Today Idaho First Bank (OTCQB: IDFB) reported financial results for
June 30, 2013. The Bank reported net income of $206,000 for the
first half of 2013, compared to net income of $39,000 in the same
period last year. The quarterly net income for the second quarter
was $100,000, down slightly from first quarter income of $106,000,
but significantly higher than the $16,000 of income in the second
quarter of 2012.
In the first six months of 2013 the Bank issued $1.6 million of
new stock, significantly improving the Bank's capital position. In
additional to the new capital already raised, the Bank is
continuing its private placement offering to accredited investors
with a goal of a 10% capital to asset ratio. At June 30, 2013, the
capital to asset ratio was 8%. "We believe with this improved
performance and the additional capital we have substantially
improved the status of the Bank," stated Mark Miller, Chairman of
the Board.
Comparing the first half of 2013 to the first half of 2012, the
Bank achieved a 9% increase in net interest income. This was driven
by average loan growth of 3% and an improving net interest margin.
Mortgage banking income also contributed to the improved results.
Mortgage banking income was almost up 77% from last year. "The
performance of the loan portfolio is having a positive impact on
our earnings. Lower problem loan levels have reduced the negative
drag on earnings," stated Greg Lovell President and CEO. He further
said, "We continue to emphasize the purchase market in our real
estate lending. This helps to soften any loss of business from a
slow down in the refinance market."
During the second quarter the Bank purchased the real estate of
the Bank's main office in McCall. This purchase reduced
significantly the cost of occupancy going forward. "We intend to
lease out excess space and, to date, have been successful in
implementing that strategy," stated President Lovell. A portion of
the purchase price was paid in stock further increasing the capital
of the Bank.
Nonperforming assets were $1.1 million at June 30, 2013, a
decrease of 7% from the prior year. The allowance for loan losses
was 1.37% of loans at June 30. Chief Credit Officer Jerry Jutting
said, "We believe the worst of our legacy credits are behind us now
and we have been adding quality core loans to our portfolio."
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 six months ended June
30: 2013 2012 Change
----------- ---------- -----------------
Net interest income $ 1,545 $ 1,414 $ 131 9%
Provision for loan losses 220 250 (30) -12%
Mortgage banking income 1,280 725 555 77%
Other noninterest income 151 124 27 22%
Noninterest expenses 2,550 1,974 576 29%
Net income 206 39 167 428%
At June 30: 2013 2012 Change
----------- ---------- -----------------
Loans $ 72,575 $ 70,836 $ 1,739 2%
Allowance for loan losses 996 794 202 25%
Assets 87,328 80,635 6,693 8%
Deposits 76,101 73,477 2,624 4%
Stockholders' equity 6,736 4,742 1,994 42%
Nonaccrual loans 1,104 1,182 (78) -7%
Accruing loans more than 90
days past due - - -
Other real estate owned 606 874 (268) -31%
Total nonperforming assets 1,710 2,056 (346) -17%
Book value per share 0.56 0.58 (0.02) -3%
Shares outstanding 12,003,349 8,129,932 3,873,417 48%
Allowance to loans 1.37% 1.12%
Allowance to nonperforming
loans 90% 67%
Nonperforming loans to total
loans 1.52% 1.67%
Averages for the six months
ended June 30: 2013 2012 Change
----------- ---------- -----------------
Loans $ 68,350 $ 66,112 $ 2,238 3%
Earning assets 78,915 75,083 3,832 5%
Assets 83,628 78,408 5,220 7%
Deposits 75,011 71,227 3,784 5%
Stockholders' equity 5,959 4,717 1,242 26%
Loans to deposits 91% 93%
Net interest margin 3.95% 3.79%
Idaho First Bank
Quarterly Financial Highlights (unaudited)
(Dollars in thousands)
Income Statement Q2 2013 Q1 2013 Q4 2012 Q3 2012 Q2 2012
------- ------- ------- ------- -------
Net interest income $ 774 $ 771 $ 788 $ 799 $ 716
Provision for loan losses 90 130 160 275 135
Mortgage banking income 622 658 486 727 499
Other noninterest income 74 77 82 71 68
Noninterest expenses 1,280 1,270 1,078 1,217 1,132
Net income 100 106 118 105 16
Period End Information Q2 2013 Q1 2013 Q4 2012 Q3 2012 Q2 2012
------- ------- ------- ------- -------
Loans $72,575 $68,195 $72,187 $69,085 $70,836
Allowance for loan losses 996 934 1,114 1,108 794
Nonperforming loans 1,104 703 1,012 1,369 1,182
Other real estate owned 606 633 827 857 874
Quarterly net charge-offs 28 310 154 (39) 215
Allowance to loans 1.37% 1.37% 1.54% 1.60% 1.12%
Allowance to nonperforming
loans 90% 133% 110% 81% 67%
Nonperforming loans to loans 1.52% 1.03% 1.40% 1.98% 1.67%
Average Balance Information Q2 2013 Q1 2013 Q4 2012 Q3 2012 Q2 2012
------- ------- ------- ------- -------
Loans $68,778 $67,918 $69,745 $70,427 $67,536
Earning assets 77,775 80,068 79,651 79,549 76,314
Assets 84,070 83,181 83,104 82,962 79,672
Deposits 74,488 75,540 75,495 75,185 72,547
Stockholders' equity 6,636 5,274 4,886 4,778 4,726
Loans to deposits 92% 90% 92% 94% 93%
Net interest margin 3.99% 3.91% 3.94% 4.00% 3.77%
Contacts: Greg Lovell 208.630.2001 Don Madsen 208.947.0430
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