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%

Greg Lovell

Don Madsen

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 best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
Virgil consists of an open-source encryption library, which implements Cryptographic Message Syntax (CMS) and Elliptic Curve Integrated Encryption Scheme (ECIES) (including RSA schema), a Key Management API, and a cloud-based Key Management Service (Virgil Keys). The Virgil Keys Service consists of a public key service and a private key escrow service. 

In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, will discuss how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team a...
SYS-CON Events announced today that eCube Systems, the leading provider of modern development tools and best practices for Continuous Integration on OpenVMS, will exhibit 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. eCube Systems offers a family of middleware products and development tools that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
Intelligent machines are here. Robots, self-driving cars, drones, bots and many IoT devices are becoming smarter with Machine Learning. In her session at @ThingsExpo, Sudha Jamthe, CEO of IoTDisruptions.com, will discuss the next wave of business disruption at the junction of IoT and AI, impacting many industries and set to change our lives, work and world as we know it.
@ThingsExpo has been named the Top 5 Most Influential Internet of Things Brand by Onalytica in the ‘The Internet of Things Landscape 2015: Top 100 Individuals and Brands.' Onalytica analyzed Twitter conversations around the #IoT debate to uncover the most influential brands and individuals driving the conversation. Onalytica captured data from 56,224 users. The PageRank based methodology they use to extract influencers on a particular topic (tweets mentioning #InternetofThings or #IoT in this ...
Join Impiger for their featured webinar: ‘Cloud Computing: A Roadmap to Modern Software Delivery’ on November 10, 2016, at 12:00 pm CST. Very few companies have not experienced some impact to their IT delivery due to the evolution of cloud computing. This webinar is not about deciding whether you should entertain moving some or all of your IT to the cloud, but rather, a detailed look under the hood to help IT professionals understand how cloud adoption has evolved and what trends will impact th...
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
operations aren’t merging to become one discipline. Nor is operations simply going away. Rather, DevOps is leading software development and operations – together with other practices such as security – to collaborate and coexist with less overhead and conflict than in the past. In his session at @DevOpsSummit at 19th Cloud Expo, Gordon Haff, Red Hat Technology Evangelist, will discuss what modern operational practices look like in a world in which applications are more loosely coupled, are deve...
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
Enterprises have been using both Big Data and virtualization for years. Until recently, however, most enterprises have not combined the two. Big Data's demands for higher levels of performance, the ability to control quality-of-service (QoS), and the ability to adhere to SLAs have kept it on bare metal, apart from the modern data center cloud. With recent technology innovations, we've seen the advantages of bare metal erode to such a degree that the enhanced flexibility and reduced costs that cl...
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of So...
In past @ThingsExpo presentations, Joseph di Paolantonio has explored how various Internet of Things (IoT) and data management and analytics (DMA) solution spaces will come together as sensor analytics ecosystems. This year, in his session at @ThingsExpo, Joseph di Paolantonio from DataArchon, will be adding the numerous Transportation areas, from autonomous vehicles to “Uber for containers.” While IoT data in any one area of Transportation will have a huge impact in that area, combining sensor...
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, discussed the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filterin...
Security, data privacy, reliability, and regulatory compliance are critical factors when evaluating whether to move business applications from in-house, client-hosted environments to a cloud platform. Quality assurance plays a vital role in ensuring that the appropriate level of risk assessment, verification, and validation takes place to ensure business continuity during the migration to a new cloud platform.