Idaho First Bank Reports Results, Stock Offering and New Directors
14 Juillet 2008 - 1:00PM
Marketwired
MCCALL, ID reported mid-year financial results. The Bank
experienced significant growth during the first half of 2008. Loans
grew to $42.1 million, a 92% increase from June 30, 2007. Deposits
grew by 72% during the same period to $45.7 million at June 30,
2008.
The net loss reported for the first half of 2008 was $1,055,000
compared to a loss of $549,000 in the first half of 2007. The
increased loss was caused by the provision for loan losses being
$475,000, compared to $33,000 last year in the first half. This
major increase in the provision for loan losses was caused by the
large growth in loans and the decision to charge off a $348,000
nonperforming loan in the first quarter of the year. There were no
loan charge-offs in the second quarter of 2008, and the quarterly
net loss for the second quarter of 2008 was $327,000, compared to
the $728,000 net loss in the first quarter of 2008.
As of June 30, 2008, there was one nonperforming loan with a
balance of $147,000. The Bank's credit quality is stable and
oversight has been strengthened to maintain a quality loan
portfolio. The Federal Reserve's significant drop in short-term
interest rates has had a negative impact on the Bank's net interest
margin. Net interest margin in the first half of 2008 was 4.04%
compared to 4.51% in the first half of 2007.
Stockholders' equity was $5.3 million at June 30, 2008, and book
value per share was $5.38. On June 27, 2008, the Bank began a stock
offering to sell $6 million of common stock at $5.00 per share. For
every two shares that are purchased at this price the purchaser
will receive a warrant entitling them to buy one additional share
at a price of $7.00 per share, at anytime before September 30,
2011. This stock offering is necessary to support the rapid growth
of the Bank and to allow the Bank to achieve profitability.
Offering Circulars were mailed to shareholders on July 9. Offering
Circulars are available by contacting Greg Lovell or Don Madsen at
the phone numbers listed below.
The Board of Directors has voted to add, subject to approval by
the State of Idaho and the FDIC, two new Board members. These two
potential directors agreed to purchase 300,000 shares ($1.5
million) in the stock offering, which is a significant vote of
confidence in the Bank and the progress the Bank has made.
President and CEO Greg Lovell said, "One new director will be
Mark Miller who is a Boise native who spends considerable time in
McCall. His business background includes running his family's
private equity firm. His wife Jennifer is a well-known orthopedic
surgeon in Boise. Their family company has been a significant
shareholder from the Bank's inception. The other new director is
William Riddle of Dallas, Texas. Mr. Riddle has extensive
experience in the health care industry and is a regular visitor to
our area. He has substantial business investments in and a deep
affection for McCall. He has been a long-time client of the Bank
and provides financial expertise as well as a strong history of
growing and improving businesses."
Idaho First Bank
Financial Highlights (unaudited)
(Dollars in thousands, except per share)
For the six months ended June 30: 2008 2007 Change
-------- -------- --------------
Net interest income $ 897 $ 660 $ 237 36%
Provision for loan losses 475 33 442 1339%
Mortgage banking income 82 87 (5) -6%
Other noninterest income 91 71 20 28%
Noninterest expenses 1,650 1,334 316 24%
Net loss (1,055) (549) (506) -92%
At June 30: 2008 2007 Change
-------- -------- --------------
Loans $ 42,123 $ 21,976 $ 20,147 92%
Allowance for loan losses 527 324 203 63%
Assets 54,445 33,860 20,585 61%
Deposits 45,708 26,564 19,144 72%
Stockholders' equity 5,313 4,860 453 9%
Nonperforming loans 147 - 147 N/A
Book value per share 5.38 6.45 (1.07) -17%
Shares outstanding 987,964 753,491 234,473 31%
Allowance to loans 1.25% 1.47%
Allowance to nonperforming loans 359% N/A
Nonperforming loans to loans 0.35% 0.00%
Averages for six months ended June 30: 2008 2007 Change
-------- -------- --------------
Loans $ 35,562 $ 22,144 $ 13,418 61%
Earning assets 44,664 29,532 15,132 51%
Assets 47,132 31,465 15,667 50%
Deposits 38,533 28,103 10,430 37%
Stockholders' equity 5,378 2,970 2,408 81%
Loans to deposits 92% 79%
Net interest margin 4.04% 4.51%
Idaho First Bank
Quarterly Financial Highlights (unaudited)
(Dollars in thousands, except per share)
Q2 2008 Q1 2008 Q4 2007 Q3 2007 Q2 2007
-------- -------- -------- -------- --------
Net interest income $ 477 $ 420 $ 393 $ 419 $ 340
Provision for loan
losses 65 410 68 8 -
Mortgage banking income 49 33 37 17 50
Other noninterest
income 48 43 51 32 37
Noninterest expenses 836 814 829 942 625
Net loss (327) (728) (416) (482) (198)
Period End Information Q2 2008 Q1 2008 Q4 2007 Q3 2007 Q2 2007
-------- -------- -------- -------- --------
Loans $ 42,123 $ 36,689 $ 27,123 $ 25,496 $ 21,976
Allowance for loan
losses 527 462 400 332 324
Nonperforming loans 147 147 495 - -
Quarterly net
charge-offs - 348 - - -
Allowance to loans 1.25% 1.26% 1.47% 1.30% 1.47%
Allowance to
nonperforming loans 359% 314% 81% N/A N/A
Nonperforming loans to
loans 0.35% 0.40% 1.83% 0.00% 0.00%
Average Balance
Information Q2 2008 Q1 2008 Q4 2007 Q3 2007 Q2 2007
-------- -------- -------- -------- --------
Loans $ 39,929 $ 31,195 $ 26,221 $ 24,327 $ 22,218
Earning assets 48,764 40,563 35,643 35,269 29,455
Assets 51,281 42,984 38,048 37,592 31,444
Deposits 42,810 34,255 31,699 30,221 27,893
Stockholders' equity 5,039 5,717 6,050 5,681 3,024
Loans to deposits 93% 91% 83% 80% 80%
Net interest margin 3.93% 4.16% 4.37% 4.71% 4.63%
Contacts: Greg Lovell President and CEO 208-630-2001 Don Madsen
CFO 208-947-0430
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