Welcome!

News Feed Item

Idaho First Bank Reports 2013 Results

MCCALL, ID -- (Marketwired) -- 01/15/14 -- Today Idaho First Bank (OTCQB: IDFB) reported financial results for the year ended December 31, 2013. The Bank reported net income of $1,216,000 for the year, compared to net income of $262,000 in 2012. Net income before taxes was up 77%, from $262,000 in 2012 to $464,000 in 2013. Net income was enhanced as the Bank began to utilize the benefit of its deferred tax asset. "We believe the results speak for themselves," stated Mark Miller, Chairman of the Board. "The Bank can be proud of its continuing improvement in its financial performance."

Comparing the two years, the Bank achieved a 10% increase in net interest income. This was driven by average loan growth of 3% and net interest margin improving from 3.88% to 4.10%. Improving credit quality allowed for a reduction in the provision for loan losses from $685,000 to $410,000. Mortgage banking income was up 31%, contributing to the improved results. "The performance of the loan portfolio is having a positive impact on our earnings. Lower problem loan levels also contributed to the improvement in the net interest margin," stated Greg Lovell, President and CEO. Further Mr. Lovell said, "Our focus on the purchase market for our real estate group continues to strengthen our position as a leader in mortgage lending."

Nonperforming assets were $1.5 million at December 31, 2013, a decrease of 20% from the prior year. The allowance for loan losses was 1.52% of loans at December 31. During 2013 the Bank restructured its occupancy cost which lowered costs significantly and provided addition capital to the Bank. Net income was significantly affected by a tax benefit of $752,000, as the Bank recognized a tax benefit for a portion of net operating loss carry forwards.

The Bank successfully raised $3.4 million of new capital stock during the year. With increased earnings and additional stock the Bank's shareholders' equity reached $9.5 million, or 10% of assets at the end of December. Book value per share was 59 cents at December 31, 2013.

"The Bank has reached a capital level that is strong," stated Chairman Miller. President Lovell stated, "We continue to have improving economic conditions in our market areas that should allow continued improvement in our operating performance."

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 year ended December 31:     2013        2012           Change
                                -----------  ----------  ------------------
  Net interest income           $     3,305  $    3,001  $      304      10%
  Provision for loan losses             410         685        (275)    -40%
  Mortgage banking income             2,533       1,938         595      31%
  Other noninterest income              294         277          17       6%
  Noninterest expenses                5,258       4,269         989      23%
                                -----------  ----------  ----------
    Net income before taxes             464         262         202      77%
  Tax provision (benefit)              (752)          -        (752)
                                -----------  ----------  ----------
    Net income                        1,216         262         954     364%
                                ===========  ==========  ==========

At December 31:                     2013         2012           Change
                                -----------  ----------  ------------------
  Loans                         $    74,562  $   72,187  $    2,375       3%
  Allowance for loan losses           1,134       1,114          20       2%
  Assets                             90,868      85,741       5,127       6%
  Deposits                           79,878      78,338       1,540       2%
  Stockholders' equity                9,489       5,001       4,488      90%

  Nonaccrual loans                      869       1,012        (143)    -14%
  Accruing loans more than 90
   days past due                          -           -           -
  Other real estate owned               610         827        (217)    -26%

    Total nonperforming assets        1,479       1,839        (360)    -20%

  Book value per share                 0.59        0.61       (0.02)     -3%
  Shares outstanding             16,190,546   8,206,932   7,983,614      97%

  Allowance to loans                   1.52%       1.54%
  Allowance to nonperforming
   loans                                130%        110%
  Nonperforming loans to total
   loans                               1.17%       1.40%

Averages for the year ended
 December 31:                       2013        2012           Change
                                -----------  ----------  ------------------
  Loans                         $    70,700  $   68,110  $    2,590       4%
  Earning assets                     80,678      77,354       3,324       4%
  Assets                             86,389      80,733       5,656       7%
  Deposits                           77,207      73,295       3,912       5%
  Stockholders' equity                6,744       4,775       1,969      41%

  Loans to deposits                      92%         93%
  Net interest margin                  4.10%       3.88%




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

Income Statement                Q4 2013  Q3 2013  Q2 2013  Q1 2013  Q4 2012
                                -------  -------  -------  -------  -------
  Net interest income           $   890  $   870  $   774  $   771  $   788
  Provision for loan losses           -      190       90      130      160
  Mortgage banking income           484      769      622      658      486
  Other noninterest income           72       71       74       77       82
  Noninterest expenses            1,345    1,363    1,280    1,270    1,078
                                =======  =======  =======  =======  =======
    Net income before taxes         101      157      100      106      118
  Tax provision (benefit)          (752)       -        -        -        -
                                -------  -------  -------  -------  -------
    Net income                      853      157      100      106      118
                                =======  =======  =======  =======  =======

Period End Information          Q4 2013  Q3 2013  Q2 2013  Q1 2013  Q4 2012
                                -------  -------  -------  -------  -------
  Loans                         $74,562  $72,669  $72,575  $68,195  $72,187
  Allowance for loan losses       1,134    1,167      996      934    1,114
  Nonperforming loans               869    1,261    1,104      703    1,012
  Other real estate owned           610      307      606      633      827
  Quarterly net charge-offs          33       19       28      310      154

  Allowance to loans               1.52%    1.61%    1.37%    1.37%    1.54%
  Allowance to nonperforming
   loans                            130%      93%      90%     133%     110%
  Nonperforming loans to loans     1.17%    1.74%    1.52%    1.03%    1.40%

Average Balance Information     Q4 2013  Q3 2013  Q2 2013  Q1 2013  Q4 2012
                                -------  -------  -------  -------  -------
  Loans                         $73,987  $72,037  $68,778  $67,918  $69,745
  Earning assets                 82,639   82,186   77,775   80,068   79,651
  Assets                         89,544   88,666   84,070   83,181   83,104
  Deposits                       79,335   79,399   74,488   75,540   75,495
  Stockholders' equity            8,095    6,939    6,636    5,274    4,886

  Loans to deposits                  93%      91%      92%      90%      92%
  Net interest margin              4.27%    4.20%    3.99%    3.91%    3.94%


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
In his session at @ThingsExpo, Chris Klein, CEO and Co-founder of Rachio, will discuss next generation communities that are using IoT to create more sustainable, intelligent communities. One example is Sterling Ranch, a 10,000 home development that – with the help of Siemens – will integrate IoT technology into the community to provide residents with energy and water savings as well as intelligent security. Everything from stop lights to sprinkler systems to building infrastructures will run ef...
Redis is not only the fastest database, but it has become the most popular among the new wave of applications running in containers. Redis speeds up just about every data interaction between your users or operational systems. In his session at 18th Cloud Expo, Dave Nielsen, Developer Relations at Redis Labs, will shares the functions and data structures used to solve everyday use cases that are driving Redis' popularity.
We’ve worked with dozens of early adopters across numerous industries and will debunk common misperceptions, which starts with understanding that many of the connected products we’ll use over the next 5 years are already products, they’re just not yet connected. With an IoT product, time-in-market provides much more essential feedback than ever before. Innovation comes from what you do with the data that the connected product provides in order to enhance the customer experience and optimize busi...
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, will discuss how leveraging the Industrial Interne...
In his session at 18th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., will focus on real world deployments of DDoS mitigation strategies in every layer of the network. He will give an overview of methods to prevent these attacks and best practices on how to provide protection in complex cloud platforms. He will also outline what we have found in our experience managing and running thousands of Linux and Unix managed service platforms and what specifically c...
The increasing popularity of the Internet of Things necessitates that our physical and cognitive relationship with wearable technology will change rapidly in the near future. This advent means logging has become a thing of the past. Before, it was on us to track our own data, but now that data is automatically available. What does this mean for mHealth and the "connected" body? In her session at @ThingsExpo, Lisa Calkins, CEO and co-founder of Amadeus Consulting, will discuss the impact of wea...
Increasing IoT connectivity is forcing enterprises to find elegant solutions to organize and visualize all incoming data from these connected devices with re-configurable dashboard widgets to effectively allow rapid decision-making for everything from immediate actions in tactical situations to strategic analysis and reporting. In his session at 18th Cloud Expo, Shikhir Singh, Senior Developer Relations Manager at Sencha, will discuss how to create HTML5 dashboards that interact with IoT devic...
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
Artificial Intelligence has the potential to massively disrupt IoT. In his session at 18th Cloud Expo, AJ Abdallat, CEO of Beyond AI, will discuss what the five main drivers are in Artificial Intelligence that could shape the future of the Internet of Things. AJ Abdallat is CEO of Beyond AI. He has over 20 years of management experience in the fields of artificial intelligence, sensors, instruments, devices and software for telecommunications, life sciences, environmental monitoring, process...
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
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.
Many private cloud projects were built to deliver self-service access to development and test resources. While those clouds delivered faster access to resources, they lacked visibility, control and security needed for production deployments. In their session at 18th Cloud Expo, Steve Anderson, Product Manager at BMC Software, and Rick Lefort, Principal Technical Marketing Consultant at BMC Software, will discuss how a cloud designed for production operations not only helps accelerate developer...
A critical component of any IoT project is the back-end systems that capture data from remote IoT devices and structure it in a way to answer useful questions. Traditional data warehouse and analytical systems are mature technologies that can be used to handle large data sets, but they are not well suited to many IoT-scale products and the need for real-time insights. At Fuze, we have developed a backend platform as part of our mobility-oriented cloud service that uses Big Data-based approache...
Peak 10, Inc., has announced the implementation of IT service management, a business process alignment initiative based on the widely adopted Information Technology Infrastructure Library (ITIL) framework. The implementation of IT service management enhances Peak 10’s current service-minded approach to IT delivery by propelling the company to deliver higher levels of personalized and prompt service. The majority of Peak 10’s operations employees have been trained and certified in the ITIL frame...
trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vice president of product management, IoT solutions at GlobalSign, will teach IoT developers how t...