Idaho First Bank Reports Quarterly Results
April 18 2014 - 4:47PM
Marketwired
Idaho First Bank Reports Quarterly Results
MCCALL, ID--(Marketwired - Apr 18, 2014) - Today Idaho First
Bank (OTCQB: IDFB) reported financial results for the quarter ended
March 31, 2014. The Bank reported net income of $197,000 for the
first quarter, compared to net income of $106,000 in the same
quarter in 2013. "We achieved our eleventh straight quarter of
profitability," stated Mark Miller, Chairman of the Board. He
further commented, "We are seeing the economic conditions of our
primary market areas improve and believe we can continue our
improvement in operating results."
Net income was favorably impacted by tax benefits, a reduction
in provision for loan losses and a 14% improvement in net interest
income. Mortgage banking income was down 57% partially a result of
a drop in home refinancing. The operating results were
negatively impacted by one-time expenses relating to the opening of
the Boise branch and other strategic initiatives. "We believe
our mortgage operations will rebound as home purchases continue to
show strength," commented President Greg Lovell. He further
stated, "We are achieving improvements in the fundamentals of
banking i.e., loan growth, reduced loan losses, and core deposit
acquisition."
The 14% improvement in net interest margin was due to an 11%
increase in average loans and an increase in net interest margin
from 3.91% to 4.25%.
Nonperforming assets were $1.5 million at March 31, 2014, down
slightly from December 31, 2013. The allowance for loan losses was
5% higher than a year ago. However, because of a 15% growth in
period-end loans, the ratio of allowance to loans declined from
1.37% to 1.25%.
Shareholders' equity at March 31 was at $9.7 million, an
increase of $3.3 million from a year ago. Book value per share
increased to 60 cents at March 31, 2014.
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 branch and a mortgage banking
office located in 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: |
|
2014 |
|
|
2013 |
|
|
Change |
|
|
Net interest income |
|
$ |
878 |
|
|
$ |
771 |
|
|
$ |
107 |
|
|
14 |
% |
|
Provision for loan losses |
|
|
- |
|
|
|
130 |
|
|
|
(130 |
) |
|
-100 |
% |
|
Mortgage banking income |
|
|
281 |
|
|
|
658 |
|
|
|
(377 |
) |
|
-57 |
% |
|
Other noninterest income |
|
|
72 |
|
|
|
77 |
|
|
|
(5 |
) |
|
-6 |
% |
|
Noninterest expenses |
|
|
1,299 |
|
|
|
1,270 |
|
|
|
29 |
|
|
2 |
% |
|
|
Net
income (loss) before taxes |
|
|
(68 |
) |
|
|
106 |
|
|
|
(174 |
) |
|
-164 |
% |
|
Tax provision (benefit) |
|
|
(265 |
) |
|
|
|
|
|
|
(265 |
) |
|
|
|
|
|
Net
income |
|
|
197 |
|
|
|
106 |
|
|
|
91 |
|
|
86 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At March 31: |
|
2014 |
|
|
2013 |
|
|
Change |
|
|
Loans |
|
$ |
78,426 |
|
|
$ |
68,195 |
|
|
$ |
10,231 |
|
|
15 |
% |
|
Allowance for loan losses |
|
|
983 |
|
|
|
934 |
|
|
|
49 |
|
|
5 |
% |
|
Assets |
|
|
95,710 |
|
|
|
82,460 |
|
|
|
13,250 |
|
|
16 |
% |
|
Deposits |
|
|
84,654 |
|
|
|
73,694 |
|
|
|
10,960 |
|
|
15 |
% |
|
Stockholders' equity |
|
|
9,693 |
|
|
|
6,382 |
|
|
|
3,311 |
|
|
52 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
|
|
869 |
|
|
|
698 |
|
|
|
171 |
|
|
24 |
% |
|
Accruing loans more than 90 days past due |
|
|
- |
|
|
|
5 |
|
|
|
(5 |
) |
|
-100 |
% |
|
Other real estate owned |
|
|
585 |
|
|
|
633 |
|
|
|
(48 |
) |
|
-8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
nonperforming assets |
|
|
1,454 |
|
|
|
1,336 |
|
|
|
118 |
|
|
9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share |
|
|
0.60 |
|
|
|
0.57 |
|
|
|
0.03 |
|
|
5 |
% |
|
Shares outstanding |
|
|
16,190,546 |
|
|
|
11,277,155 |
|
|
|
4,913,391 |
|
|
44 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance to loans |
|
|
1.25 |
% |
|
|
1.37 |
% |
|
|
|
|
|
|
|
|
Allowance to nonperforming loans |
|
|
113 |
% |
|
|
133 |
% |
|
|
|
|
|
|
|
|
Nonperforming loans to total loans |
|
|
1.11 |
% |
|
|
1.03 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Averages for the quarter ended March 31: |
|
2014 |
|
|
2013 |
|
|
Change |
|
|
Loans |
|
$ |
75,194 |
|
|
$ |
67,918 |
|
|
$ |
7,276 |
|
|
11 |
% |
|
Earning assets |
|
|
83,751 |
|
|
|
80,068 |
|
|
|
3,683 |
|
|
5 |
% |
|
Assets |
|
|
92,670 |
|
|
|
83,181 |
|
|
|
9,489 |
|
|
11 |
% |
|
Deposits |
|
|
81,478 |
|
|
|
75,540 |
|
|
|
5,938 |
|
|
8 |
% |
|
Stockholders' equity |
|
|
9,570 |
|
|
|
5,274 |
|
|
|
4,296 |
|
|
81 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans to deposits |
|
|
92 |
% |
|
|
90 |
% |
|
|
|
|
|
|
|
|
Net interest margin |
|
|
4.25 |
% |
|
|
3.91 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Idaho First Bank |
|
Quarterly Financial Highlights (unaudited) |
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Statement |
|
Q1 2014 |
|
|
Q4 2013 |
|
|
Q3 2013 |
|
|
Q2 2013 |
|
|
Q1 2013 |
|
|
Net interest income |
|
$ |
878 |
|
|
$ |
890 |
|
|
$ |
870 |
|
|
$ |
774 |
|
|
$ |
771 |
|
|
Provision for loan losses |
|
|
- |
|
|
|
- |
|
|
|
190 |
|
|
|
90 |
|
|
|
130 |
|
|
Mortgage banking income |
|
|
281 |
|
|
|
484 |
|
|
|
769 |
|
|
|
622 |
|
|
|
658 |
|
|
Other noninterest income |
|
|
72 |
|
|
|
72 |
|
|
|
71 |
|
|
|
74 |
|
|
|
77 |
|
|
Noninterest expenses |
|
|
1,299 |
|
|
|
1,345 |
|
|
|
1,363 |
|
|
|
1,280 |
|
|
|
1,270 |
|
|
|
Net
income (loss) before taxes |
|
|
(68 |
) |
|
|
101 |
|
|
|
157 |
|
|
|
100 |
|
|
|
106 |
|
|
Tax provision (benefit) |
|
|
(265 |
) |
|
|
(752 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
Net
income |
|
|
197 |
|
|
|
853 |
|
|
|
157 |
|
|
|
100 |
|
|
|
106 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period End Information |
|
Q1 2014 |
|
|
Q4 2013 |
|
|
Q3 2013 |
|
|
Q2 2013 |
|
|
Q1 2013 |
|
|
Loans |
|
$ |
78,426 |
|
|
$ |
74,562 |
|
|
$ |
72,669 |
|
|
$ |
72,575 |
|
|
$ |
68,195 |
|
|
Allowance for loan losses |
|
|
983 |
|
|
|
1,134 |
|
|
|
1,167 |
|
|
|
996 |
|
|
|
934 |
|
|
Nonperforming loans |
|
|
869 |
|
|
|
869 |
|
|
|
1,261 |
|
|
|
1,104 |
|
|
|
703 |
|
|
Other real estate owned |
|
|
585 |
|
|
|
610 |
|
|
|
307 |
|
|
|
606 |
|
|
|
633 |
|
|
Quarterly net charge-offs |
|
|
151 |
|
|
|
33 |
|
|
|
19 |
|
|
|
28 |
|
|
|
310 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance to loans |
|
|
1.25 |
% |
|
|
1.52 |
% |
|
|
1.61 |
% |
|
|
1.37 |
% |
|
|
1.37 |
% |
|
Allowance to nonperforming loans |
|
|
113 |
% |
|
|
130 |
% |
|
|
93 |
% |
|
|
90 |
% |
|
|
133 |
% |
|
Nonperforming loans to loans |
|
|
1.11 |
% |
|
|
1.17 |
% |
|
|
1.74 |
% |
|
|
1.52 |
% |
|
|
1.03 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balance Information |
|
Q1 2014 |
|
|
Q4 2013 |
|
|
Q3 2013 |
|
|
Q2 2013 |
|
|
Q1 2013 |
|
|
Loans |
|
$ |
75,194 |
|
|
$ |
73,987 |
|
|
$ |
72,037 |
|
|
$ |
68,778 |
|
|
$ |
67,918 |
|
|
Earning assets |
|
|
83,751 |
|
|
|
82,639 |
|
|
|
82,186 |
|
|
|
77,775 |
|
|
|
80,068 |
|
|
Assets |
|
|
92,670 |
|
|
|
89,544 |
|
|
|
88,666 |
|
|
|
84,070 |
|
|
|
83,181 |
|
|
Deposits |
|
|
81,478 |
|
|
|
79,335 |
|
|
|
79,399 |
|
|
|
74,488 |
|
|
|
75,540 |
|
|
Stockholders' equity |
|
|
9,570 |
|
|
|
8,095 |
|
|
|
6,939 |
|
|
|
6,636 |
|
|
|
5,274 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans to deposits |
|
|
92 |
% |
|
|
93 |
% |
|
|
91 |
% |
|
|
92 |
% |
|
|
90 |
% |
|
Net interest margin |
|
|
4.25 |
% |
|
|
4.27 |
% |
|
|
4.20 |
% |
|
|
3.99 |
% |
|
|
3.91 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contacts: Greg Lovell 208.630.2001 Don Madsen 208.947.0430
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