MCCALL, ID--(Marketwired - October 29, 2015) - Today Idaho First 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 30th of this year. It compares to $.5 million at the same date in 2014. The current non-performing assets are related to the migration of long-term problem credit relations to final resolution. The Bank believes the current loan portfolio remains strong and the number of problem assets are winding down.
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 | % | ||||||||||||
Contact Information:
Contacts:
Greg Lovell
208.630.2001
Don Madsen
208.947.0430