Idaho First Bank Reports Mid-Year Results
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E-mailMCCALL, ID -- (Marketwired) -- 07/23/15 -- Today Idaho First Bank (OTC PINK: IDFB) reported financial results for the six months ended June 30, 2015. The Bank reported net income of $984,000 for the first half of the year, a significant increase from net income of $640,000 in the first half of 2014. Mark Miller, Chairman of the Board, commented, "We are gratified with our results but continue to focus on our goal of being a top-tier performing bank. The Board continues to actively monitor our strategic direction and path to achieving this goal. We congratulate the Bank's management and staff on the continued success of the Bank."
The Bank's earnings were positively impacted by loan growth, improvement in net interest income, mortgage banking income, and tax benefits. Net interest income for the six months was up 19% from the prior year. The provision for loan losses was a result of loan growth. Mortgage banking income was up 20%. The 19% improvement in net interest income was primarily due to a 19% increase in average loans. "We are focused on income growth while maintaining strong credit standards. We are well balanced in our income sources that contribute to our success," stated Greg Lovell, President and CEO.
Nonperforming assets were $2.8 million at June 30, 2015, compared to $.5 million at the same date in 2014. President Lovell commented on the increase, "We have three secured loans that migrated to non-accrual status. We are aggressively working to resolve these loans. We do not foresee other increases in problem assets at this time."
Shareholders' equity at June 30, 2015, was $14.7 million, an increase of $4.0 million from a year ago. This solid increase came from both stronger net income and shareholders exercising warrants. The Bank's regulatory Tier 1 Leverage Ratio was a strong 10.41% at June 30, well above regulatory requirements. Book value per share of $6.26 reflects the recent 1 for 10 reverse stock split. This compares to an adjusted book value of $6.02 per share one 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 two mortgage banking offices 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: 2015 2014 Change
------------ ------------ ------------------------
Net interest income $ 2,194 $ 1,847 $ 347 19%
Provision for loan
losses 170 86 84 98%
Mortgage banking income 1,083 899 184 20%
Other noninterest
income 171 143 28 20%
Noninterest expenses 2,900 2,673 227 8%
------------ ------------ ------------
Net income before
taxes 378 130 248 191%
Tax provision (benefit) (606) (510) (96) -19%
------------ ------------ ------------
Net income $ 984 640 $ 344 54%
------------ ------------ ------------
At June 30: 2015 2014 Change
------------ ------------ ------------------------
Loans $ 99,571 $ 82,857 $ 16,714 20%
Allowance for loan
losses 1,448 1,061 387 36%
Assets 123,471 100,918 22,553 22%
Deposits 107,294 88,821 18,473 21%
Stockholders' equity 14,691 10,682 4,009 38%
Nonaccrual loans 2,828 - 2,828
Accruing loans more
than 90 days past due - - -
Other real estate owned - 529 (529) -100%
Total nonperforming
assets 2,828 529 2,299 435%
Book value per share 6.26 6.02 0.24 4%
Shares outstanding 2,345,864 1,775,412 570,452 32%
Allowance to loans 1.45% 1.28%
Allowance to
nonperforming loans 51% N/A
Nonperforming loans to
total loans 2.84% 0.00%
Averages for the six
months ended June 30: 2015 2014 Change
------------ ------------ ------------------------
Loans $ 92,710 $ 77,819 $ 14,891 19%
Earning assets 105,909 86,480 19,429 22%
Assets 115,861 95,610 20,251 21%
Deposits 100,957 84,336 16,621 20%
Stockholders' equity 13,338 9,766 3,572 37%
Loans to deposits 92% 92%
Net interest margin 4.18% 4.31%
Idaho First Bank
Quarterly Financial Highlights (unaudited)
(Dollars in thousands)
Income Statement Q2 2015 Q1 2015 Q4 2014 Q3 2014 Q2 2014
---------- ---------- ---------- ---------- ----------
Net interest income $ 1,111 $ 1,083 $ 1,072 $ 1,037 $ 969
Provision for loan
losses 120 50 115 90 86
Mortgage banking
income 658 425 494 760 618
Other noninterest
income 88 83 82 79 71
Noninterest
expenses 1,535 1,365 1,280 1,537 1,374
---------- ---------- ---------- ---------- ----------
Net income before
taxes 202 176 253 249 198
Tax provision
(benefit) (303) (303) (325) (255) (245)
---------- ---------- ---------- ---------- ----------
Net income $ 505 $ 479 $ 578 $ 504 $ 443
---------- ---------- ---------- ---------- ----------
Period End
Information Q2 2015 Q1 2015 Q4 2014 Q3 2014 Q2 2014
---------- ---------- ---------- ---------- ----------
Loans $ 99,571 $ 91,896 $ 88,538 $ 83,979 $ 82,857
Allowance for loan
losses 1,448 1,323 1,274 1,156 1,061
Nonperforming loans 2,828 - - - -
Other real estate
owned - 302 302 462 529
Quarterly net
charge-offs (4) 1 (3) (6) 9
Allowance to loans 1.45% 1.44% 1.44% 1.38% 1.28%
Allowance to
nonperforming
loans 51% N/A N/A N/A N/A
Nonperforming loans
to loans 2.84% 0.00% 0.00% 0.00% 0.00%
Average Balance
Information Q2 2015 Q1 2015 Q4 2014 Q3 2014 Q2 2014
---------- ---------- ---------- ---------- ----------
Loans $ 96,414 $ 88,965 $ 86,603 $ 84,578 $ 80,415
Earning assets 110,038 101,735 96,666 95,435 89,179
Assets 120,089 111,586 106,528 104,899 98,519
Deposits 104,687 97,185 92,690 91,266 87,162
Stockholders'
equity 13,691 12,982 11,994 11,239 9,960
Loans to deposits 92% 92% 93% 93% 92%
Net interest margin 4.05% 4.32% 4.40% 4.31% 4.36%
Contacts:Greg Lovell208.630.2001Don Madsen208.947.0430
Source: Idaho First Bank
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