Today Idaho First Bank (OTCQB: IDFB) reported financial results for
the first nine months of 2011. Continuing the improving trend of
the last three quarters, the Bank reported net income of $55,000
for the third quarter. The net income for the third quarter of 2011
compares favorably to a net loss of $126,000 in the second quarter
of 2011 and a net loss of $182,000 in the third quarter of 2010.
The quarterly income was primarily attributable to increased net
interest income from loan growth, reduced provision for credit
losses caused by net loan recoveries in the third quarter, and
declining levels of nonperforming loans. "The Board is proud of the
hard work of management and staff in reaching this result. It is
the first milestone in our continuing effort to achieve long-term
profitability," stated Mark Miller, Chairman of the Board of
Directors.
In addition to achieving profitable operations during the
current quarter, the Bank reported a substantially lower loss for
the first nine months of 2011 compared to the same period for all
prior years. The year-to-date loss of $214,000 is significantly
lower than the loss of $1,587,000 for the same period in 2010.
Continuing improvement in credit portfolio performance trends
resulted in a decline in the provision for loan losses. The
provision for the first nine months of 2011 was $220,000 compared
to $1,100,000 in the first nine months of 2010. Other major
contributors to the improving operating results were a 35% increase
in mortgage banking income and a 12% reduction in non-interest
expenses.
"We are pleased to see that our focus on credit management,
improving our mortgage income, and close management of our
non-interest expenses are beginning to show in the results of
operations. By focusing on these areas and continuing to work
closely with our clients, we believe the Bank will be able to
sustain profitability," stated Greg Lovell, President of the
Bank.
Nonperforming assets declined from $3.1 million at September 30,
2010, to $1.5 million at September 30, 2011. Mr. Lovell, commented,
"We are gratified by the significant drop in nonperforming assets.
We feel that the Bank has survived the worst of the economic crisis
and that nonperforming assets can continue to improve." He
cautioned however, "The on-going economic condition of our primary
market continues under stress and could adversely affect future
performance."
Stockholders' equity was $4.6 million at September 30, 2011, or
6% of assets. Book value per share was 58 cents per share. The Bank
is currently in the midst of a private stock offering to accredited
investors. The goal of this offering is to increase the capital to
asset ratio above 10%.
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: 2011 2010 Change
---------- ---------- ---------------------
Net interest income $ 1,634 $ 1,618 $ 16 1%
Provision for loan losses 220 1,100 (880) -80%
Mortgage banking income 562 416 146 35%
Other noninterest income 168 149 19 13%
Noninterest expenses 2,358 2,670 (312) -12%
Net loss (214) (1,587) 1,373 87%
At September 30: 2011 2010 Change
---------- ---------- ---------------------
Loans $ 60,895 $ 57,521 $ 3,374 6%
Allowance for loan losses 1,073 1,073 - 0%
Assets 76,408 84,792 (8,384) -10%
Deposits 68,433 76,473 (8,040) -11%
Stockholders' equity 4,629 2,718 1,911 70%
Nonaccrual loans 379 1,292 (913) -71%
Accruing loan more than 90
days past due 454 591 (137) -23%
Other real estate owned 656 1,243 (587) -47%
Total nonperforming assets 1,489 3,126 (1,637) -52%
Book value per share 0.58 1.88 (1.30) -69%
Shares outstanding 7,949,932 1,448,284 6,501,648 449%
Allowance to loans 1.76% 1.87%
Allowance to nonperforming
loans 129% 57%
Nonperforming loans to total
loans 1.37% 3.27%
Averages for the nine months
ended September 30: 2011 2010 Change
---------- ---------- ---------------------
Loans $ 55,489 $ 56,970 $ (1,481) -3%
Earning assets 75,770 80,484 (4,714) -6%
Assets 78,259 82,580 (4,321) -5%
Deposits 69,980 73,917 (3,937) -5%
Stockholders' equity 4,617 3,112 1,505 48%
Loans to deposits 79% 77%
Net interest margin 2.88% 2.69%
Idaho First Bank
Quarterly Financial Highlights (unaudited)
(Dollars in thousands)
Income Statement Q3 2011 Q2 2011 Q1 2011 Q4 2010 Q3 2010
--------- --------- --------- --------- ---------
Net interest income $ 627 $ 563 $ 444 $ 496 $ 563
Provision for loan
losses 10 125 85 450 100
Investment
securities gains 321
Mortgage banking
income 180 180 202 255 250
Other noninterest
income 55 52 61 46 51
Noninterest expenses 797 796 765 1,059 946
Net income (loss) 55 (126) (143) (391) (182)
Period End Information Q3 2011 Q2 2011 Q1 2011 Q4 2010 Q3 2010
--------- --------- --------- --------- ---------
Loans $ 60,895 $ 58,087 $ 53,976 $ 53,081 $ 57,521
Allowance for loan
losses 1,073 1,050 1,179 1,025 1,073
Nonperforming loans 833 847 2,340 1,871 1,883
Other real estate
owned 656 979 866 1,064 1,243
Quarterly net
charge-offs (14) 254 (69) 498 143
Allowance to loans 1.76% 1.81% 2.18% 1.93% 1.87%
Allowance to
nonperforming loans 129% 124% 50% 55% 57%
Nonperforming loans
to loans 1.37% 1.46% 4.34% 3.52% 3.27%
Average Balance
Information Q3 2011 Q2 2011 Q1 2011 Q4 2010 Q3 2010
--------- --------- --------- --------- ---------
Loans $ 58,569 $ 54,613 $ 53,226 $ 56,271 $ 57,165
Earning assets 75,560 73,629 78,150 79,035 82,617
Assets 78,188 76,158 80,457 81,720 84,774
Deposits 70,258 68,241 71,456 73,256 76,661
Stockholders' equity 4,574 4,582 4,696 3,014 2,568
Loans to deposits 83% 80% 74% 77% 75%
Net interest margin 3.29% 3.07% 2.30% 2.49% 2.70%
Contacts: Greg Lovell 208.630.2001 Don Madsen 208.947.0430
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