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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%

Greg Lovell

Don Madsen

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