1,797     2,828     -
  Other real estate owned   383     383     -     -     302
  Quarterly net charge-offs   (9)     351     12     (4)     1
  Allowance to loans   1.56%     1.28%     1.63%     1.45%     1.44%
  Allowance to nonperforming loans   94%     107%     88%     51%     N/A
  Nonperforming loans to loans   1.67%     1.20%     1.85%     2.84%     0.00%
                               
Average Balance Information   Q1 2016     Q4 2015     Q3 2015     Q2 2015     Q1 2015
  Loans $ 94,460   $ 97,346   $ 97,989   $ 96,414   $ 88,965
  Earning assets   110,803     112,047     113,871     110,038     101,735
  Assets   122,041     122,934     124,550     120,089     111,586
  Deposits   104,263     105,701     108,109     104,687     97,185
  Stockholders' equity   15,689     15,309     14,918     13,691     12,982
  Loans to deposits   91%     92%     91%     92%     92%
  Net interest margin   3.99%     4.21%     4.13%     4.05%     4.32%
                             

Contact Information

  • Greg Lovell
    208.630.2001

    Don Madsen
    208.947.0430