Idaho First Bank Reports Record Quarterly Results
October 30 2013 - 3:06PM
Marketwired
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.
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Idaho First Bank |
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Financial Highlights (unaudited) |
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(Dollars in thousands, except per share) |
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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 |
% |
|
|
|
|
|
|
|
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|
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Net
income |
|
363 |
|
|
|
144 |
|
|
|
219 |
|
|
152 |
% |
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At September 30: |
|
2013 |
|
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|
2012 |
|
|
|
Change |
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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 |
% |
|
|
|
|
|
|
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Nonaccrual loans |
|
1,261 |
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|
|
1,369 |
|
|
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(108 |
) |
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-8 |
% |
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Accruing loans more than 90 days past due |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
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Other real estate owned |
|
307 |
|
|
|
857 |
|
|
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(550 |
) |
|
-64 |
% |
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Total
nonperforming assets |
|
1,568 |
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|
|
2,226 |
|
|
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(658 |
) |
|
-30 |
% |
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Book value per share |
|
0.57 |
|
|
|
0.60 |
|
|
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(0.03 |
) |
|
-5 |
% |
|
Shares outstanding |
|
12,524,445 |
|
|
|
8,129,932 |
|
|
|
4,394,513 |
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|
54 |
% |
|
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|
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|
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Allowance to loans |
|
1.61 |
% |
|
|
1.60 |
% |
|
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Allowance to nonperforming loans |
|
93 |
% |
|
|
81 |
% |
|
|
|
|
|
|
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|
Nonperforming loans to total loans |
|
1.74 |
% |
|
|
1.98 |
% |
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Averages for the nine months ended Sept 30: |
|
2013 |
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|
2012 |
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Change |
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|
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 |
% |
|
|
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|
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|
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|
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Loans to deposits |
|
91 |
% |
|
|
93 |
% |
|
|
|
|
|
|
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|
Net interest margin |
|
4.04 |
% |
|
|
3.86 |
% |
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Idaho First Bank |
|
Quarterly Financial Highlights (unaudited) |
|
(Dollars in thousands) |
|
|
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Income Statement |
Q3 2013 |
|
|
Q2 2013 |
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Q1 2013 |
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|
Q4 2012 |
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|
Q3 2012 |
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|
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 |
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Net
income |
|
157 |
|
|
|
100 |
|
|
|
106 |
|
|
|
118 |
|
|
|
105 |
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Period End Information |
|
Q3 2013 |
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Q2 2013 |
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Q1 2013 |
|
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|
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 |
) |
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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 |
% |
|
|
|
|
|
|
|
|
|
|
|
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|
|
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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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Loans to deposits |
|
91 |
% |
|
|
92 |
% |
|
|
90 |
% |
|
|
92 |
% |
|
|
94 |
% |
|
Net interest margin |
|
4.20 |
% |
|
|
3.99 |
% |
|
|
3.91 |
% |
|
|
3.94 |
% |
|
|
4.00 |
% |
Contacts: Greg Lovell 208.630.2001 Don Madsen 208.947.0430
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