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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

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