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
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
Internet of @ThingsExpo has announced today that Chris Matthieu has been named tech chair of Internet of @ThingsExpo 2016 Silicon Valley. The 6thInternet of @ThingsExpo will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"We have several customers now running private clouds. They're not as large as they should be but it's getting there. The adoption challenge has been pretty simple. Look at the world today of virtualization vs cloud," stated Nara Rajagopalan, CEO of Accelerite, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
Big Data has been changing the world. IoT fuels the further transformation recently. How are Big Data and IoT related? In his session at @BigDataExpo, Tony Shan, a renowned visionary and thought leader, will explore the interplay of Big Data and IoT. He will anatomize Big Data and IoT separately in terms of what, which, why, where, when, who, how and how much. He will then analyze the relationship between IoT and Big Data, specifically the drilldown of how the 4Vs of Big Data (Volume, Variety,...
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus...
Technology vendors and analysts are eager to paint a rosy picture of how wonderful IoT is and why your deployment will be great with the use of their products and services. While it is easy to showcase successful IoT solutions, identifying IoT systems that missed the mark or failed can often provide more in the way of key lessons learned. In his session at @ThingsExpo, Peter Vanderminden, Principal Industry Analyst for IoT & Digital Supply Chain to Flatiron Strategies, will focus on how IoT de...
Ask someone to architect an Internet of Things (IoT) solution and you are guaranteed to see a reference to the cloud. This would lead you to believe that IoT requires the cloud to exist. However, there are many IoT use cases where the cloud is not feasible or desirable. In his session at @ThingsExpo, Dave McCarthy, Director of Products at Bsquare Corporation, will discuss the strategies that exist to extend intelligence directly to IoT devices and sensors, freeing them from the constraints of ...
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
One of biggest questions about Big Data is “How do we harness all that information for business use quickly and effectively?” Geographic Information Systems (GIS) or spatial technology is about more than making maps, but adding critical context and meaning to data of all types, coming from all different channels – even sensors. In his session at @ThingsExpo, William (Bill) Meehan, director of utility solutions for Esri, will take a closer look at the current state of spatial technology and ar...
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
SYS-CON Events announced today that Interface Masters Technologies, a leader in Network Visibility and Uptime Solutions, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Interface Masters Technologies is a leading vendor in the network monitoring and high speed networking markets. Based in the heart of Silicon Valley, Interface Masters' expertise lies in Gigabit, 10 Gigabit and 40 Gigabit Eth...
Much of the value of DevOps comes from a (renewed) focus on measurement, sharing, and continuous feedback loops. In increasingly complex DevOps workflows and environments, and especially in larger, regulated, or more crystallized organizations, these core concepts become even more critical. In his session at @DevOpsSummit at 18th Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, showed how, by focusing on 'metrics that matter,' you can provide objective, transparent, and meaningful f...