MCCALL, ID--(Marketwired - October 29, 2015) - Today Idaho First Bank (OTC PINK: IDFB) reported financial results for the nine months ended September 30, 2015. The Bank reported net income of $1,438,000 for the first nine months of 2015, a 26% increase from net income of $1,144,000 in the same period of 2014. Mark Miller, Chairman of the Board, commented, "We are gratified with our results but continue to focus on our goal of being a top-tier performing bank. The Board continues to actively monitor our strategic direction and path to achieving this goal. We congratulate the Bank's management and staff on the continued success of the Bank."
The Bank's earnings were positively impacted by loan growth, improvement in net interest income, and tax benefits. Net interest income for the first nine months of 2015 was up 17% from the prior year. The improvement in net interest income was primarily due to an 18% increase in average loans. The provision for loan losses increased to keep up with loan growth and to strengthen the allowance for loan losses. The allowance was 1.63% of loans at September 30, 2015, compared to 1.38% at the same time in 2014. "We are focused on income growth while maintaining strong credit standards. We are well balanced in our income sources that contribute to our success," stated Greg Lovell, President and CEO.
Nonperforming assets were $1.8 million at September 30, 2015, a reduction of $1.0 million from the balance as of June 30
Shareholders' equity at September 30, 2015, was $15.2 million, an increase of $3.6 million from a year ago. Our strong performance, and the conversion by shareholders of outstanding warrants, has allowed strong growth in our book value per share. Book value reached $6.46 at September 30, 2015. This compares favorably compares to a book value of $6.07 per share one year ago.
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.
Idaho First Bank
Financial Highlights (unaudited)
(Dollars in thousands, except per share)
For the nine months ended
September 30: 2015 2014 Change
---------- ---------- --------------------
Net interest income $ 3,379 $ 2,884 $ 495 17%
Provision for loan losses 320 176 144 82%
Mortgage banking income 1,686 1,659 27 2%
Other noninterest income 260 222 38 17%
Noninterest expenses 4,476 4,210 266 6%
---------- ---------- ---------
Net income before taxes 529 379 150 40%
Tax provision (benefit) (909) (765) (144) -19%
---------- ---------- ---------
Net income $ 1,438 1,144 $ 294 26%
---------- ---------- ---------
At September 30: 2015 2014 Change
---------- ---------- --------------------
Loans $ 97,164 $ 83,979 $ 13,185 16%
Allowance for loan losses 1,586 1,156 430 37%
Assets 125,521 102,976 22,545 22%
Deposits 108,946 89,907 19,039 21%
Stockholders' equity 15,159 11,641 3,518 30%
Nonaccrual loans 1,797 - 1,797
Accruing loans more than 90
days past due - - -
Other real estate owned - 462 (462) -100%
Total nonperforming assets 1,797 462 1,335 289%
Book value per share 6.46 6.07 0.39 6%
Shares outstanding 2,347,460 1,917,762 429,698 22%
Allowance to loans 1.63% 1.38%
Allowance to nonperforming
loans 88% N/A
Nonperforming loans to total
loans 1.85% 0.00%
Averages for the nine months
ended Sep. 30: 2015 2014 Change
---------- ---------- --------------------
Loans $ 94,489 $ 80,097 $ 14,392 18%
Earning assets 108,592 89,498 19,094 21%
Assets 118,789 98,741 20,048 20%
Deposits 103,367 86,671 16,696 19%
Stockholders' equity 13,871 10,262 3,609 35%
Loans to deposits 91% 92%
Net interest margin 4.16% 4.31%
Idaho First Bank
Quarterly Financial Highlights (unaudited)
(Dollars in thousands)
Income Statement Q3 2015 Q2 2015 Q1 2015 Q4 2014 Q3 2014
-------- -------- -------- --------- --------
Net interest income $ 1,185 $ 1,111 $ 1,083 $ 1,072 $ 1,037
Provision for loan
losses 150 120 50 115 90
Mortgage banking income 603 658 425 494 760
Other noninterest
income 89 88 83 82 79
Noninterest expenses 1,576 1,535 1,365 1,280 1,537
-------- -------- -------- --------- --------
Net income before
taxes 151 202 176 253 249
Tax provision (benefit) (303) (303) (303) (325) (255)
-------- -------- -------- --------- --------
Net income $ 454 $ 505 $ 479 $ 578 $ 504
-------- -------- -------- --------- --------
Period End Information Q3 2015 Q2 2015 Q1 2015 Q4 2014 Q3 2014
-------- -------- -------- --------- --------
Loans $ 97,164 $ 99,571 $ 91,896 $ 88,538 $ 83,979
Allowance for loan
losses 1,586 1,448 1,323 1,274 1,156
Nonperforming loans 1,797 2,828 - - -
Other real estate owned - - 302 302 462
Quarterly net charge-
offs 12 (4) 1 (3) (6)
Allowance to loans 1.63% 1.45% 1.44% 1.44% 1.38%
Allowance to
nonperforming loans 88% 51% N/A N/A N/A
Nonperforming loans to
loans 1.85% 2.84% 0.00% 0.00% 0.00%
Average Balance
Information Q3 2015 Q2 2015 Q1 2015 Q4 2014 Q3 2014
-------- -------- -------- --------- --------
Loans $ 97,989 $ 96,414 $ 88,965 $ 86,603 $ 84,578
Earning assets 113,871 110,038 101,735 96,666 95,435
Assets 124,550 120,089 111,586 106,528 104,899
Deposits 108,109 104,687 97,185 92,690 91,266
Stockholders' equity 14,918 13,691 12,982 11,994 11,239
Loans to deposits 91% 92% 92% 93% 93%
Net interest margin 4.13% 4.05% 4.32% 4.40% 4.31%
Contacts:
Greg Lovell
208.630.2001
Don Madsen
208.947.0430
