Today Idaho First Bank (OTCQB: IDFB) reported financial results for
the first half of 2012. The Bank reported net income of $39,000 for
the first half, compared to a loss of $269,000 in the first half of
2011. Compared to the prior year, the change was attributable to a
40% increase in net interest income. This was driven by loan growth
and an improving net interest margin. Net interest margin improved
from 2.68% in the first half of 2011 to 3.79% in the first half of
2012. "The Board is proud of the hard work of staff and management
in reaching our fourth consecutive quarter of profitability,"
stated Mark Miller, Chairman of the Board of Directors.
The Bank achieved a 22% increase in loan balances from the prior
year. This was the result of increased calling efforts and economic
growth in the Bank's market areas. Deposits showed a 7% increase
during the year ended June 30, 2012. "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."
In addition to the strong loan growth, the Bank experienced good
growth in its mortgage operations. This division grew revenues by
90% during the first six months of the year. Lovell said, "Our
mortgage group has been a strong performer as the local market
conditions have improved."
Net income for the second quarter of 2012 was $16,000 compared
to a net loss of $126,000 in the second quarter of 2011. While
slightly lower than the $23,000 profit reported for first quarter
2012, the Bank believes it will see improving performance for the
remainder of the year.
Nonperforming assets were $2.1 million at June 30, 2012, an
increase from the prior year, but an improvement from March 31,
2012. Net charge-offs for the second quarter were at a relatively
high level of $215,000. 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 June 30, 2012, or 6% of
assets. Book value was 58 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 six months ended June 30: 2012 2011 Change
---------- ---------- -----------------
Net interest income $ 1,414 $ 1,007 $ 407 40%
Provision for loan losses 250 210 40 19%
Mortgage banking income 725 382 343 90%
Other noninterest income 124 113 11 10%
Noninterest expenses 1,974 1,561 413 26%
Net income (loss) 39 (269) 308 114%
At June 30: 2012 2011 Change
---------- ---------- -----------------
Loans $ 70,836 $ 58,087 $ 12,749 22%
Allowance for loan losses 794 1,050 (256) -24%
Assets 80,635 76,814 3,821 5%
Deposits 73,477 68,889 4,588 7%
Stockholders' equity 4,742 4,564 178 4%
Nonaccrual loans 1,182 847 335 40%
Accruing loan more than 90 days
past due - - -
Other real estate owned 874 979 (105) -11%
Total nonperforming assets 2,056 1,826 230 13%
Book value per share 0.58 0.57 0.01 2%
Shares outstanding 8,129,932 7,949,932 180,000 2%
Allowance to loans 1.12% 1.81%
Allowance to nonperforming
loans 67% 124%
Nonperforming loans to total
loans 1.67% 1.46%
Averages for the six months ended
June 30: 2012 2011 Change
---------- ---------- -----------------
Loans $ 66,112 $ 53,924 $ 12,188 23%
Earning assets 75,083 75,877 (794) -1%
Assets 78,408 78,296 112 0%
Deposits 71,227 69,839 1,388 2%
Stockholders' equity 4,717 4,639 78 2%
Loans to deposits 93% 77%
Net interest margin 3.79% 2.68%
Idaho First Bank
Quarterly Financial Highlights (unaudited)
(Dollars in thousands)
Income Statement Q2 2012 Q1 2012 Q4 2011 Q3 2011 Q2 2011
-------- -------- -------- -------- --------
Net interest income $ 716 $ 698 $ 630 $ 627 $ 563
Provision for loan
losses 135 115 30 10 125
Mortgage banking income 499 226 313 180 180
Other noninterest income 68 56 60 55 52
Noninterest expenses 1,132 842 902 797 796
Net income (loss) 16 23 71 55 (126)
Period End Information Q2 2012 Q1 2012 Q4 2011 Q3 2011 Q2 2011
-------- -------- -------- -------- --------
Loans $ 70,836 $ 66,109 $ 64,133 $ 60,895 $ 58,087
Allowance for loan
losses 794 874 1,052 1,073 1,050
Nonperforming loans 1,182 1,856 1,048 833 847
Other real estate owned 874 887 887 656 979
Quarterly net charge-
offs 215 293 51 (14) 254
Allowance to loans 1.12% 1.32% 1.64% 1.76% 1.81%
Allowance to
nonperforming loans 67% 47% 100% 129% 124%
Nonperforming loans to
loans 1.67% 2.81% 1.63% 1.37% 1.46%
Average Balance
Information Q2 2012 Q1 2012 Q4 2011 Q3 2011 Q2 2011
-------- -------- -------- -------- --------
Loans $ 67,536 $ 64,689 $ 63,221 $ 58,569 $ 54,613
Earning assets 76,314 73,853 72,229 75,560 73,629
Assets 79,672 77,144 75,007 78,188 76,158
Deposits 72,547 69,907 66,891 70,258 68,241
Stockholders' equity 4,726 4,707 4,660 4,574 4,582
Loans to deposits 93% 93% 95% 83% 80%
Net interest margin 3.77% 3.80% 3.46% 3.29% 3.07%
Contacts: Greg Lovell 208.630.2001 Don Madsen 208.947.0430
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