Today Idaho First Bank (OTCQB: IDFB) (OTCBB: IDFB) reported
financial results for the first quarter of 2012. The Bank reported
net income of $23,000 for the first quarter, compared to a loss of
$143,000 in the first quarter of 2011. Compared to the prior year,
the quarterly income was attributable to a substantial improvement
in net interest income from loan growth and an improving net
interest margin. Net interest margin improved from 2.30% in the
first quarter of 2011 to 3.80% in the first quarter of 2012. "The
Board is proud of the hard work of staff and management in reaching
our third consecutive quarter of profitability," stated Mark
Miller, Chairman of the Board of Directors.
The Bank achieved a 22% increase in loan balances over first
quarter 2011. This was the result of increased calling efforts and
economic growth in the Bank's market areas. Deposits showed a
slight decrease as core deposits grew and wholesale funding
declined. "Our balance sheet is shifting to higher earning assets
and lower cost funding sources," stated CEO Greg Lovell. He added,
"As economic conditions slowly continue to improve, we see
additional loan growth and lower funding costs."
Net interest income for the first quarter increased 57% from
$444,000 in the first quarter of 2011 to $698,000 for the first
quarter of 2012. Quarterly net interest income increased 10.8% over
the fourth quarter of 2011. Non-interest expenses increased due to
changes in compensation programs as mandated by Dodd-Frank and
other operating costs.
Nonperforming assets declined 14% from $3.2 million at March 31,
2011, to $2.7 million at March 31, 2012. Nonperforming assets
included one loan ($1.0 million) that was over ninety days past due
because of processing issues with a participating bank. This issue
was resolved in early April and resulted in a substantial decrease
in nonperforming assets. Adjusting for this resolution,
nonperforming assets would have decreased 47% to $1.7 million and
nonperforming loans to total loans would have decreased to 1.25% of
loans. Net charge-offs for the first quarter increased to $293,000.
However, it is typical to have significant fluctuations from
quarter to quarter and this level of charge-offs is not expected to
continue. 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 $4.7 million at March 31, 2012, or 6%
of assets. Book value per share was 59 cents per share. 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 three months ended March
31: 2012 2011 Change
----------- ----------- --------------
Net interest income $ 698 $ 444 $ 254 57%
Provision for loan losses 115 85 30 35%
Mortgage banking income 226 202 24 12%
Other noninterest income 56 61 (5) -8%
Noninterest expenses 842 765 77 10%
Net income (loss) 23 (143) 166 116%
At March 31: 2012 2011 Change
----------- ----------- --------------
Loans $ 66,109 $ 53,976 $ 12,133 22%
Allowance for loan losses 874 1,179 (305) -26%
Assets 76,519 77,499 (980) -1%
Deposits 69,402 69,488 (86) 0%
Stockholders' equity 4,730 4,672 58 1%
Nonaccrual loans 824 2,340 (1,516) -65%
Accruing loan more than 90 days
past due 1,032 - 1,032
Other real estate owned 887 866 21 2%
Total nonperforming assets 2,743 3,206 (463) -14%
Book value per share 0.59 0.59 - 0%
Shares outstanding 7,999,932 7,949,932 50,000 1%
Allowance to loans 1.32% 2.18%
Allowance to nonperforming loans 47% 50%
Nonperforming loans to total
loans 2.81% 4.34%
Averages for the three months
ended March 31: 2012 2011 Change
----------- ----------- --------------
Loans $ 64,689 $ 53,226 $ 11,463 22%
Earning assets 73,853 78,150 (4,297) -5%
Assets 77,144 80,457 (3,313) -4%
Deposits 69,907 71,756 (1,849) -3%
Stockholders' equity 4,707 4,696 11 0%
Loans to deposits 93% 74%
Net interest margin 3.80% 2.30%
Idaho First Bank
Quarterly Financial Highlights (unaudited)
(Dollars in thousands)
Income Statement Q1 2012 Q4 2011 Q3 2011 Q2 2011 Q1 2011
-------- -------- -------- -------- --------
Net interest income $ 698 $ 630 $ 627 $ 563 $ 444
Provision for loan
losses 115 30 10 125 85
Mortgage banking income 226 313 180 180 202
Other noninterest income 56 60 55 52 61
Noninterest expenses 842 902 797 796 765
Net income (loss) 23 71 55 (126) (143)
Period End Information Q1 2012 Q4 2011 Q3 2011 Q2 2011 Q1 2011
-------- -------- -------- -------- --------
Loans $ 66,109 $ 64,133 $ 60,895 $ 58,087 $ 53,976
Allowance for loan
losses 874 1,052 1,073 1,050 1,179
Nonperforming loans 1,856 1,048 833 847 2,340
Other real estate owned 887 887 656 979 866
Quarterly net charge-
offs 293 51 (14) 254 (69)
Allowance to loans 1.32% 1.64% 1.76% 1.81% 2.18%
Allowance to
nonperforming loans 47% 100% 129% 124% 50%
Nonperforming loans to
loans 2.81% 1.63% 1.37% 1.46% 4.34%
Average Balance
Information Q1 2012 Q4 2011 Q3 2011 Q2 2011 Q1 2011
-------- -------- -------- -------- --------
Loans $ 64,689 $ 63,221 $ 58,569 $ 54,613 $ 53,226
Earning assets 73,853 72,229 75,560 73,629 78,150
Assets 77,144 75,007 78,188 76,158 80,457
Deposits 69,907 66,891 70,258 68,241 71,456
Stockholders' equity 4,707 4,660 4,574 4,582 4,696
Loans to deposits 93% 95% 83% 80% 74%
Net interest margin 3.80% 3.46% 3.29% 3.07% 2.30%
Contacts: Greg Lovell 208.630.2001 Don Madsen 208.947.0430
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