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
Behera Rasananda is a technologist, a leader, a key note speaker has more than 20 years experience in across Government, Financial, Heath Care and Insurance Verticals. Mr. Behera has vast experience in Enterprise Cloud and Big Data solutions and Enterprise Architecture. Currently he works closely for Government Solutions on Enterprise Cloud for Federal Government Agency. Scientist Behera managed and partner with clients to make complete end to end solution and Migration to cloud both private sec...
Poor data quality and analytics drive down business value. In fact, Gartner estimated that the average financial impact of poor data quality on organizations is $9.7 million per year. But bad data is much more than a cost center. By eroding trust in information, analytics and the business decisions based on these, it is a serious impediment to digital transformation.
Digital Transformation: Preparing Cloud & IoT Security for the Age of Artificial Intelligence. As automation and artificial intelligence (AI) power solution development and delivery, many businesses need to build backend cloud capabilities. Well-poised organizations, marketing smart devices with AI and BlockChain capabilities prepare to refine compliance and regulatory capabilities in 2018. Volumes of health, financial, technical and privacy data, along with tightening compliance requirements by...
Everyone wants the rainbow - reduced IT costs, scalability, continuity, flexibility, manageability, and innovation. But in order to get to that collaboration rainbow, you need the cloud! In this presentation, we'll cover three areas: First - the rainbow of benefits from cloud collaboration. There are many different reasons why more and more companies and institutions are moving to the cloud. Benefits include: cost savings (reducing on-prem infrastructure, reducing data center foot print, r...
DXWorldEXPO LLC, the producer of the world's most influential technology conferences and trade shows has announced the 22nd International CloudEXPO | DXWorldEXPO "Early Bird Registration" is now open. Register for Full Conference "Gold Pass" ▸ Here (Expo Hall ▸ Here)
Excitement and interest in APIs has skyrocketed in recent years. However, if you ask a room full of IT professionals "What is an API", you will get a wide array of answers. There exists a wide knowledge gap between API experts and those that have a general idea of what they are, but are unsure of what they have been for in the past, what they look like now, and how they can be used to expand your business in the future. In this session John will cover what the history of APIs, what an API looks ...
@DevOpsSummit at Cloud Expo, taking place November 12-13 in New York City, NY, is co-located with 22nd international CloudEXPO | first international DXWorldEXPO 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 t...
DevOps with IBMz? You heard right. Maybe you're wondering what a developer can do to speed up the entire development cycle--coding, testing, source code management, and deployment-? In this session you will learn about how to integrate z application assets into a DevOps pipeline using familiar tools like Jenkins and UrbanCode Deploy, plus z/OSMF workflows, all of which can increase deployment speeds while simultaneously improving reliability. You will also learn how to provision mainframe syste...
CloudEXPO New York 2018, colocated with DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.
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.
DevOpsSummit New York 2018, colocated with CloudEXPO | DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City. Digital Transformation (DX) is a major focus with the introduction of DXWorldEXPO within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term.
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to impr...
The challenges of aggregating data from consumer-oriented devices, such as wearable technologies and smart thermostats, are fairly well-understood. However, there are a new set of challenges for IoT devices that generate megabytes or gigabytes of data per second. Certainly, the infrastructure will have to change, as those volumes of data will likely overwhelm the available bandwidth for aggregating the data into a central repository. Ochandarena discusses a whole new way to think about your next...
Andi Mann, Chief Technology Advocate at Splunk, is an accomplished digital business executive with extensive global expertise as a strategist, technologist, innovator, marketer, and communicator. For over 30 years across five continents, he has built success with Fortune 500 corporations, vendors, governments, and as a leading research analyst and consultant.