MCCALL, ID--(Marketwired - July 23, 2015) - Today Idaho First Bank (
The Bank's earnings were positively impacted by loan growth, improvement in net interest income, mortgage banking income, and tax benefits. Net interest income for the six months was up 19% from the prior year. The provision for loan losses was a result of loan growth. Mortgage banking income was up 20%. The 19% improvement in net interest income was primarily due to a 19% increase in average loans. "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 $2.8 million at June 30, 2015, compared to $.5 million at the same date in 2014. President Lovell commented on the increase, "We have three secured loans that migrated to non-accrual status. We are aggressively working to resolve these loans. We do not foresee other increases in problem assets at this time."
Shareholders' equity at June 30, 2015, was $14.7 million, an increase of $4.0 million from a year ago. This solid increase came from both stronger net income and shareholders exercising warrants. The Bank's regulatory Tier 1 Leverage Ratio was a strong 10.41% at June 30, well above regulatory requirements. Book value per share of $6.26 reflects the recent 1 for 10 reverse stock split. This compares to an adjusted book value of $6.02 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 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 six months ended June 30: | 2015 | 2014 | Change | ||||||||||||||
Net interest income | $ | 2,194 | $ | 1,847 | $ | 347 | 19 | % | |||||||||
Provision for loan losses | 170 | 86 | 84 | 98 | % | ||||||||||||
Mortgage banking income | 1,083 | 899 | 184 | 20 | % | ||||||||||||
Other noninterest income | 171 | 143 | 28 | 20 | % | ||||||||||||
Noninterest expenses | 2,900 | 2,673 | 227 | 8 | % | ||||||||||||
Net income before taxes | 378 | 130 | 248 | 191 | % | ||||||||||||
Tax provision (benefit) | (606 | ) | (510 | ) | (96 | ) | -19 | % | |||||||||
Net income | $ | 984 | 640 | $ | 344 | 54 | % | ||||||||||
At June 30: | 2015 | 2014 | Change | ||||||||||||||
Loans | $ | 99,571 | $ | 82,857 | $ | 16,714 | 20 | % | |||||||||
Allowance for loan losses | 1,448 | 1,061 | 387 | 36 | % | ||||||||||||
Assets | 123,471 | 100,918 | 22,553 | 22 | % | ||||||||||||
Deposits | 107,294 | 88,821 | 18,473 | 21 | % | ||||||||||||
Stockholders' equity | 14,691 | 10,682 | 4,009 | 38 | % | ||||||||||||
Nonaccrual loans | 2,828 | - | 2,828 | ||||||||||||||
Accruing loans more than 90 days past due | - | - | - | ||||||||||||||
Other real estate owned | - | 529 | (529 | ) | -100 | % | |||||||||||
Total nonperforming assets | 2,828 | 529 | 2,299 | 435 | % | ||||||||||||
Book value per share | 6.26 | 6.02 | 0.24 | 4 | % | ||||||||||||
Shares outstanding | 2,345,864 | 1,775,412 | 570,452 | 32 | % | ||||||||||||
Allowance to loans | 1.45 | % | 1.28 | % | |||||||||||||
Allowance to nonperforming loans | 51 | % | N/A | ||||||||||||||
Nonperforming loans to total loans | 2.84 | % | 0.00 | % | |||||||||||||
Averages for the six months ended June 30: | 2015 | 2014 | Change | ||||||||||||||
Loans | $ | 92,710 | $ | 77,819 | $ | 14,891 | 19 | % | |||||||||
Earning assets | 105,909 | 86,480 | 19,429 | 22 | % | ||||||||||||
Assets | 115,861 | 95,610 | 20,251 | 21 | % | ||||||||||||
Deposits | 100,957 | 84,336 | 16,621 | 20 | % | ||||||||||||
Stockholders' equity | 13,338 | 9,766 | 3,572 | 37 | % | ||||||||||||
Loans to deposits | 92 | % | 92 | % | |||||||||||||
Net interest margin | 4.18 | % | 4.31 | % | |||||||||||||
Idaho First Bank | ||||||||||||||||||||||
Quarterly Financial Highlights (unaudited) | ||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||
Income Statement | Q2 2015 | Q1 2015 | Q4 2014 | Q3 2014 | Q2 2014 | |||||||||||||||||
Net interest income | $ | 1,111 | $ | 1,083 | $ | 1,072 | $ | 1,037 | $ | 969 | ||||||||||||
Provision for loan losses | 120 | 50 | 115 | 90 | 86 | |||||||||||||||||
Mortgage banking income | 658 | 425 | 494 | 760 | 618 | |||||||||||||||||
Other noninterest income | 88 | 83 | 82 | 79 | 71 | |||||||||||||||||
Noninterest expenses | 1,535 | 1,365 | 1,280 | 1,537 | 1,374 | |||||||||||||||||
Net income before taxes | 202 | 176 | 253 | 249 | 198 | |||||||||||||||||
Tax provision (benefit) | (303 | ) | (303 | ) | (325 | ) | (255 | ) | (245 | ) | ||||||||||||
Net income | $ | 505 | $ | 479 | $ | 578 | $ | 504 | $ | 443 | ||||||||||||
Period End Information | Q2 2015 | Q1 2015 | Q4 2014 | Q3 2014 | Q2 2014 | |||||||||||||||||
Loans | $ | 99,571 | $ | 91,896 | $ | 88,538 | $ | 83,979 | $ | 82,857 | ||||||||||||
Allowance for loan losses | 1,448 | 1,323 | 1,274 | 1,156 | 1,061 | |||||||||||||||||
Nonperforming loans | 2,828 | - | - | - | - | |||||||||||||||||
Other real estate owned | - | 302 | 302 | 462 | 529 | |||||||||||||||||
Quarterly net charge-offs | (4 | ) | 1 | (3 | ) | (6 | ) | 9 | ||||||||||||||
Allowance to loans | 1.45 | % | 1.44 | % | 1.44 | % | 1.38 | % | 1.28 | % | ||||||||||||
Allowance to nonperforming loans | 51 | % | N/A | N/A | N/A | N/A | ||||||||||||||||
Nonperforming loans to loans | 2.84 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||
Average Balance Information | Q2 2015 | Q1 2015 | Q4 2014 | Q3 2014 | Q2 2014 | |||||||||||||||||
Loans | $ | 96,414 | $ | 88,965 | $ | 86,603 | $ | 84,578 | $ | 80,415 | ||||||||||||
Earning assets | 110,038 | 101,735 | 96,666 | 95,435 | 89,179 | |||||||||||||||||
Assets | 120,089 | 111,586 | 106,528 | 104,899 | 98,519 | |||||||||||||||||
Deposits | 104,687 | 97,185 | 92,690 | 91,266 | 87,162 | |||||||||||||||||
Stockholders' equity | 13,691 | 12,982 | 11,994 | 11,239 | 9,960 | |||||||||||||||||
Loans to deposits | 92 | % | 92 | % | 93 | % | 93 | % | 92 | % | ||||||||||||
Net interest margin | 4.05 | % | 4.32 | % | 4.40 | % | 4.31 | % | 4.36 | % | ||||||||||||
Contact Information:
Contacts:
Greg Lovell
208.630.2001
Don Madsen
208.947.0430