Today Idaho First Bank (OTCQB: IDFB) reported financial results for
the year ended December 31, 2012. The Bank reported record net
income of $262,000 for 2012, compared to a loss of $143,000 in
2011. This represents six consecutive quarters of profitability for
the Bank and the first full calendar year of profitability.
"The Bank showed improvement in many critical areas including:
loan growth, increased net interest margin and strong growth in
non-interest income," said Greg Lovell, President and Chief
Executive Officer. He further stated, "We are pleased to have
reached this milestone but we will continue to focus on improving
credit quality, growth of earning assets and expense control."
Compared to the prior year, the Bank achieved a 33% increase in
net interest income. This was driven by average loan growth of 19%
and an improving net interest margin. Net interest margin improved
from 3.02% in 2011 to 3.88% in 2012. Year-to-date mortgage banking
income also grew substantially from $875,000 in 2011 to $1,938,000
in 2012. Net income for the fourth quarter of 2012 was $118,000, a
record for the highest quarterly income in the Bank's history. Net
income of $118,000 for the quarter compares with quarterly income
of $71,000 in the same quarter of 2011 and $105,000 of quarterly
income in the third quarter of 2012.
"The Board is proud of the hard work of staff and management in
reaching our first year of profitability and a record quarterly
income," stated Mark Miller, Chairman of the Board of
Directors.
Nonperforming assets were $1.8 million at December 31, 2012, a
decrease of 5% from the prior year. The allowance for loan losses
was 1.54% of loans at December 31 and 110% 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 $5.0 million at December 31, 2012, or
6% of assets. Book value was 61 cents per share, two cents more
than at the end of 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 year ended December 31: 2012 2011 Change
---------- ---------- -------------------
Net interest income $ 3,001 $ 2,264 $ 737 33%
Provision for loan losses 685 250 435 174%
Mortgage banking income 1,938 875 1,063 121%
Other noninterest income 277 228 49 21%
Noninterest expenses 4,269 3,260 1,009 31%
Net income (loss) 262 (143) 405 283%
At December 31: 2012 2011 Change
---------- ---------- -------------------
Loans $ 72,187 $ 64,133 $ 8,054 13%
Allowance for loan losses 1,114 1,052 62 6%
Assets 85,741 77,156 8,585 11%
Deposits 78,338 69,115 9,223 13%
Stockholders' equity 5,001 4,700 301 6%
Nonaccrual loans 1,012 1,048 (36) -3%
Accruing loans more than 90
days past due - - -
Other real estate owned 827 887 (60) -7%
Total nonperforming assets 1,839 1,935 (96) -5%
Book value per share 0.61 0.59 0.02 3%
Shares outstanding 8,206,932 7,999,932 207,000 3%
Allowance to loans 1.54% 1.64%
Allowance to nonperforming
loans 110% 100%
Nonperforming loans to total
loans 1.40% 1.63%
Averages for the year ended
December 31: 2012 2011 Change
---------- ---------- -------------------
Loans $ 68,110 $ 57,438 $ 10,672 19%
Earning assets 77,354 74,878 2,476 3%
Assets 80,733 77,440 3,293 4%
Deposits 73,295 69,202 4,093 6%
Stockholders' equity 4,775 4,628 147 3%
Loans to deposits 93% 83%
Net interest margin 3.88% 3.02%
Idaho First Bank
Quarterly Financial Highlights (unaudited)
(Dollars in thousands)
Income Statement Q4 2012 Q3 2012 Q2 2012 Q1 2012 Q4 2011
--------- --------- --------- --------- ---------
Net interest income $ 788 $ 799 $ 716 $ 698 $ 630
Provision for loan
losses 160 275 135 115 30
Mortgage banking
income 486 727 499 226 313
Other noninterest
income 82 71 68 56 60
Noninterest
expenses 1,078 1,217 1,132 842 902
Net income 118 105 16 23 71
Period End
Information Q4 2012 Q3 2012 Q2 2012 Q1 2012 Q4 2011
--------- --------- --------- --------- ---------
Loans $ 72,187 $ 69,085 $ 70,836 $ 66,109 $ 64,133
Allowance for loan
losses 1,114 1,108 794 874 1,052
Nonperforming loans 1,012 1,369 1,182 1,856 1,048
Other real estate
owned 827 857 874 887 887
Quarterly net
charge-offs 154 (39) 215 293 51
Allowance to loans 1.54% 1.60% 1.12% 1.32% 1.64%
Allowance to
nonperforming
loans 110% 81% 67% 47% 100%
Nonperforming loans
to loans 1.40% 1.98% 1.67% 2.81% 1.63%
Average Balance
Information Q4 2012 Q3 2012 Q2 2012 Q1 2012 Q4 2011
--------- --------- --------- --------- ---------
Loans $ 69,745 $ 70,427 $ 67,536 $ 64,689 $ 63,221
Earning assets 79,651 79,549 76,314 73,853 72,229
Assets 83,104 82,962 79,672 77,144 75,007
Deposits 75,495 75,185 72,547 69,907 66,891
Stockholders'
equity 4,886 4,778 4,726 4,707 4,660
Loans to deposits 92% 94% 93% 93% 95%
Net interest margin 3.94% 4.00% 3.77% 3.80% 3.46%
Contacts: Greg Lovell 208.630.2001 Don Madsen 208.947.0430
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