SOURCE: Idaho First Bank

October 18, 2012 17:10 ET

Idaho First Bank Reports Record Quarterly Income

MCCALL, ID--(Marketwire - Oct 18, 2012) - Today Idaho First Bank (OTCQB: IDFB) reported financial results for the quarter and nine months ended September 30, 2012. The Bank reported net income of $144,000 for the first nine months of 2012, compared to a loss of $214,000 in the same period of 2011. Compared to the prior year, the change was attributable to a 35% increase in net interest income. This was driven by average loan growth of 22% and an improving net interest margin. Year-to-date net interest margin improved from 2.88% in 2011 to 3.86% in 2012. Year-to-date mortgage banking income also grew substantially from $562,000 in 2011 to $1,452,000 in 2012. "The Board is proud of the hard work of staff and management in reaching our fifth consecutive quarter of profitability," stated Mark Miller, Chairman of the Board of Directors.

Net income for the third quarter of 2012 was $105,000, a record for the highest quarterly income in the Bank's history. The third quarter of 2012 marks the fifth consecutive quarter of net income for the Bank. Net income of $105,000 for the quarter compares with quarterly income of $55,000 in the same quarter of 2011 and $16,000 of quarterly income in the second quarter of 2012. 

Nonperforming assets were $2.2 million at September 30, 2012, an increase from the prior year, but an improvement from March 31, 2012. There were no loan charge-offs in the third quarter and loan recoveries of $39,000. The allowance for loan losses was 1.60% of loans at September 30 and 81% of nonperforming loans. Mr. Lovell commented, "We are cautiously optimistic about the improving trends in our portfolio. We continue to closely monitor the performance of our loan portfolio and aggressively take action as problems arise."

Stockholders' equity was $4.9 million at September 30, 2012, or 6% of assets. Book value was 60 cents per share, two cents more than at September 30, 2011.

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 nine months ended September 30:   2012     2011     Change  
  Net interest income   $ 2,213     $ 1,634     $ 579     35 %
  Provision for loan losses     525       220       305     139 %
  Mortgage banking income     1,452       562       890     158 %
  Other noninterest income     195       168       27     16 %
  Noninterest expenses     3,191       2,358       833     35 %
                                 
    Net income (loss)     144       (214 )     358     167 %
                               
At Septebmer 30:     2012       2011       Change  
  Loans   $ 69,085     $ 60,895     $ 8,190     13 %
  Allowance for loan losses     1,108       1,073       35     3 %
  Assets     83,064       76,408       6,656     9 %
  Deposits     75,780       68,433       7,347     11 %
  Stockholders' equity     4,852       4,629       223     5 %
                                 
  Nonaccrual loans     1,369       379       990     261 %
  Accruing loan more than 90 days past due     -       454       (454 )      
  Other real estate owned     857       656       201     31 %
                                 
    Total nonperforming assets     2,226       1,489       737     49 %
                                 
  Book value per share     0.60       0.58       0.02     3 %
  Shares outstanding     8,129,932       7,949,932       180,000     2 %
                                 
  Allowance to loans     1.60 %     1.76 %              
  Allowance to nonperforming loans     81 %     129 %              
  Nonperforming loans to total loans     1.98 %     1.37 %              
                               
Averages for the nine months ended September 30:     2012       2011       Change  
  Loans   $ 67,561     $ 55,489     $ 12,072     22 %
  Earning assets     76,583       75,770       813     1 %
  Assets     79,937       78,259       1,678     2 %
  Deposits     72,556       69,980       2,576     4 %
  Stockholders' equity     4,737       4,617       120     3 %
                                 
  Loans to deposits     93 %     79 %              
  Net interest margin     3.86 %     2.88 %              
   
   
Idaho First Bank  
Quarterly Financial Highlights (unaudited)  
(Dollars in thousands)  
                               
Income Statement   Q3 2012     Q2 2012     Q1 2012     Q4 2011     Q3 2011  
  Net interest income   $ 799     $ 716     $ 698     $ 630     $ 627  
  Provision for loan losses     275       135       115       30       10  
  Mortgage banking income     727       499       226       313       180  
  Other noninterest income     71       68       56       60       55  
  Noninterest expenses     1,217       1,132       842       902       797  
                                           
    Net income     105       16       23       71       55  
                                         
Period End Information     Q3 2012       Q2 2012       Q1 2012       Q4 2011       Q3 2011  
  Loans   $ 69,085     $ 70,836     $ 66,109     $ 64,133     $ 60,895  
  Allowance for loan losses     1,108       794       874       1,052       1,073  
  Nonperforming loans     1,369       1,182       1,856       1,048       833  
  Other real estate owned     857       874       887       887       656  
  Quarterly net charge-offs     (39 )     215       293       51       (14 )
                                           
                                           
  Allowance to loans     1.60 %     1.12 %     1.32 %     1.64 %     1.76 %
  Allowance to nonperforming loans     81 %     67 %     47 %     100 %     129 %
  Nonperforming loans to loans     1.98 %     1.67 %     2.81 %     1.63 %     1.37 %
                                         
Average Balance Information     Q3 2012       Q2 2012       Q1 2012       Q4 2011       Q3 2011  
  Loans   $ 70,427     $ 67,536     $ 64,689     $ 63,221     $ 58,569  
  Earning assets     79,549       76,314       73,853       72,229       75,560  
  Assets     82,962       79,672       77,144       75,007       78,188  
  Deposits     75,185       72,547       69,907       66,891       70,258  
  Stockholders' equity     4,778       4,726       4,707       4,660       4,574  
                                           
  Loans to deposits     94 %     93 %     93 %     95 %     83 %
  Net interest margin     4.00 %     3.77 %     3.80 %     3.46 %     3.29 %

Contact Information

  • Contacts:
    Greg Lovell
    208.630.2001

    Don Madsen
    208.947.0430