Today Idaho First Bank (OTCBB: IDFB) announced that it raised $2.7
million of new common stock in December 2010 in a private
placement. With the sale of common stock the Bank has achieved the
capital level required under the Supervisory Prompt Corrective
Action Directive ("Directive") issued by the Federal Deposit
Insurance Corporation ("FDIC") on August 20, 2010. The Directive
was terminated by the FDIC on January 3, 2011.
"We are encouraged that 87% of this capital was raised from the
Board of Directors, executive officers and other shareholders,"
said Mark Miller, Chairman of the Bank's Board of Directors. "We
are pleased to see the commitment of shareholders to invest new
capital into the Bank," stated Gavin Gee, Director, Idaho's
Department of Finance. Director Gee further said, "As with all
Idaho state chartered banks, we continue to work closely with its
directors and management as they continue the Bank's progress."
The capital raise improved the capital position of the Bank to
6.2% of total assets. While this level fulfilled the requirements
of the Directive, the Bank will continue with capital raising
efforts with a goal of increasing the capital to asset ratio to
10%. Greg Lovell, President and Chief Executive Officer of the
Bank, stated, "The Board and Management are committed to continue
improve the Bank's condition as our community begins to see
economic improvement."
The Bank also reported financial results for 2010. The Bank
reported a loss of $1,978,000 for 2010 compared to a loss of
$2,269,000 for 2009. The large loss was mostly caused by the
provision for loan losses of $1,550,000 and by net losses on "other
real estate owned properties" of $209,000. The Bank continues to be
negatively impacted by a weak economic environment marked by high
unemployment and depressed real estate values.
The Bank reported improvement in the level of nonperforming
assets. They declined from $4.2 million at the end of 2009 to $2.9
million at the end of 2010, a decline of 31%. "We are aggressively
working with our borrowers to address their issues and find
solutions acceptable to the Bank and to our borrowers," stated
Jerry Jutting, Chief Credit Officer. He further said, "We continue
to look for good loans where we can build a relationship and be a
part of their success."
In closing, Mr. Lovell said, "We have had difficult economic
times in Valley County and as the only local bank; we have felt the
same economic issues as our clients. We understand and are
diligently working with them to help through this time; after all
it is our home too."
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 year ended December 31: 2010 2009 Change
--------- --------- -----------------
Net interest income $ 2,114 $ 2,185 $ (71) -3%
Provision for loan losses 1,550 1,800 (250) -14%
Investment securities gains 321 336 (15) -4%
Mortgage banking income 671 331 340 103%
Other noninterest income 195 208 (13) -6%
Noninterest expenses 3,729 3,529 200 6%
Net loss (1,978) (2,269) 291 13%
At December 31: 2010 2009 Change
--------- --------- -----------------
Loans $ 53,081 $ 57,399 $ (4,318) -8%
Allowance for loan losses 1,025 1,313 (288) -22%
Assets 77,405 74,076 3,329 4%
Deposits 68,281 64,539 3,742 6%
Stockholders' equity 4,810 4,053 757 19%
Nonaccrual loans 1,871 2,390 (519) -22%
Accruing loan more than 90 days
past due - 960 (960) -100%
Other real estate owned 1,064 824 240 29%
Total nonperforming assets 2,935 4,174 (1,239) -30%
Book value per share 0.61 2.90 (2.29) -79%
Shares outstanding 7,926,132 1,398,284 6,527,848 467%
Allowance to loans 1.93% 2.29%
Allowance to nonperforming loans 55% 39%
Nonperforming loans to total
loans 3.52% 5.84%
Averages for the year ended
December 31: 2010 2009 Change
--------- --------- -----------------
Loans $ 56,794 $ 56,980 $ (186) 0%
Earning assets 80,119 68,052 12,067 18%
Assets 82,363 70,889 11,474 16%
Deposits 73,751 59,819 13,932 23%
Stockholders' equity 3,087 5,308 (2,221) -42%
Loans to deposits 77% 95%
Net interest margin 2.64% 3.21%
Idaho First Bank
Quarterly Financial Highlights (unaudited)
(Dollars in thousands)
Q4 2010 Q3 2010 Q2 2010 Q1 2010 Q4 2009
-------- -------- -------- -------- --------
Net interest income $ 496 $ 563 $ 549 $ 506 $ 532
Provision for loan
losses 450 100 750 250 600
Investment securities
gains 321
Mortgage banking income 255 250 98 68 108
Other noninterest income 46 51 49 49 49
Noninterest expenses 1,059 946 842 882 878
Net loss (391) (182) (896) (509) (789)
Period End Information Q4 2010 Q3 2010 Q2 2010 Q1 2010 Q4 2009
-------- -------- -------- -------- --------
Loans $ 53,081 $ 57,521 $ 58,391 $ 56,922 $ 57,399
Allowance for loan
losses 1,025 1,073 1,115 1,520 1,313
Nonperforming loans 1,871 1,883 2,125 3,732 3,350
Other real estate owned 1,064 1,243 697 784 824
Quarterly net
charge-offs 498 143 1,154 43 465
Allowance to loans 1.93% 1.87% 1.91% 2.67% 2.29%
Allowance to
nonperforming loans 55% 57% 52% 41% 39%
Nonperforming loans to
loans 3.52% 3.27% 3.64% 6.56% 5.84%
Average Balance
Information Q4 2010 Q3 2010 Q2 2010 Q1 2010 Q4 2009
-------- -------- -------- -------- --------
Loans $ 56,271 $ 57,165 $ 56,486 $ 57,260 $ 58,339
Earning assets 79,035 82,617 80,100 78,692 74,922
Assets 81,720 84,774 82,038 80,885 77,481
Deposits 73,256 76,661 73,408 71,628 66,528
Stockholders' equity 3,014 2,568 3,016 3,765 4,388
Loans to deposits 77% 75% 77% 80% 88%
Net interest margin 2.49% 2.70% 2.75% 2.61% 2.82%
Contacts: Greg Lovell 209.630.2001 Don Madsen 208.947.0430
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