Today Idaho First Bank (OTCQB: IDFB) reported financial results for
the quarter and nine months ended September 30, 2012. The Bank
reported net income of $144,000 for the first nine months of 2012,
compared to a loss of $214,000 in the same period of 2011. Compared
to the prior year, the change was attributable to a 35% increase in
net interest income. This was driven by average loan growth of 22%
and an improving net interest margin. Year-to-date net interest
margin improved from 2.88% in 2011 to 3.86% in 2012. Year-to-date
mortgage banking income also grew substantially from $562,000 in
2011 to $1,452,000 in 2012. "The Board is proud of the hard work of
staff and management in reaching our fifth consecutive quarter of
profitability," stated Mark Miller, Chairman of the Board of
Directors.
Net income for the third quarter of 2012 was $105,000, a record
for the highest quarterly income in the Bank's history. The third
quarter of 2012 marks the fifth consecutive quarter of net income
for the Bank. Net income of $105,000 for the quarter compares with
quarterly income of $55,000 in the same quarter of 2011 and $16,000
of quarterly income in the second quarter of 2012.
Nonperforming assets were $2.2 million at September 30, 2012, an
increase from the prior year, but an improvement from March 31,
2012. There were no loan charge-offs in the third quarter and loan
recoveries of $39,000. The allowance for loan losses was 1.60% of
loans at September 30 and 81% of nonperforming loans. Mr. Lovell
commented, "We are cautiously optimistic about the improving trends
in our portfolio. We continue to closely monitor the performance of
our loan portfolio and aggressively take action as problems
arise."
Stockholders' equity was $4.9 million at September 30, 2012, or
6% of assets. Book value was 60 cents per share, two cents more
than at September 30, 2011.
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 loan production office in downtown
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 nine months ended
September 30: 2012 2011 Change
---------- ---------- -----------------
Net interest income $ 2,213 $ 1,634 $ 579 35%
Provision for loan losses 525 220 305 139%
Mortgage banking income 1,452 562 890 158%
Other noninterest income 195 168 27 16%
Noninterest expenses 3,191 2,358 833 35%
Net income (loss) 144 (214) 358 167%
At Septebmer 30: 2012 2011 Change
---------- ---------- -----------------
Loans $ 69,085 $ 60,895 $ 8,190 13%
Allowance for loan losses 1,108 1,073 35 3%
Assets 83,064 76,408 6,656 9%
Deposits 75,780 68,433 7,347 11%
Stockholders' equity 4,852 4,629 223 5%
Nonaccrual loans 1,369 379 990 261%
Accruing loan more than 90 days
past due - 454 (454)
Other real estate owned 857 656 201 31%
Total nonperforming assets 2,226 1,489 737 49%
Book value per share 0.60 0.58 0.02 3%
Shares outstanding 8,129,932 7,949,932 180,000 2%
Allowance to loans 1.60% 1.76%
Allowance to nonperforming
loans 81% 129%
Nonperforming loans to total
loans 1.98% 1.37%
Averages for the nine months
ended September 30: 2012 2011 Change
---------- ---------- -----------------
Loans $ 67,561 $ 55,489 $ 12,072 22%
Earning assets 76,583 75,770 813 1%
Assets 79,937 78,259 1,678 2%
Deposits 72,556 69,980 2,576 4%
Stockholders' equity 4,737 4,617 120 3%
Loans to deposits 93% 79%
Net interest margin 3.86% 2.88%
Idaho First Bank
Quarterly Financial Highlights (unaudited)
(Dollars in thousands)
Income Statement Q3 2012 Q2 2012 Q1 2012 Q4 2011 Q3 2011
-------- -------- -------- -------- --------
Net interest income $ 799 $ 716 $ 698 $ 630 $ 627
Provision for loan
losses 275 135 115 30 10
Mortgage banking income 727 499 226 313 180
Other noninterest income 71 68 56 60 55
Noninterest expenses 1,217 1,132 842 902 797
Net income 105 16 23 71 55
Period End Information Q3 2012 Q2 2012 Q1 2012 Q4 2011 Q3 2011
-------- -------- -------- -------- --------
Loans $ 69,085 $ 70,836 $ 66,109 $ 64,133 $ 60,895
Allowance for loan
losses 1,108 794 874 1,052 1,073
Nonperforming loans 1,369 1,182 1,856 1,048 833
Other real estate owned 857 874 887 887 656
Quarterly net charge-
offs (39) 215 293 51 (14)
Allowance to loans 1.60% 1.12% 1.32% 1.64% 1.76%
Allowance to
nonperforming loans 81% 67% 47% 100% 129%
Nonperforming loans to
loans 1.98% 1.67% 2.81% 1.63% 1.37%
Average Balance
Information Q3 2012 Q2 2012 Q1 2012 Q4 2011 Q3 2011
-------- -------- -------- -------- --------
Loans $ 70,427 $ 67,536 $ 64,689 $ 63,221 $ 58,569
Earning assets 79,549 76,314 73,853 72,229 75,560
Assets 82,962 79,672 77,144 75,007 78,188
Deposits 75,185 72,547 69,907 66,891 70,258
Stockholders' equity 4,778 4,726 4,707 4,660 4,574
Loans to deposits 94% 93% 93% 95% 83%
Net interest margin 4.00% 3.77% 3.80% 3.46% 3.29%
Contacts: Greg Lovell 208.630.2001 Don Madsen 208.947.0430
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