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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%

Greg Lovell

Don Madsen

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