MCCALL, ID--(Marketwired - January 20, 2015) - Today Idaho First Bank (
The Bank's earnings for the year have been positively impacted by loan growth, improvement in net interest margin, reduction of non-performing assets, and tax benefits. Net interest income improved by 20% and improving credit quality resulted in a reduction in the provision for loan losses. Mortgage banking income was down 15%, due to the industry wide drop in home refinancing. The 20% improvement in net interest income was due to a 16% increase in average loans and an increase in net interest margin from 4.10% to 4.33%. "We continue to improve the earnings of the Bank. While refinancing loan volume decreased, other core segments; commercial and consumer lending experienced strong growth," stated Greg Lovell, President and CEO.
Nonperforming assets were only $302,000 at December 31, 2014, compared to $1.5 million at the end of 2013. There were no nonperforming loans. President Lovell commented, "Our loan clients continue to show improving business trends. Problem loans of all kinds are reaching historic lows. Our Boise branch has been instrumental in the expansion of our commercial loan and deposit business. We will continue to expand our base in this important market."
Shareholders' equity at December 31, 2014, was $12.4 million, an increase of $2.9 million from a year ago. Book value per share was 63 cents at year end, up from 59 cents at the beginning of the year.
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 two mortgage banking offices 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 year ended December 31: | 2014 | 2013 | Change | ||||||||||||
Net interest income | $ | 3,956 | $ | 3,305 | $ | 651 | 20 | % | |||||||
Provision for loan losses | 291 | 410 | (119 | ) | -29 | % | |||||||||
Mortgage banking income | 2,153 | 2,533 | (380 | ) | -15 | % | |||||||||
Other noninterest income | 304 | 294 | 10 | 3 | % | ||||||||||
Noninterest expenses | 5,490 | 5,258 | 232 | 4 | % | ||||||||||
Net income before taxes | 632 | 464 | 168 | 36 | % | ||||||||||
Tax provision (benefit) | (1,090 | ) | (752 | ) | (338 | ) | -45 | % | |||||||
Net income | $ | 1,722 | $ | 1,216 | $ | 506 | 42 | % | |||||||
At December 31: | 2014 | 2013 | Change | ||||||||||||
Loans | $ | 88,538 | $ | 74,562 | $ | 13,976 | 19 | % | |||||||
Allowance for loan losses | 1,274 | 1,134 | 140 | 12 | % | ||||||||||
Assets | 109,520 | 90,868 | 18,652 | 21 | % | ||||||||||
Deposits | 95,691 | 79,878 | 15,813 | 20 | % | ||||||||||
Stockholders' equity | 12,435 | 9,489 | 2,946 | 31 | % | ||||||||||
Nonaccrual loans | - | 869 | (869 | ) | -100 | % | |||||||||
Accruing loans more than 90 days past due | - | - | - | ||||||||||||
Other real estate owned | 302 | 610 | (308 | ) | -50 | % | |||||||||
Total nonperforming assets | 302 | 1,479 | (1,177 | ) | -80 | % | |||||||||
Book value per share | 0.63 | 0.59 | 0.04 | 7 | % | ||||||||||
Shares outstanding | 19,763,547 | 16,190,546 | 3,573,001 | 22 | % | ||||||||||
Allowance to loans | 1.44 | % | 1.52 | % | |||||||||||
Allowance to nonperforming loans | N/A | 130 | % | ||||||||||||
Nonperforming loans to total loans | 0.00 | % | 1.17 | % | |||||||||||
Averages for the year ended December 31: | 2014 | 2013 | Change | ||||||||||||
Loans | $ | 81,737 | $ | 70,700 | $ | 11,037 | 16 | % | |||||||
Earning assets | 91,305 | 80,678 | 10,627 | 13 | % | ||||||||||
Assets | 100,704 | 86,389 | 14,315 | 17 | % | ||||||||||
Deposits | 88,188 | 77,207 | 10,981 | 14 | % | ||||||||||
Stockholders' equity | 10,699 | 6,744 | 3,955 | 59 | % | ||||||||||
Loans to deposits | 93 | % | 92 | % | |||||||||||
Net interest margin | 4.33 | % | 4.10 | % | |||||||||||
Idaho First Bank | |||||||||||||||||||||
Quarterly Financial Highlights (unaudited) | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Income Statement | Q4 2014 | Q3 2014 | Q2 2014 | Q1 2014 | Q4 2013 | ||||||||||||||||
Net interest income | $ | 1,072 | $ | 1,037 | $ | 969 | $ | 878 | $ | 890 | |||||||||||
Provision for loan losses | 115 | 90 | 86 | - | - | ||||||||||||||||
Mortgage banking income | 494 | 760 | 618 | 281 | 484 | ||||||||||||||||
Other noninterest income | 82 | 79 | 71 | 72 | 72 | ||||||||||||||||
Noninterest expenses | 1,280 | 1,537 | 1,374 | 1,299 | 1,345 | ||||||||||||||||
Net income (loss) before taxes | 253 | 249 | 198 | (68 | ) | 101 | |||||||||||||||
Tax provision (benefit) | (325 | ) | (255 | ) | (245 | ) | (265 | ) | (752 | ) | |||||||||||
Net income | $ | 578 | $ | 504 | $ | 443 | $ | 197 | $ | 853 | |||||||||||
Period End Information | Q4 2014 | Q3 2014 | Q2 2014 | Q1 2014 | Q4 2013 | ||||||||||||||||
Loans | $ | 88,538 | $ | 83,979 | $ | 82,857 | $ | 78,426 | $ | 74,562 | |||||||||||
Allowance for loan losses | 1,274 | 1,156 | 1,061 | 983 | 1,134 | ||||||||||||||||
Nonperforming loans | - | - | - | 869 | 869 | ||||||||||||||||
Other real estate owned | 302 | 462 | 529 | 585 | 610 | ||||||||||||||||
Quarterly net charge-offs | (3 | ) | (6 | ) | 9 | 150 | 33 | ||||||||||||||
Allowance to loans | 1.44 | % | 1.38 | % | 1.28 | % | 1.25 | % | 1.52 | % | |||||||||||
Allowance to nonperforming loans | N/A | N/A | N/A | 113 | % | 130 | % | ||||||||||||||
Nonperforming loans to loans | 0.00 | % | 0.00 | % | 0.00 | % | 1.11 | % | 1.17 | % | |||||||||||
Average Balance Information | Q4 2014 | Q3 2014 | Q2 2014 | Q1 2014 | Q4 2013 | ||||||||||||||||
Loans | $ | 86,603 | $ | 84,578 | $ | 80,415 | $ | 75,194 | $ | 73,987 | |||||||||||
Earning assets | 96,666 | 95,435 | 89,179 | 83,751 | 82,639 | ||||||||||||||||
Assets | 106,528 | 104,899 | 98,519 | 92,670 | 89,544 | ||||||||||||||||
Deposits | 92,690 | 91,266 | 87,162 | 81,478 | 79,335 | ||||||||||||||||
Stockholders' equity | 11,994 | 11,239 | 9,960 | 9,570 | 8,095 | ||||||||||||||||
Loans to deposits | 93 | % | 93 | % | 92 | % | 92 | % | 93 | % | |||||||||||
Net interest margin | 4.40 | % | 4.31 | % | 4.36 | % | 4.25 | % | 4.27 | % |
Contact Information:
Contacts:
Greg Lovell
208.630.2001
Don Madsen
208.947.0430