SOURCE: Idaho First Bank

October 30, 2013 15:06 ET

Idaho First Bank Reports Record Quarterly Results

MCCALL, ID--(Marketwired - Oct 30, 2013) - Today Idaho First Bank (OTCQB: IDFB) reported financial results for September 30, 2013. The Bank reported net income of $363,000 for the first nine months of 2013, compared to net income of $144,000 in the same period last year. The quarterly net income for the third quarter was a record $157,000, up significantly from quarterly net income of $105,000 in the third quarter of 2012.

Comparing the first nine months of 2013 to the same period in 2012, the Bank achieved a 9% increase in net interest income. This was driven by average loan growth of 3% and an improving net interest margin. Due to improved credit quality the provision for loan losses dropped from $525,000 to $410,000. Mortgage banking income was up 41%, contributing to the improved results. "The performance of the loan portfolio is having a positive impact on our earnings. Lower problem loan levels have reduced the negative drag on earnings," stated Greg Lovell President and CEO. He further said, "We continue to emphasize the purchase market in our real estate lending. This helps to soften any loss of business from a slow down in the refinance market."

Nonperforming assets were $1.3 million at September 30, 2013, a decrease of 8% from the prior year. The allowance for loan losses was 1.61% of loans at September 30.

As previously announced, the FDIC and the Idaho Department of Finance terminated the Consent Order that had been in place since early 2010. The termination of this formal regulatory order was a confirmation of the Bank's improvements in capital, earnings and asset quality. As a direct result of the removal of the Consent Order, the Bank will now be able to open a branch office in Boise. The Bank has purchased a building at 209 N 12th Street to house this downtown Boise branch. It is expected that the new branch will open in early January, following building renovations. The Bank's Mortgage Operation will continue to be located in downtown Boise at 205 S 5th Street.

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: 2013     2012     Change  
  Net interest income $ 2,415     $ 2,213     $ 202     9 %
  Provision for loan losses   410       525       (115 )   -22 %
  Mortgage banking income   2,049       1,452       597     41 %
  Other noninterest income   222       195       27     14 %
  Noninterest expenses   3,913       3,191       722     23 %
                               
    Net income   363       144       219     152 %
                             
At September 30:   2013       2012       Change  
  Loans $ 72,669     $ 69,085     $ 3,584     5 %
  Allowance for loan losses   1,167       1,108       59     5 %
  Assets   91,192       83,064       8,128     10 %
  Deposits   81,777       75,780       5,997     8 %
  Stockholders' equity   7,092       4,852       2,240     46 %
                               
  Nonaccrual loans   1,261       1,369       (108 )   -8 %
  Accruing loans more than 90 days past due   -       -       -        
  Other real estate owned   307       857       (550 )   -64 %
                               
    Total nonperforming assets   1,568       2,226       (658 )   -30 %
                               
  Book value per share   0.57       0.60       (0.03 )   -5 %
  Shares outstanding   12,524,445       8,129,932       4,394,513     54 %
                               
  Allowance to loans   1.61 %     1.60 %              
  Allowance to nonperforming loans   93 %     81 %              
  Nonperforming loans to total loans   1.74 %     1.98 %              
                             
Averages for the nine months ended Sept 30:   2013       2012       Change  
  Loans $ 69,593     $ 67,561     $ 2,032     3 %
  Earning assets   80,017       76,583       3,434     4 %
  Assets   85,326       79,937       5,389     7 %
  Deposits   76,490       72,556       3,934     5 %
  Stockholders' equity   6,289       4,737       1,552     33 %
                               
  Loans to deposits   91 %     93 %              
  Net interest margin   4.04 %     3.86 %              
                               
                               
Idaho First Bank  
Quarterly Financial Highlights (unaudited)  
(Dollars in thousands)  
                             
Income Statement Q3 2013     Q2 2013     Q1 2013     Q4 2012     Q3 2012  
  Net interest income $ 870     $ 774     $ 771     $ 788     $ 799  
  Provision for loan losses   190       90       130       160       275  
  Mortgage banking income   769       622       658       486       727  
  Other noninterest income   71       74       77       82       71  
  Noninterest expenses   1,363       1,280       1,270       1,078       1,217  
                                         
    Net income   157       100       106       118       105  
                                       
Period End Information   Q3 2013       Q2 2013       Q1 2013       Q4 2012       Q3 2012  
  Loans $ 72,669     $ 72,575     $ 68,195     $ 72,187     $ 69,085  
  Allowance for loan losses   1,167       996       934       1,114       1,108  
  Nonperforming loans   1,261       1,104       703       1,012       1,369  
  Other real estate owned   307       606       633       827       857  
  Quarterly net charge-offs   19       28       310       154       (39 )
                                         
                                         
  Allowance to loans   1.61 %     1.37 %     1.37 %     1.54 %     1.60 %
  Allowance to nonperforming loans   93 %     90 %     133 %     110 %     81 %
  Nonperforming loans to loans   1.74 %     1.52 %     1.03 %     1.40 %     1.98 %
                                       
Average Balance Information   Q3 2013       Q2 2013       Q1 2013       Q4 2012       Q3 2012  
  Loans $ 72,037     $ 68,778     $ 67,918     $ 69,745     $ 70,427  
  Earning assets   82,186       77,775       80,068       79,651       79,549  
  Assets   88,666       84,070       83,181       83,104       82,962  
  Deposits   79,399       74,488       75,540       75,495       75,185  
  Stockholders' equity   6,939       6,636       5,274       4,886       4,778  
                                         
  Loans to deposits   91 %     92 %     90 %     92 %     94 %
  Net interest margin   4.20 %     3.99 %     3.91 %     3.94 %     4.00 %

Contact Information

  • Contacts:
    Greg Lovell
    208.630.2001
    Don Madsen
    208.947.0430