Today Idaho First Bank (OTCQB: IDFB) reported financial results for
the first quarter of 2013. The Bank reported net income of $106,000
for the first quarter of 2013, compared to net income of $23,000 in
the same quarter last year. The quarterly net income for the
quarter was close to the record quarterly income of $118,000
reported in the fourth quarter of 2012.
Compared to the prior year, the Bank achieved a 10% increase in
net interest income. This was driven by average loan growth of 5%
and an improving net interest margin. Mortgage banking income also
contributed to the improved results. Mortgage banking income was
almost three times the amount received last year.
During the first quarter of 2013, the Bank received additional
capital of $1.3 million as part of a private placement offering
began in 2012. Mr. Mark Miller, Chairman of the Board, stated, "The
Board and Senior Management had significant participation in the
offering and their investment represented 65% of the new
capital."
Nonperforming assets were $1.3 million at March 31, 2013, a
decrease of 51% from the prior year. The allowance for loan losses
was 1.37% of loans at March 31 and 133% 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 $6.4 million at March 31, 2013, or 8%
of assets. Book value was 57 cents per share, two cents less than a
year ago. There was slight dilution from the new offering at 42
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 quarter ended March 31: 2013 2012 Change
----------- ----------- -----------------
Net interest income $ 771 $ 698 $ 73 10%
Provision for loan losses 130 115 15 13%
Mortgage banking income 658 226 432 191%
Other noninterest income 77 56 21 38%
Noninterest expenses 1,270 842 428 51%
Net income 106 23 83 361%
At March 31: 2013 2012 Change
----------- ----------- -----------------
Loans $ 68,195 $ 66,109 $ 2,086 3%
Allowance for loan losses 934 874 60 7%
Assets 82,460 76,519 5,941 8%
Deposits 73,694 69,402 4,292 6%
Stockholders' equity 6,382 4,730 1,652 35%
Nonaccrual loans 698 824 (126) -15%
Accruing loans more than 90
days past due 5 1,032 (1,027) -100%
Other real estate owned 633 887 (254) -29%
Total nonperforming assets 1,336 2,743 (1,407) -51%
Book value per share 0.57 0.59 (0.02) -3%
Shares outstanding 11,277,155 7,999,932 3,277,223 41%
Allowance to loans 1.37% 1.32%
Allowance to nonperforming
loans 133% 47%
Nonperforming loans to total
loans 1.03% 2.81%
Averages for the quarter ended
March 31: 2013 2012 Change
----------- ----------- -----------------
Loans $ 67,918 $ 64,689 $ 3,229 5%
Earning assets 80,068 73,853 6,215 8%
Assets 83,181 77,144 6,037 8%
Deposits 75,540 69,907 5,633 8%
Stockholders' equity 5,274 4,707 567 12%
Loans to deposits 90% 93%
Net interest margin 3.91% 3.80%
Idaho First Bank
Quarterly Financial Highlights (unaudited)
(Dollars in thousands)
Income Statement Q1 2013 Q4 2012 Q3 2012 Q2 2012 Q1 2012
------- ------- ------- ------- -------
Net interest income $ 771 $ 788 $ 799 $ 716 $ 698
Provision for loan losses 130 160 275 135 115
Mortgage banking income 658 486 727 499 226
Other noninterest income 77 82 71 68 56
Noninterest expenses 1,270 1,078 1,217 1,132 842
Net income 106 118 105 16 23
Period End Information Q1 2013 Q4 2012 Q3 2012 Q2 2012 Q1 2012
------- ------- ------- ------- -------
Loans $68,195 $72,187 $69,085 $70,836 $66,109
Allowance for loan losses 934 1,114 1,108 794 874
Nonperforming loans 703 1,012 1,369 1,182 1,856
Other real estate owned 633 827 857 874 887
Quarterly net charge-offs 310 154 (39) 215 293
Allowance to loans 1.37% 1.54% 1.60% 1.12% 1.32%
Allowance to nonperforming
loans 133% 110% 81% 67% 47%
Nonperforming loans to loans 1.03% 1.40% 1.98% 1.67% 2.81%
Average Balance Information Q1 2013 Q4 2012 Q3 2012 Q2 2012 Q1 2012
------- ------- ------- ------- -------
Loans $67,918 $69,745 $70,427 $67,536 $64,689
Earning assets 80,068 79,651 79,549 76,314 73,853
Assets 83,181 83,104 82,962 79,672 77,144
Deposits 75,540 75,495 75,185 72,547 69,907
Stockholders' equity 5,274 4,886 4,778 4,726 4,707
Loans to deposits 90% 92% 94% 93% 93%
Net interest margin 3.91% 3.94% 4.00% 3.77% 3.80%
Contacts: Greg Lovell 208.630.2001 Don Madsen 208.947.0430
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