MCCALL, ID--(Marketwired - April 20, 2016) - Today Idaho First Bank (
Non-performing assets were $2.0 million at March 31, 2016, which is a $1.6 million increase from the same date in 2015. Kathleen Lewis, EVP and Chief Credit Officer of the Bank, stated, "While the increase in nonperforming assets is discouraging, it appears to be a short-lived event. Since the end of the quarter there was a significant reduction in these assets through the sale of our other real estate owned property." The allowance for loan losses was 1.56% of loans at March 31, 2016, compared to 1.44% one year earlier. The increase in the provision was necessary for anticipated loss exposure on a single loan resulting from the untimely death of the borrower.
Don Madsen, Chief Financial Officer stated, "Our balance sheet shows fundamental strength from increased capital and liquidity." Shareholders' equity at March 31, 2016, was $15.6 million, an increase of $2.1 million from a year ago. Book value per share was $6.61 at the end of the quarter, up 27 cents from a one year ago.
"We have begun to see increased loan volumes and interest income from our business development efforts. We are cautiously optimistic that organizational changes and investments in technology will improve our results as we continue on in 2016," stated Greg Lovell, President and CEO. "We believe that this quarter was one of correction and not reflective of our normal performance. We believe that the roll out of improved mobile banking services as well as increased marketing efforts are improving the Bank's ability to gain profitable relationships."
Idaho First Bank is a state-chartered commercial bank that opened for business in October 2005. Its headquarters are located in McCall, Idaho, with two branches 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 three months ended March 31: | 2016 | 2015 | Change | ||||||||||
Net interest income | $ | 1,098 | $ | 1,083 | $ | 15 | 1% | ||||||
Provision for loan losses | 225 | 50 | 175 | 350% | |||||||||
Mortgage banking income | 410 | 425 | (15) | -4% | |||||||||
Other noninterest income | 87 | 83 | 4 | 5% | |||||||||
Noninterest expenses | 1,620 | 1,365 | 255 | 19% | |||||||||
Net income before taxes | (250) | 176 | (426) | -242% | |||||||||
Tax provision (benefit) | (101) | (303) | 202 | 67% | |||||||||
Net income (loss) | $ | (149) | $ | 479 | $ | (628) | -131% | ||||||
At March 31: | 2016 | 2015 | Change | ||||||||||
Loans | $ | 93,945 | $ | 91,896 | $ | 2,049 | 2% | ||||||
Allowance for loan losses | 1,468 | 1,323 | 145 | 11% | |||||||||
Assets | 118,552 | 110,882 | 7,670 | 7% | |||||||||
Deposits | 100,642 | 96,040 | 4,602 | 5% | |||||||||
Stockholders' equity | 15,579 | 13,433 | 2,146 | 16% | |||||||||
Nonaccrual loans | 1,567 | - | 1,567 | ||||||||||
Accruing loans more than 90 days past due | - | - | - | ||||||||||
Other real estate owned | 383 | 302 | 81 | 27% | |||||||||
Total nonperforming assets | 1,950 | 302 | 1,648 | 546% | |||||||||
Book value per share | 6.61 | 6.34 | 0.27 | 4% | |||||||||
Shares outstanding | 2,358,562 | 2,119,320 | 239,242 | 11% | |||||||||
Allowance to loans | 1.56% | 1.44% | |||||||||||
Allowance to nonperforming loans | 94% | N/A | |||||||||||
Nonperforming loans to total loans | 1.67% | 0.00% | |||||||||||
Averages for the three months ended March 31: | 2016 | 2015 | Change | ||||||||||
Loans | $ | 94,460 | $ | 88,965 | $ | 5,495 | 6% | ||||||
Earning assets | 110,803 | 101,735 | 9,068 | 9% | |||||||||
Assets | 122,041 | 111,586 | 10,455 | 9% | |||||||||
Deposits | 104,263 | 97,185 | 7,078 | 7% | |||||||||
Stockholders' equity | 15,689 | 12,982 | 2,707 | 21% | |||||||||
Loans to deposits | 91% |
92% | |||||||||||
Net interest margin | 3.99% | 4.32% | |||||||||||
Idaho First Bank | ||||||||||||||||
Quarterly Financial Highlights (unaudited) | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Income Statement | Q1 2016 | Q4 2015 | Q3 2015 | Q2 2015 | Q1 2015 | |||||||||||
Net interest income | $ | 1,098 | $ | 1,190 | $ | 1,185 | $ | 1,111 | $ | 1,083 | ||||||
Provision for loan losses | 225 | - | 150 | 120 | 50 | |||||||||||
Mortgage banking income | 410 | 269 | 603 | 658 | 425 | |||||||||||
Other noninterest income | 87 | 81 | 89 | 88 | 83 | |||||||||||
Noninterest expenses | 1,620 | 1,467 | 1,576 | 1,535 | 1,365 | |||||||||||
Net income (loss) before taxes | (250) | 73 | 151 | 202 | 176 | |||||||||||
Tax provision (benefit) | (101) | (412) | (303) | (303) | (303) | |||||||||||
Net income (loss) | $ | (149) | $ | 485 | $ | 454 | $ | 505 | $ | 479 | ||||||
Period End Information | Q1 2016 | Q4 2015 | Q3 2015 | Q2 2015 | Q1 2015 | |||||||||||
Loans | $ | 93,945 | $ | 96,102 | $ | 97,164 | $ | 99,571 | $ | 91,896 | ||||||
Allowance for loan losses | 1,468 | 1,234 | 1,586 | 1,448 | 1,323 | |||||||||||
Nonperforming loans | 1,567 | 1,157 | 1,797 | 2,828 | - | |||||||||||
Other real estate owned | 383 | 383 | - | - | 302 | |||||||||||
Quarterly net charge-offs | (9) | 351 | 12 | (4) | 1 | |||||||||||
Allowance to loans | 1.56% | 1.28% | 1.63% | 1.45% | 1.44% | |||||||||||
Allowance to nonperforming loans | 94% | 107% | 88% | 51% | N/A | |||||||||||
Nonperforming loans to loans | 1.67% | 1.20% | 1.85% | 2.84% | 0.00% | |||||||||||
Average Balance Information | Q1 2016 | Q4 2015 | Q3 2015 | Q2 2015 | Q1 2015 | |||||||||||
Loans | $ | 94,460 | $ | 97,346 | $ | 97,989 | $ | 96,414 | $ | 88,965 | ||||||
Earning assets | 110,803 | 112,047 | 113,871 | 110,038 | 101,735 | |||||||||||
Assets | 122,041 | 122,934 | 124,550 | 120,089 | 111,586 | |||||||||||
Deposits | 104,263 | 105,701 | 108,109 | 104,687 | 97,185 | |||||||||||
Stockholders' equity | 15,689 | 15,309 | 14,918 | 13,691 | 12,982 | |||||||||||
Loans to deposits | 91% | 92% | 91% | 92% | 92% | |||||||||||
Net interest margin | 3.99% | 4.21% | 4.13% | 4.05% | 4.32% | |||||||||||
Contact Information:
Greg Lovell
208.630.2001
Don Madsen
208.947.0430