MCCALL, ID--(Marketwired - January 30, 2017) - Today Idaho First Bank (
The allowance for loan losses stood at $1,602,000, or 1.33% of loans at December 31, 2016. Total nonperforming assets were $1.5 million, unchanged from a year ago. Nonperforming loans increased from last year as the Bank protected its collateral position on one loan. The Bank reduced its balance of other real estate owned to zero at year-end.
Don Madsen, Chief Financial Officer stated, "Our equity was strengthened in the fourth quarter of the year due to the early exercise of warrants." Shareholders' equity at December 31, 2016, was $16.6 million, an increase of about $1 million from the end of 2015. Book value per share declined from $6.66 at the end of 2015 to $6.22 at December 31, 2016. The decline was primarily due to the dilutive impact of warrants being exercised at a price of $4.00 per share.
"We have begun to see increased loan volumes and interest income from our business development efforts. Marketplace uncertainties and continued strong competition will continue to challenge us to boost performance. We continue to work on final resolution of two remaining problem credits and to right size our operations to show improving performance going forward into 2017," stated Greg Lovell, President and CEO. He continued, "We improved our online banking experience and early in 2017 will release improved mobile banking services that will increase our ability to quickly and efficiently serve our clients and 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 branches in Boise, Eagle and New Meadows.
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) | |||||||||||||||||
For the year ended December 31: | 2016 | 2015 | Change | ||||||||||||||
Net interest income | $ | 4,731 | $ | 4,569 | $ | 162 | 4 | % | |||||||||
Provision for loan losses | 495 | 320 | 175 | 55 | % | ||||||||||||
Mortgage banking income | 2,221 | 1,955 | 266 | 14 | % | ||||||||||||
Other noninterest income | 410 | 341 | 69 | 20 | % | ||||||||||||
Noninterest expenses | 7,488 | 5,943 | 1,545 | 26 | % | ||||||||||||
Net income (loss) before taxes | (621 | ) | 602 | (1,223 | ) | -203 | % | ||||||||||
Tax provision (benefit) | (247 | ) | (1,321 | ) | 1,074 | 81 | % | ||||||||||
Net income (loss) | $ | (374 | ) | $ | 1,923 | $ | (2,297 | ) | -119 | % | |||||||
At December 31: | 2016 | 2015 | Change | ||||||||||||||
Loans | $ | 120,630 | $ | 96,102 | $ | 24,528 | 26 | % | |||||||||
Allowance for loan losses | 1,602 | 1,234 | 368 | 30 | % | ||||||||||||
Assets | 149,490 | 122,127 | 27,363 | 22 | % | ||||||||||||
Deposits | 129,460 | 105,050 | 24,410 | 23 | % | ||||||||||||
Stockholders' equity | 16,600 | 15,640 | 960 | 6 | % | ||||||||||||
Nonaccrual loans | 1,531 | 1,157 | 374 | 32 | % | ||||||||||||
Accruing loans more than 90 days past due | - | - | |||||||||||||||
Other real estate owned | - | 383 | |||||||||||||||
Total nonperforming assets | 1,531 | 1,540 | (9 | ) | -1 | % | |||||||||||
Book value per share | 6.22 | 6.66 | (0.44 | ) | -7 | % | |||||||||||
Shares outstanding | 2,666,727 | 2,348,960 | 317,767 | 14 | % | ||||||||||||
Allowance to loans | 1.33 | % | 1.28 | % | |||||||||||||
Allowance to nonperforming loans | 105 | % | 107 | % | |||||||||||||
Nonperforming loans to total loans | 1.27 | % | 1.20 | % | |||||||||||||
Averages for the year ended December 31: | 2016 | 2015 | Change | ||||||||||||||
Loans | $ | 106,748 | $ | 95,209 | $ | 11,539 | 12 | % | |||||||||
Earning assets | 122,226 | 109,463 | 12,763 | 12 | % | ||||||||||||
Assets | 133,635 | 119,834 | 13,801 | 12 | % | ||||||||||||
Deposits | 114,755 | 103,955 | 10,800 | 10 | % | ||||||||||||
Stockholders' equity | 15,640 | 14,233 | 1,407 | 10 | % | ||||||||||||
Loans to deposits | 93 | % | 92 | % | |||||||||||||
Net interest margin | 3.87 | % | 4.17 | % | |||||||||||||
Idaho First Bank | ||||||||||||||||||||||
Quarterly Financial Highlights (unaudited) | ||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||
Income Statement | Q4 2016 | Q3 2016 | Q2 2016 | Q1 2016 | Q4 2015 | |||||||||||||||||
Net interest income | $ | 1,268 | $ | 1,206 | $ | 1,159 | $ | 1,098 | $ | 1,190 | ||||||||||||
Provision for loan losses | 140 | 130 | - | 225 | - | |||||||||||||||||
Mortgage banking income | 627 | 649 | 535 | 410 | 269 | |||||||||||||||||
Other noninterest income | 109 | 114 | 100 | 87 | 81 | |||||||||||||||||
Noninterest expenses | 2,142 | 2,006 | 1,720 | 1,620 | 1,467 | |||||||||||||||||
Net income (loss) before taxes | (278 | ) | (167 | ) | 74 | (250 | ) | 73 | ||||||||||||||
Tax provision (benefit) | (113 | ) | (65 | ) | 32 | (101 | ) | (412 | ) | |||||||||||||
Net income (loss) | $ | (165 | ) | $ | (102 | ) | $ | 42 | $ | (149 | ) | $ | 485 | |||||||||
Period End Information | Q4 2016 | Q3 2016 | Q2 2016 | Q1 2016 | Q4 2015 | |||||||||||||||||
Loans | $ | 120,630 | $ | 115,472 | $ | 112,206 | $ | 93,945 | $ | 96,102 | ||||||||||||
Allowance for loan losses | 1,602 | 1,454 | 1,516 | 1,468 | 1,234 | |||||||||||||||||
Nonperforming loans | 1,531 | 1,531 | 2,030 | 1,567 | 1,157 | |||||||||||||||||
Other real estate owned | - | - | - | 383 | 383 | |||||||||||||||||
Quarterly net charge-offs | (8 | ) | 192 | (48 | ) | (9 | ) | 351 | ||||||||||||||
Allowance to loans | 1.33 | % | 1.26 | % | 1.35 | % | 1.56 | % | 1.28 | % | ||||||||||||
Allowance to nonperforming loans | 105 | % | 95 | % | 75 | % | 94 | % | 107 | % | ||||||||||||
Nonperforming loans to loans | 1.27 | % | 1.33 | % | 1.81 | % | 1.67 | % | 1.20 | % | ||||||||||||
Average Balance Information | Q4 2016 | Q3 2016 | Q2 2016 | Q1 2016 | Q4 2015 | |||||||||||||||||
Loans | $ | 116,517 | $ | 112,166 | $ | 103,683 | $ | 94,460 | $ | 97,346 | ||||||||||||
Earning assets | 134,662 | 126,494 | 116,762 | 110,803 | 112,047 | |||||||||||||||||
Assets | 146,399 | 137,902 | 128,010 | 122,041 | 122,934 | |||||||||||||||||
Deposits | 127,152 | 118,768 | 108,656 | 104,263 | 105,701 | |||||||||||||||||
Stockholders' equity | 15,665 | 15,620 | 15,586 | 15,689 | 15,309 | |||||||||||||||||
Loans to deposits | 92 | % | 94 | % | 95 | % | 91 | % | 92 | % | ||||||||||||
Net interest margin | 3.75 | % | 3.79 | % | 3.99 | % | 3.99 | % | 4.21 | % | ||||||||||||
Contact Information:
Contacts:
Greg Lovell
208.630.2001
Don Madsen
208.947.0430