Idaho First Bank Reports Additional Capital
22 Mars 2013 - 5:22PM
Marketwired
Today Idaho First Bank (OTCQB: IDFB) reported that the Board of
Directors has authorized the conversion of stock subscription
agreements to capital stock of the Bank. This action resulted in
the issuance of $1.3 million of new stock. This transaction
increases the equity of the Bank to $6.3 million.
Mr. Mark Miller, Chairman of the Board, stated, "We are
extremely proud of the progress the Bank has made toward our goals,
resulting in a stronger bank." The new capital represents a major
additional investment by the current Board of Directors,
Management, and current Shareholders. Chairman Miller noted, "The
Board and Senior Management had significant participation in this
offering and their investment represents 65% of the amount
converted."
The Bank plans to raise additional capital from "Accredited
Investors" per the terms of its Confidential Offering Document
through the remainder of 2013 or until the terms of the Offering
have been filled. "The goal is to increase capital to support
growth and to meet all terms of our regulatory agreements," stated
Mr. Greg Lovell, President and Chief Executive Officer. He further
stated, "We are working with other investors and believe we will be
successful in attracting additional capital."
The Bank recently announced its first annual profit for the year
ending December 31, 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 Chairman Miller. "Our region
is experiencing improving economic conditions. Our Boise lending
office is having increased loan demand while market stabilization
appears to have been achieved within Valley County," stated Jerry
Jutting, Senior Vice President and Chief Credit Officer.
Nonperforming assets have decreased 5% at December 31, 2012,
from the prior year and are now $1.8 million. 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."
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.
Contacts: Greg Lovell 208.630.2001 Don Madsen 208.947.0430
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