Welcome!

News Feed Item

Idaho First Bank Reports Mid-Year Results

MCCALL, ID -- (Marketwired) -- 07/18/14 -- Today Idaho First Bank (OTCQB: IDFB) reported financial results for the six months ended June 30, 2014. The Bank reported net income of $640,000 for the first half of 2014, compared to net income of $206,000 in the same period in 2013. For the second quarter of 2014 net income was $443,000 compared to $197,000 in the first quarter of this year and $100,000 in the second quarter of 2013. Mark Miller, Chairman of the Board, commented, "We are seeing the economic conditions of our primary market areas improve and believe we can continue our improvement in operating results."

Year-to-date net income was favorably impacted by tax benefits, a 20% improvement in net interest income, and a reduction in provision for loan losses. Mortgage banking income year-to-date is down 30% partially a result of a drop in home refinancing. This drop is on par with results for all lenders nationwide. However, on a quarter-over-quarter basis mortgage income was steady. The 20% improvement in net interest margin was due to a 14% increase in average loans and an increase in net interest margin from 3.95% to 4.31%. "We continue to improve our core earnings for the Bank. While mortgage lending has softened, it continues to be a strong source of core earnings for us," stated Greg Lovell, President and CEO.

Nonperforming assets were only $529,000 at June 30, 2014, compared to $1.7 million at June 30 of last year. There were no nonperforming loans, a milestone in the Bank's asset quality improvement. The allowance for loan losses was 7% higher than a year ago. However, because of a 14% growth in period-end loans, the ratio of allowance to loans declined from 1.37% to 1.28%. President Lovell commented, "Our Boise branch allowed us to further increase our commercial loan and deposit business. We believe market conditions will allow us to continue to expand our base in this important market."

Shareholders' equity at June 30, 2014, was at $10.7 million, an increase of $3.9 million from a year ago. Book value per share increased to 60 cents at June 30, 2014, compared to 56 cents per share a year ago.

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 six months ended June
 30:                                2014         2013           Change
                                -----------  -----------  -----------------
  Net interest income           $     1,847  $     1,545  $      302     20%
  Provision for loan losses              86          220        (134)   -61%
  Mortgage banking income               899        1,280        (381)   -30%
  Other noninterest income              143          151          (8)    -5%
  Noninterest expenses                2,673        2,550         123      5%
                                -----------  -----------  ----------
    Net income (loss) before
     taxes                              130          206         (76)   -37%
  Tax provision (benefit)              (510)                    (510)
                                -----------  -----------  ----------
    Net income                          640          206         434    211%
                                -----------  -----------  ----------

At June 30:                         2014         2013           Change
                                -----------  -----------  -----------------
  Loans                         $    82,857  $    72,575  $   10,282     14%
  Allowance for loan losses           1,061          996          65      7%
  Assets                            100,918       87,328      13,590     16%
  Deposits                           88,821       76,101      12,720     17%
  Stockholders' equity               10,682        6,736       3,946     59%

  Nonaccrual loans                        -        1,104      (1,104)  -100%
  Accruing loans more than 90
   days past due                          -            -           -
  Other real estate owned               529          606         (77)   -13%

    Total nonperforming assets          529        1,710      (1,181)   -69%

  Book value per share                 0.60         0.56        0.04      7%
  Shares outstanding             17,754,116   12,003,349   5,750,767     48%

  Allowance to loans                   1.28%        1.37%
  Allowance to nonperforming
   loans                                N/A           90%
  Nonperforming loans to total
   loans                               0.00%        1.52%

Averages for the six months
 ended June 30:                     2014         2013           Change
                                -----------  -----------  -----------------
  Loans                         $    77,819  $    68,350  $    9,469     14%
  Earning assets                     86,480       78,915       7,565     10%
  Assets                             95,610       83,628      11,982     14%
  Deposits                           84,336       75,011       9,325     12%
  Stockholders' equity                9,766        5,959       3,807     64%

  Loans to deposits                      92%          91%
  Net interest margin                  4.31%        3.95%



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

Income Statement                Q2 2014  Q1 2014  Q4 2013  Q3 2013  Q2 2013
                                -------  -------  -------  -------  -------
  Net interest income           $   969  $   878  $   890  $   870  $   774
  Provision for loan losses          86        -        -      190       90
  Mortgage banking income           618      281      484      769      622
  Other noninterest income           71       72       72       71       74
  Noninterest expenses            1,374    1,299    1,345    1,363    1,280
                                -------  -------  -------  -------  -------
    Net income before taxes         198      (68)     101      157      100
  Tax provision (benefit)          (245)    (265)    (752)       -        -
                                -------  -------  -------  -------  -------
    Net income                      443      197      853      157      100
                                -------  -------  -------  -------  -------

Period End Information          Q2 2014  Q1 2014  Q4 2013  Q3 2013  Q2 2013
                                -------  -------  -------  -------  -------
  Loans                         $82,857  $78,426  $74,562  $72,669  $72,575
  Allowance for loan losses       1,061      983    1,134    1,167      996
  Nonperforming loans                 -      869      869    1,261    1,104
  Other real estate owned           529      585      610      307      606
  Quarterly net charge-offs           9      150       33       19       28

  Allowance to loans               1.28%    1.25%    1.52%    1.61%    1.37%
  Allowance to nonperforming
   loans                            N/A      113%     130%      93%      90%
  Nonperforming loans to loans     0.00%    1.11%    1.17%    1.74%    1.52%

Average Balance Information     Q2 2014  Q1 2014  Q4 2013  Q3 2013  Q2 2013
                                -------  -------  -------  -------  -------
  Loans                         $80,415  $75,194  $73,987  $72,037  $68,778
  Earning assets                 89,180   83,751   82,639   82,186   77,775
  Assets                         98,519   92,670   89,544   88,666   84,070
  Deposits                       87,162   81,478   79,335   79,399   74,488
  Stockholders' equity            9,960    9,570    8,095    6,939    6,636

  Loans to deposits                  92%      92%      93%      91%      92%
  Net interest margin              4.36%    4.25%    4.27%    4.20%    3.99%



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
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
Have you ever noticed how some IT people seem to lead successful, rewarding, and satisfying lives and careers, while others struggle? IT author and speaker Don Crawley uncovered the five principles that successful IT people use to build satisfying lives and careers and he shares them in this fast-paced, thought-provoking webinar. You'll learn the importance of striking a balance with technical skills and people skills, challenge your pre-existing ideas about IT customer service, and gain new in...
The Internet of Things 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, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develop...
SYS-CON Events announced today that Hitrons Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Hitrons Solutions Inc. is distributor in the North American market for unique products and services of small and medium-size businesses, including cloud services and solutions, SEO marketing platforms, and mobile applications.
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
In his session at @ThingsExpo, Steve Wilkes, CTO and founder of Striim, will delve into four enterprise-scale, business-critical case studies where streaming analytics serves as the key to enabling real-time data integration and right-time insights in hybrid cloud, IoT, and fog computing environments. As part of this discussion, he will also present a demo based on its partnership with Fujitsu, highlighting their technologies in a healthcare IoT use-case. The demo showcases the tracking of patie...
DevOps and microservices are permeating software engineering teams broadly, whether these teams are in pure software shops but happen to run a business, such Uber and Airbnb, or in companies that rely heavily on software to run more traditional business, such as financial firms or high-end manufacturers. Microservices and DevOps have created software development and therefore business speed and agility benefits, but they have also created problems; specifically, they have created software securi...
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business. Though, IoT is far more complex than most firms expected with a majority of IoT projects having failed. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, Chief IoTologist at Wipro, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology portfolios and business models to adopt and leverage IoT. He will delve in...
In today's enterprise, digital transformation represents organizational change even more so than technology change, as customer preferences and behavior drive end-to-end transformation across lines of business as well as IT. To capitalize on the ubiquitous disruption driving this transformation, companies must be able to innovate at an increasingly rapid pace. Traditional approaches for driving innovation are now woefully inadequate for keeping up with the breadth of disruption and change facing...
SYS-CON Events announced today that Outlyer, a monitoring service for DevOps and operations teams, has been named “Bronze Sponsor” of 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. Outlyer is a monitoring service for DevOps and Operations teams running Cloud, SaaS, Microservices and IoT deployments. Designed for today's dynamic environments that need beyond cloud-scale monitoring, we make monitoring effortless so you...
Cloud Expo, Inc. has announced today that Andi Mann and Aruna Ravichandran have been named Co-Chairs of @DevOpsSummit 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.
Stratoscale, the software company developing the next generation data center operating system, exhibited at SYS-CON's 18th International Cloud Expo®, which took place at the Javits Center in New York City, NY, in June 2016.Stratoscale is revolutionizing the data center with a zero-to-cloud-in-minutes solution. With Stratoscale’s hardware-agnostic, Software Defined Data Center (SDDC) solution to store everything, run anything and scale everywhere, IT is empowered to take control of their data ce...
Addteq is one of the top 10 Platinum Atlassian Experts who specialize in DevOps, custom and continuous integration, automation, plugin development, and consulting for midsize and global firms. Addteq firmly believes that automation is essential for successful software releases. Addteq centers its products and services around this fundamentally unique approach to delivering complete software release management solutions. With a combination of Addteq's services and our extensive list of partners,...
Tricky charts and visually deceptive graphs often make a case for the impact IT performance has on business. The debate isn't around the obvious; of course, IT performance metrics like website load time influence business metrics such as conversions and revenue. Rather, this presentation will explore various data analysis concepts to understand how, and how not to, assert such correlations. In his session at 20th Cloud Expo, Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Sys...