Idaho First Bank Reports 2013 Results
January 15 2014 - 9:11PM
Marketwired
Idaho First Bank Reports 2013 Results
MCCALL, ID--(Marketwired - Jan 15, 2014) - Today Idaho First
Bank (OTCQB: IDFB) reported financial results for the year ended
December 31, 2013. The Bank reported net income of $1,216,000 for
the year, compared to net income of $262,000 in 2012. Net income
before taxes was up 77%, from $262,000 in 2012 to $464,000 in 2013.
Net income was enhanced as the Bank began to utilize the benefit of
its deferred tax asset. "We believe the results speak for
themselves," stated Mark Miller, Chairman of the Board. "The Bank
can be proud of its continuing improvement in its financial
performance."
Comparing the two years, the Bank achieved a 10% increase in net
interest income. This was driven by average loan growth of 3% and
net interest margin improving from 3.88% to 4.10%. Improving credit
quality allowed for a reduction in the provision for loan losses
from $685,000 to $410,000. Mortgage banking income was up 31%,
contributing to the improved results. "The performance of the loan
portfolio is having a positive impact on our earnings. Lower
problem loan levels also contributed to the improvement in the net
interest margin," stated Greg Lovell, President and CEO. Further
Mr. Lovell said, "Our focus on the purchase market for our real
estate group continues to strengthen our position as a leader in
mortgage lending."
Nonperforming assets were $1.5 million at December 31, 2013, a
decrease of 20% from the prior year. The allowance for loan losses
was 1.52% of loans at December 31. During 2013 the Bank
restructured its occupancy cost which lowered costs significantly
and provided addition capital to the Bank. Net income was
significantly affected by a tax benefit of $752,000, as the Bank
recognized a tax benefit for a portion of net operating loss carry
forwards.
The Bank successfully raised $3.4 million of new capital stock
during the year. With increased earnings and additional stock the
Bank's shareholders' equity reached $9.5 million, or 10% of assets
at the end of December. Book value per share was 59 cents at
December 31, 2013.
"The Bank has reached a capital level that is strong," stated
Chairman Miller. President Lovell stated, "We continue to have
improving economic conditions in our market areas that should allow
continued improvement in our operating performance."
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 branch and a mortgage banking office
located in 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.
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Idaho First Bank |
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Financial Highlights (unaudited) |
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(Dollars in thousands, except per share) |
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For the year ended December 31: |
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2013 |
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2012 |
|
|
Change |
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|
Net interest income |
|
$ |
3,305 |
|
|
$ |
3,001 |
|
|
$ |
304 |
|
|
10 |
% |
|
Provision for loan losses |
|
|
410 |
|
|
|
685 |
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(275 |
) |
|
-40 |
% |
|
Mortgage banking income |
|
|
2,533 |
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|
|
1,938 |
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|
|
595 |
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|
31 |
% |
|
Other noninterest income |
|
|
294 |
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|
|
277 |
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|
17 |
|
|
6 |
% |
|
Noninterest expenses |
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|
5,258 |
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|
|
4,269 |
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|
|
989 |
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|
23 |
% |
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Net
income before taxes |
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|
464 |
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|
262 |
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|
202 |
|
|
77 |
% |
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Tax provision (benefit) |
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(752 |
) |
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- |
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(752 |
) |
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Net
income |
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|
1,216 |
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|
262 |
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|
954 |
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|
364 |
% |
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At December 31: |
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2013 |
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2012 |
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Change |
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Loans |
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$ |
74,562 |
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|
$ |
72,187 |
|
|
$ |
2,375 |
|
|
3 |
% |
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Allowance for loan losses |
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|
1,134 |
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|
|
1,114 |
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|
20 |
|
|
2 |
% |
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Assets |
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|
90,868 |
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85,741 |
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|
|
5,127 |
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6 |
% |
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Deposits |
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|
79,878 |
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|
78,338 |
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|
1,540 |
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2 |
% |
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Stockholders' equity |
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|
9,489 |
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|
5,001 |
|
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|
4,488 |
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|
90 |
% |
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Nonaccrual loans |
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|
869 |
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1,012 |
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(143 |
) |
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-14 |
% |
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Accruing loans more than 90 days past due |
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- |
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- |
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- |
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Other real estate owned |
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610 |
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827 |
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(217 |
) |
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-26 |
% |
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Total
nonperforming assets |
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1,479 |
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1,839 |
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(360 |
) |
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-20 |
% |
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Book value per share |
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0.59 |
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0.61 |
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(0.02 |
) |
|
-3 |
% |
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Shares outstanding |
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16,190,546 |
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8,206,932 |
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7,983,614 |
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|
97 |
% |
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Allowance to loans |
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1.52 |
% |
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1.54 |
% |
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Allowance to nonperforming loans |
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|
130 |
% |
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|
110 |
% |
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Nonperforming loans to total loans |
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1.17 |
% |
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1.40 |
% |
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Averages for the year ended December 31: |
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2013 |
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2012 |
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Change |
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Loans |
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$ |
70,700 |
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$ |
68,110 |
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$ |
2,590 |
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4 |
% |
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Earning assets |
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80,678 |
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77,354 |
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|
3,324 |
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4 |
% |
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Assets |
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86,389 |
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80,733 |
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|
5,656 |
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7 |
% |
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Deposits |
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77,207 |
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|
73,295 |
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|
3,912 |
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5 |
% |
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Stockholders' equity |
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|
6,744 |
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|
4,775 |
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|
1,969 |
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|
41 |
% |
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Loans to deposits |
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|
92 |
% |
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|
93 |
% |
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Net interest margin |
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|
4.10 |
% |
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|
3.88 |
% |
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Idaho First Bank |
|
Quarterly Financial Highlights (unaudited) |
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(Dollars in thousands) |
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Income Statement |
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Q4 2013 |
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Q3 2013 |
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Q2 2013 |
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Q1 2013 |
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Q4 2012 |
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Net interest income |
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$ |
890 |
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$ |
870 |
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$ |
774 |
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$ |
771 |
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|
$ |
788 |
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Provision for loan losses |
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|
- |
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|
|
190 |
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|
90 |
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|
130 |
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|
160 |
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Mortgage banking income |
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|
484 |
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|
|
769 |
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|
622 |
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|
658 |
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|
486 |
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Other noninterest income |
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|
72 |
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|
71 |
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|
74 |
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|
77 |
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|
82 |
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Noninterest expenses |
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|
1,345 |
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|
1,363 |
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|
1,280 |
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|
1,270 |
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|
1,078 |
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Net
income before taxes |
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|
101 |
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|
|
157 |
|
|
|
100 |
|
|
|
106 |
|
|
|
118 |
|
|
Tax provision (benefit) |
|
|
(752 |
) |
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|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
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Net
income |
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|
853 |
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|
|
157 |
|
|
|
100 |
|
|
|
106 |
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|
|
118 |
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Period End Information |
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Q4 2013 |
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Q3 2013 |
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Q2 2013 |
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Q1 2013 |
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Q4 2012 |
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Loans |
|
$ |
74,562 |
|
|
$ |
72,669 |
|
|
$ |
72,575 |
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|
$ |
68,195 |
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$ |
72,187 |
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Allowance for loan losses |
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|
1,134 |
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|
|
1,167 |
|
|
|
996 |
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|
934 |
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|
1,114 |
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|
Nonperforming loans |
|
|
869 |
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|
1,261 |
|
|
|
1,104 |
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|
703 |
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|
1,012 |
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Other real estate owned |
|
|
610 |
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|
307 |
|
|
|
606 |
|
|
|
633 |
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|
827 |
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Quarterly net charge-offs |
|
|
33 |
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|
19 |
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|
28 |
|
|
|
310 |
|
|
|
154 |
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Allowance to loans |
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|
1.52 |
% |
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|
1.61 |
% |
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|
1.37 |
% |
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|
1.37 |
% |
|
|
1.54 |
% |
|
Allowance to nonperforming loans |
|
|
130 |
% |
|
|
93 |
% |
|
|
90 |
% |
|
|
133 |
% |
|
|
110 |
% |
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Nonperforming loans to loans |
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|
1.17 |
% |
|
|
1.74 |
% |
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|
1.52 |
% |
|
|
1.03 |
% |
|
|
1.40 |
% |
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Average Balance Information |
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Q4 2013 |
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Q3 2013 |
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Q2 2013 |
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|
Q1 2013 |
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|
Q4 2012 |
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|
Loans |
|
$ |
73,987 |
|
|
$ |
72,037 |
|
|
$ |
68,778 |
|
|
$ |
67,918 |
|
|
$ |
69,745 |
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|
Earning assets |
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|
82,639 |
|
|
|
82,186 |
|
|
|
77,775 |
|
|
|
80,068 |
|
|
|
79,651 |
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Assets |
|
|
89,544 |
|
|
|
88,666 |
|
|
|
84,070 |
|
|
|
83,181 |
|
|
|
83,104 |
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Deposits |
|
|
79,335 |
|
|
|
79,399 |
|
|
|
74,488 |
|
|
|
75,540 |
|
|
|
75,495 |
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|
Stockholders' equity |
|
|
8,095 |
|
|
|
6,939 |
|
|
|
6,636 |
|
|
|
5,274 |
|
|
|
4,886 |
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Loans to deposits |
|
|
93 |
% |
|
|
91 |
% |
|
|
92 |
% |
|
|
90 |
% |
|
|
92 |
% |
|
Net interest margin |
|
|
4.27 |
% |
|
|
4.20 |
% |
|
|
3.99 |
% |
|
|
3.91 |
% |
|
|
3.94 |
% |
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Contacts: Greg Lovell 208.630.2001 Don Madsen 208.947.0430
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