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
"Matrix is an ambitious open standard and implementation that's set up to break down the fragmentation problems that exist in IP messaging and VoIP communication," explained John Woolf, Technical Evangelist at Matrix, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
"A lot of times people will come to us and have a very diverse set of requirements or very customized need and we'll help them to implement it in a fashion that you can't just buy off of the shelf," explained Nick Rose, CTO of Enzu, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
As software becomes more and more complex, we, as software developers, have been splitting up our code into smaller and smaller components. This is also true for the environment in which we run our code: going from bare metal, to VMs to the modern-day Cloud Native world of containers, schedulers and micro services. While we have figured out how to run containerized applications in the cloud using schedulers, we've yet to come up with a good solution to bridge the gap between getting your contain...
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
"We host and fully manage cloud data services, whether we store, the data, move the data, or run analytics on the data," stated Kamal Shannak, Senior Development Manager, Cloud Data Services, IBM, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Who are you? How do you introduce yourself? Do you use a name, or do you greet a friend by the last four digits of his social security number? Assuming you don’t, why are we content to associate our identity with 10 random digits assigned by our phone company? Identity is an issue that affects everyone, but as individuals we don’t spend a lot of time thinking about it. In his session at @ThingsExpo, Ben Klang, Founder & President of Mojo Lingo, discussed the impact of technology on identity. Sho...
Information technology (IT) advances are transforming the way we innovate in business, thereby disrupting the old guard and their predictable status-quo. It’s creating global market turbulence. Industries are converging, and new opportunities and threats are emerging, like never before. So, how are savvy chief information officers (CIOs) leading this transition? Back in 2015, the IBM Institute for Business Value conducted a market study that included the findings from over 1,800 CIO interviews ...
"Operations is sort of the maturation of cloud utilization and the move to the cloud," explained Steve Anderson, Product Manager for BMC’s Cloud Lifecycle Management, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Due of the rise of Hadoop, many enterprises are now deploying their first small clusters of 10 to 20 servers. At this small scale, the complexity of operating the cluster looks and feels like general data center servers. It is not until the clusters scale, as they inevitably do, when the pain caused by the exponential complexity becomes apparent. We've seen this problem occur time and time again. In his session at Big Data Expo, Greg Bruno, Vice President of Engineering and co-founder of StackIQ...
"I think that everyone recognizes that for IoT to really realize its full potential and value that it is about creating ecosystems and marketplaces and that no single vendor is able to support what is required," explained Esmeralda Swartz, VP, Marketing Enterprise and Cloud at Ericsson, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
"We got started as search consultants. On the services side of the business we have help organizations save time and save money when they hit issues that everyone more or less hits when their data grows," noted Otis Gospodnetić, Founder of Sematext, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his Day 2 Keynote at @ThingsExpo, Henrik Kenani Dahlgren, Portfolio Marketing Manager at Ericsson, discussed how to plan to cooperate, partner, and form lasting all-star teams to change the...