Welcome!

News Feed Item

Idaho First Bank Reports Record Year-End Results

MCCALL, ID -- (Marketwire) -- 01/15/13 -- Today Idaho First Bank (OTCQB: IDFB) reported financial results for the year ended December 31, 2012. The Bank reported record net income of $262,000 for 2012, compared to a loss of $143,000 in 2011. This represents six consecutive quarters of profitability for the Bank and the first full calendar year of profitability.

"The Bank showed improvement in many critical areas including: loan growth, increased net interest margin and strong growth in non-interest income," said Greg Lovell, President and Chief Executive Officer. He further stated, "We are pleased to have reached this milestone but we will continue to focus on improving credit quality, growth of earning assets and expense control."

Compared to the prior year, the Bank achieved a 33% increase in net interest income. This was driven by average loan growth of 19% and an improving net interest margin. Net interest margin improved from 3.02% in 2011 to 3.88% in 2012. Year-to-date mortgage banking income also grew substantially from $875,000 in 2011 to $1,938,000 in 2012. Net income for the fourth quarter of 2012 was $118,000, a record for the highest quarterly income in the Bank's history. Net income of $118,000 for the quarter compares with quarterly income of $71,000 in the same quarter of 2011 and $105,000 of quarterly income in the third quarter of 2012.

"The Board is proud of the hard work of staff and management in reaching our first year of profitability and a record quarterly income," stated Mark Miller, Chairman of the Board of Directors.

Nonperforming assets were $1.8 million at December 31, 2012, a decrease of 5% from the prior year. The allowance for loan losses was 1.54% of loans at December 31 and 110% 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 $5.0 million at December 31, 2012, or 6% of assets. Book value was 61 cents per share, two cents more than at the end of 2011.

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 year ended December 31:    2012        2011            Change
                                ----------  ----------  -------------------
  Net interest income           $    3,001  $    2,264  $     737        33%
  Provision for loan losses            685         250        435       174%
  Mortgage banking income            1,938         875      1,063       121%
  Other noninterest income             277         228         49        21%
  Noninterest expenses               4,269       3,260      1,009        31%

    Net income (loss)                  262        (143)       405       283%

At December 31:                    2012        2011            Change
                                ----------  ----------  -------------------
  Loans                         $   72,187  $   64,133  $   8,054        13%
  Allowance for loan losses          1,114       1,052         62         6%
  Assets                            85,741      77,156      8,585        11%
  Deposits                          78,338      69,115      9,223        13%
  Stockholders' equity               5,001       4,700        301         6%

  Nonaccrual loans                   1,012       1,048        (36)       -3%
  Accruing loans more than 90
   days past due                         -           -          -
  Other real estate owned              827         887        (60)       -7%

    Total nonperforming assets       1,839       1,935        (96)       -5%

  Book value per share                0.61        0.59       0.02         3%
  Shares outstanding             8,206,932   7,999,932    207,000         3%

  Allowance to loans                  1.54%       1.64%
  Allowance to nonperforming
   loans                               110%        100%
  Nonperforming loans to total
   loans                              1.40%       1.63%

Averages for the year ended
December 31:                       2012        2011            Change
                                ----------  ----------  -------------------
  Loans                         $   68,110  $   57,438  $  10,672        19%
  Earning assets                    77,354      74,878      2,476         3%
  Assets                            80,733      77,440      3,293         4%
  Deposits                          73,295      69,202      4,093         6%
  Stockholders' equity               4,775       4,628        147         3%

  Loans to deposits                     93%         83%
  Net interest margin                 3.88%       3.02%



                              Idaho First Bank
                 Quarterly Financial Highlights (unaudited)
                           (Dollars in thousands)

Income Statement       Q4 2012    Q3 2012    Q2 2012    Q1 2012    Q4 2011
                      ---------  ---------  ---------  ---------  ---------
  Net interest income $     788  $     799  $     716  $     698  $     630
  Provision for loan
   losses                   160        275        135        115         30
  Mortgage banking
   income                   486        727        499        226        313
  Other noninterest
   income                    82         71         68         56         60
  Noninterest
   expenses               1,078      1,217      1,132        842        902

    Net income              118        105         16         23         71

Period End
Information            Q4 2012    Q3 2012    Q2 2012    Q1 2012    Q4 2011
                      ---------  ---------  ---------  ---------  ---------
  Loans               $  72,187  $  69,085  $  70,836  $  66,109  $  64,133
  Allowance for loan
   losses                 1,114      1,108        794        874      1,052
  Nonperforming loans     1,012      1,369      1,182      1,856      1,048
  Other real estate
   owned                    827        857        874        887        887
  Quarterly net
   charge-offs              154        (39)       215        293         51


  Allowance to loans       1.54%      1.60%      1.12%      1.32%      1.64%
  Allowance to
   nonperforming
   loans                    110%        81%        67%        47%       100%
  Nonperforming loans
   to loans                1.40%      1.98%      1.67%      2.81%      1.63%

Average Balance
Information            Q4 2012    Q3 2012    Q2 2012    Q1 2012    Q4 2011
                      ---------  ---------  ---------  ---------  ---------
  Loans               $  69,745  $  70,427  $  67,536  $  64,689  $  63,221
  Earning assets         79,651     79,549     76,314     73,853     72,229
  Assets                 83,104     82,962     79,672     77,144     75,007
  Deposits               75,495     75,185     72,547     69,907     66,891
  Stockholders'
   equity                 4,886      4,778      4,726      4,707      4,660

  Loans to deposits          92%        94%        93%        93%        95%
  Net interest margin      3.94%      4.00%      3.77%      3.80%      3.46%

Contacts:
Greg Lovell
208.630.2001

Don Madsen
208.947.0430

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
The IoT has the potential to create a renaissance of manufacturing in the US and elsewhere. In his session at 18th Cloud Expo, Florent Solt, CTO and chief architect of Netvibes, will discuss how the expected exponential increase in the amount of data that will be processed, transported, stored, and accessed means there will be a huge demand for smart technologies to deliver it. Florent Solt is the CTO and chief architect of Netvibes. Prior to joining Netvibes in 2007, he co-founded Rift Technol...
If there is anything we have learned by now, is that every business paves their own unique path for releasing software- every pipeline, implementation and practices are a bit different, and DevOps comes in all shapes and sizes. Software delivery practices are often comprised of set of several complementing (or even competing) methodologies – such as leveraging Agile, DevOps and even a mix of ITIL, to create the combination that’s most suitable for your organization and that maximize your busines...
Struggling to keep up with increasing application demand? Learn how Platform as a Service (PaaS) can streamline application development processes and make resource management easy.
New Relic, Inc. has announced a set of new features across the New Relic Software Analytics Cloud that offer IT operations teams increased visibility, and the ability to diagnose and resolve performance problems quickly. The new features further IT operations teams’ ability to leverage data and analytics, as well as drive collaboration and a common, shared understanding between teams. Software teams are under pressure to resolve performance issues quickly and improve availability, as the comple...
The proper isolation of resources is essential for multi-tenant environments. The traditional approach to isolate resources is, however, rather heavyweight. In his session at 18th Cloud Expo, Igor Drobiazko, co-founder of elastic.io, will draw upon their own experience with operating a Docker container-based infrastructure on a large scale and present a lightweight solution for resource isolation using microservices. He will also discuss the implementation of microservices in data and applicat...
Join IBM June 8 at 18th Cloud Expo at the Javits Center in New York City, NY, and learn how to innovate like a startup and scale for the enterprise. You need to deliver quality applications faster and cheaper, attract and retain customers with an engaging experience across devices, and seamlessly integrate your enterprise systems. And you can't take 12 months to do it.
See storage differently! Storage performance problems have only gotten worse and harder to solve as applications have become largely virtualized and moved to a cloud-based infrastructure. Storage performance in a virtualized environment is not just about IOPS, it is about how well that potential performance is guaranteed to individual VMs for these apps as the number of VMs keep going up real time. In his session at 18th Cloud Expo, Dhiraj Sehgal, in product and marketing at Tintri, will discu...
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, will discuss how research has demonstrated the value of Machine Learning in delivering next generation analytics to im...
This is not a small hotel event. It is also not a big vendor party where politicians and entertainers are more important than real content. This is Cloud Expo, the world's longest-running conference and exhibition focused on Cloud Computing and all that it entails. If you want serious presentations and valuable insight about Cloud Computing for three straight days, then register now for Cloud Expo.
As you respond to increasing requests for new analytics, you need fast and flexible technology in your arsenal so that you can deploy the right workload to the right platform for the need at hand. Do you need self-service and fast time to value? Do you have data and application control and privacy needs, along with strict SLAs to meet? IBM dashDB™ is data warehouse technology powered by in-memory computing and in-database analytics that are designed for fast results, scalability and more.
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, will provide tips on how to be successful in large scale machine lear...
Up until last year, enterprises that were looking into cloud services usually undertook a long-term pilot with one of the large cloud providers, running test and dev workloads in the cloud. With cloud’s transition to mainstream adoption in 2015, and with enterprises migrating more and more workloads into the cloud and in between public and private environments, the single-provider approach must be revisited. In his session at 18th Cloud Expo, Yoav Mor, multi-cloud solution evangelist at Cloudy...
IoT device adoption is growing at staggering rates, and with it comes opportunity for developers to meet consumer demand for an ever more connected world. Wireless communication is the key part of the encompassing components of any IoT device. Wireless connectivity enhances the device utility at the expense of ease of use and deployment challenges. Since connectivity is fundamental for IoT device development, engineers must understand how to overcome the hurdles inherent in incorporating multipl...