Welcome!

News Feed Item

Idaho First Bank Reports Quarterly Results

MCCALL, ID -- (Marketwired) -- 04/18/14 -- Today Idaho First Bank (OTCQB: IDFB) reported financial results for the quarter ended March 31, 2014. The Bank reported net income of $197,000 for the first quarter, compared to net income of $106,000 in the same quarter in 2013. "We achieved our eleventh straight quarter of profitability," stated Mark Miller, Chairman of the Board. He further commented, "We are seeing the economic conditions of our primary market areas improve and believe we can continue our improvement in operating results."

Net income was favorably impacted by tax benefits, a reduction in provision for loan losses and a 14% improvement in net interest income. Mortgage banking income was down 57% partially a result of a drop in home refinancing. The operating results were negatively impacted by one-time expenses relating to the opening of the Boise branch and other strategic initiatives. "We believe our mortgage operations will rebound as home purchases continue to show strength," commented President Greg Lovell. He further stated, "We are achieving improvements in the fundamentals of banking i.e., loan growth, reduced loan losses, and core deposit acquisition."

The 14% improvement in net interest margin was due to an 11% increase in average loans and an increase in net interest margin from 3.91% to 4.25%.

Nonperforming assets were $1.5 million at March 31, 2014, down slightly from December 31, 2013. The allowance for loan losses was 5% higher than a year ago. However, because of a 15% growth in period-end loans, the ratio of allowance to loans declined from 1.37% to 1.25%.

Shareholders' equity at March 31 was at $9.7 million, an increase of $3.3 million from a year ago. Book value per share increased to 60 cents at March 31, 2014.

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 quarter ended March 31:      2014         2013          Change
                                 -----------  -----------  ----------------
  Net interest income            $       878  $       771  $      107    14%
  Provision for loan losses                -          130        (130) -100%
  Mortgage banking income                281          658        (377)  -57%
  Other noninterest income                72           77          (5)   -6%
  Noninterest expenses                 1,299        1,270          29     2%
                                 -----------  -----------  ----------
    Net income (loss) before
     taxes                               (68)         106        (174) -164%
  Tax provision (benefit)               (265)                    (265)
                                 -----------  -----------  ----------
    Net income                           197          106          91    86%
                                 -----------  -----------  ----------

At March 31:                         2014         2013          Change
                                 -----------  -----------  ----------------
  Loans                          $    78,426  $    68,195  $   10,231    15%
  Allowance for loan losses              983          934          49     5%
  Assets                              95,710       82,460      13,250    16%
  Deposits                            84,654       73,694      10,960    15%
  Stockholders' equity                 9,693        6,382       3,311    52%

  Nonaccrual loans                       869          698         171    24%
  Accruing loans more than 90
   days past due                           -            5          (5) -100%
  Other real estate owned                585          633         (48)   -8%

    Total nonperforming assets         1,454        1,336         118     9%

  Book value per share                  0.60         0.57        0.03     5%
  Shares outstanding              16,190,546   11,277,155   4,913,391    44%

  Allowance to loans                    1.25%        1.37%
  Allowance to nonperforming
   loans                                 113%         133%
  Nonperforming loans to total
   loans                                1.11%        1.03%

Averages for the quarter ended
 March 31:                           2014         2013          Change
                                 -----------  -----------  ----------------
  Loans                          $    75,194  $    67,918  $    7,276    11%
  Earning assets                      83,751       80,068       3,683     5%
  Assets                              92,670       83,181       9,489    11%
  Deposits                            81,478       75,540       5,938     8%
  Stockholders' equity                 9,570        5,274       4,296    81%

  Loans to deposits                       92%          90%
  Net interest margin                   4.25%        3.91%


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

Income Statement            Q1 2014   Q4 2013   Q3 2013   Q2 2013   Q1 2013
                           --------  --------  --------  --------  --------
  Net interest income      $    878  $    890  $    870  $    774  $    771
  Provision for loan
   losses                         -         -       190        90       130
  Mortgage banking income       281       484       769       622       658
  Other noninterest income       72        72        71        74        77
  Noninterest expenses        1,299     1,345     1,363     1,280     1,270
                           --------  --------  --------  --------  --------
    Net income (loss)
     before taxes               (68)      101       157       100       106
  Tax provision (benefit)      (265)     (752)        -         -         -
                           --------  --------  --------  --------  --------
    Net income                  197       853       157       100       106
                           ========  ========  ========  ========  ========

Period End Information      Q1 2014   Q4 2013   Q3 2013   Q2 2013   Q1 2013
                           --------  --------  --------  --------  --------
  Loans                    $ 78,426  $ 74,562  $ 72,669  $ 72,575  $ 68,195
  Allowance for loan
   losses                       983     1,134     1,167       996       934
  Nonperforming loans           869       869     1,261     1,104       703
  Other real estate owned       585       610       307       606       633
  Quarterly net charge-
   offs                         151        33        19        28       310

  Allowance to loans           1.25%     1.52%     1.61%     1.37%     1.37%
  Allowance to
   nonperforming loans          113%      130%       93%       90%      133%
  Nonperforming loans to
   loans                       1.11%     1.17%     1.74%     1.52%     1.03%

Average Balance
 Information                Q1 2014   Q4 2013   Q3 2013   Q2 2013   Q1 2013
                           --------  --------  --------  --------  --------
  Loans                    $ 75,194  $ 73,987  $ 72,037  $ 68,778  $ 67,918
  Earning assets             83,751    82,639    82,186    77,775    80,068
  Assets                     92,670    89,544    88,666    84,070    83,181
  Deposits                   81,478    79,335    79,399    74,488    75,540
  Stockholders' equity        9,570     8,095     6,939     6,636     5,274

  Loans to deposits              92%       93%       91%       92%       90%
  Net interest margin          4.25%     4.27%     4.20%     3.99%     3.91%

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
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 EastBanc Technologies will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. EastBanc Technologies has been working at the frontier of technology since 1999. Today, the firm provides full-lifecycle software development delivering flexible technology solutions that seamlessly integrate with existing systems – whether on premise or cloud. EastBanc Technologies partners with p...
SYS-CON Events announced today that ContentMX, the marketing technology and services company with a singular mission to increase engagement and drive more conversations for enterprise, channel and SMB technology marketers, has been named “Sponsor & Exhibitor Lounge Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York. “CloudExpo is a great opportunity to start a conversation with new prospects, but what happens after the...
SYS-CON Events announced today that AppNeta, the leader in performance insight for business-critical web applications, will exhibit and present at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. AppNeta is the only application performance monitoring (APM) company to provide solutions for all applications – applications you develop internally, business-critical SaaS applications you use and the networks that deli...
As organizations shift towards IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. Commvault can ensure protection, access and E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his general session at 18th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Part...
The cloud era has reached the stage where it is no longer a question of whether a company should migrate, but when. Enterprises have embraced the outsourcing of where their various applications are stored and who manages them, saving significant investment along the way. Plus, the cloud has become a defining competitive edge. Companies that fail to successfully adapt risk failure. The media, of course, continues to extol the virtues of the cloud, including how easy it is to get there. Migrating...
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, will discuss the importance of WebRTC and how it enables companies to fo...
As machines are increasingly connected to the internet, it’s becoming easier to discover the numerous ways Industrial IoT (IIoT) is helping to shape the business world. This is exactly why we have decided to take a closer look at this pervasive movement and to examine the desire to connect more things! Now if you need a refresher on IIoT and how it is changing the world, take a moment and listen to Greg Gorbach with ARC Advisory Group. Gorbach believes, "IIoT will significantly change the worl...
SYS-CON Events announced today the Docker Meets Kubernetes – Intro into the Kubernetes World, being held June 9, 2016, in conjunction with 18th Cloud Expo | @ThingsExpo, at the Javits Center in New York, NY. Register for 'Docker Meets Kubernetes Workshop' Here! This workshop led by Sebastian Scheele, co-founder of Loodse, introduces participants to Kubernetes (container orchestration). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, participants learn ...
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discuss how businesses can gain an edge over competitors by empowering consumers to take control through IoT. We'll cite examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He'll also highlight how IoT can revitalize and restore outdated business models, making them profitable...
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device. For more information, please visit https://www.mangoapps.com/.
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in Embedded and IoT solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and ...
In his session at 18th Cloud Expo, Andrew Cole, Director of Solutions Engineering at Peak 10, will discuss how the newest technology advances are reducing the cost and complexity of traditional business continuity and disaster recovery solutions. Attendees will: Learn why having a full disaster recovery strategy is more important now than ever before Explore the key drivers of a successful disaster recovery solution Achieve measurable operational and business value from a disaster recovery ...
SYS-CON Events announced today the How to Create Angular 2 Clients for the Cloud Workshop, being held June 7, 2016, in conjunction with 18th Cloud Expo | @ThingsExpo, at the Javits Center in New York, NY. Angular 2 is a complete re-write of the popular framework AngularJS. Programming in Angular 2 is greatly simplified. Now it’s a component-based well-performing framework. The immersive one-day workshop led by Yakov Fain, a Java Champion and a co-founder of the IT consultancy Farata Systems and...
How will your company move to the cloud while ensuring a solid security posture? Organizations from small to large are increasingly adopting cloud solutions to deliver essential business services at a much lower cost. According to cyber security experts, the frequency and severity of cyber-attacks are on the rise, causing alarm to businesses and customers across a variety of industries. To defend against exploits like these, a company must adopt a comprehensive security defense strategy that is ...