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
Cloud Expo, Inc. has announced today that Aruna Ravichandran, vice president of DevOps Product and Solutions Marketing at CA Technologies, has been named co-conference chair of DevOps at Cloud Expo 2017. The @DevOpsSummit at Cloud Expo New York will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and @DevOpsSummit at Cloud Expo Silicon Valley will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that CollabNet, a global leader in enterprise software development, release automation and DevOps solutions, will be a Bronze Sponsor of SYS-CON's 20th International Cloud Expo®, taking place from June 6-8, 2017, at the Javits Center in New York City, NY. CollabNet offers a broad range of solutions with the mission of helping modern organizations deliver quality software at speed. The company’s latest innovation, the DevOps Lifecycle Manager (DLM), supports Value S...
NHK, Japan Broadcasting, will feature the upcoming @ThingsExpo Silicon Valley in a special 'Internet of Things' and smart technology documentary that will be filmed on the expo floor between November 3 to 5, 2015, in Santa Clara. NHK is the sole public TV network in Japan equivalent to the BBC in the UK and the largest in Asia with many award-winning science and technology programs. Japanese TV is producing a documentary about IoT and Smart technology and will be covering @ThingsExpo Silicon Val...
Join IBM November 2 at 19th Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA, and learn how to go beyond multi-speed it to bring agility to traditional enterprise applications. Technology innovation is the driving force behind modern business and enterprises must respond by increasing the speed and efficiency of software delivery. The challenge is that existing enterprise applications are expensive to develop and difficult to modernize. This often results in what Gartner calls ...
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Analytic. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
Translating agile methodology into real-world best practices within the modern software factory has driven widespread DevOps adoption, yet much work remains to expand workflows and tooling across the enterprise. As models evolve from pockets of experimentation into wholescale organizational reinvention, practitioners find themselves challenged to incorporate the culture and architecture necessary to support DevOps at scale. In his session at @DevOpsSummit at 20th Cloud Expo, Anand Akela, Senior...
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
The age of Digital Disruption is evolving into the next era – Digital Cohesion, an age in which applications securely self-assemble and deliver predictive services that continuously adapt to user behavior. Information from devices, sensors and applications around us will drive services seamlessly across mobile and fixed devices/infrastructure. This evolution is happening now in software defined services and secure networking. Four key drivers – Performance, Economics, Interoperability and Trust ...
NHK, Japan Broadcasting, will feature the upcoming @ThingsExpo Silicon Valley in a special 'Internet of Things' and smart technology documentary that will be filmed on the expo floor between November 3 to 5, 2015, in Santa Clara. NHK is the sole public TV network in Japan equivalent to the BBC in the UK and the largest in Asia with many award-winning science and technology programs. Japanese TV is producing a documentary about IoT and Smart technology and will be covering @ThingsExpo Silicon Val...
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound e...
SYS-CON Events announced today that Twistlock, the leading provider of cloud container security solutions, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Twistlock is the industry's first enterprise security suite for container security. Twistlock's technology addresses risks on the host and within the application of the container, enabling enterprises to consistently enforce security policies, monitor...
Multiple data types are pouring into IoT deployments. Data is coming in small packages as well as enormous files and data streams of many sizes. Widespread use of mobile devices adds to the total. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will look at the tools and environments that are being put to use in IoT deployments, as well as the team skills a modern enterprise IT shop needs to keep things running, get a handle on all this data, and deli...
Automation is enabling enterprises to design, deploy, and manage more complex, hybrid cloud environments. Yet the people who manage these environments must be trained in and understanding these environments better than ever before. A new era of analytics and cognitive computing is adding intelligence, but also more complexity, to these cloud environments. How smart is your cloud? How smart should it be? In this power panel at 20th Cloud Expo, moderated by Conference Chair Roger Strukhoff, pane...
With billions of sensors deployed worldwide, the amount of machine-generated data will soon exceed what our networks can handle. But consumers and businesses will expect seamless experiences and real-time responsiveness. What does this mean for IoT devices and the infrastructure that supports them? More of the data will need to be handled at - or closer to - the devices themselves.
Building a cross-cloud operational model can be a daunting task. Per-cloud silos are not the answer, but neither is a fully generic abstraction plane that strips out capabilities unique to a particular provider. In his session at 20th Cloud Expo, Chris Wolf, VP & Chief Technology Officer, Global Field & Industry at VMware, will discuss how successful organizations approach cloud operations and management, with insights into where operations should be centralized and when it’s best to decentraliz...