MCCALL, ID--(Marketwired - April 28, 2017) - Today Idaho First Bank (OTC PINK: IDFB) reported financial results for the first quarter of 2017, with a net loss of $140,000. The major reason for the loss was the costs of two new branches, which will improve the Bank's long-term market position. Mark Miller, Chairman of the Board, commented, "The Board is pleased with the opportunities to expand in New Meadows and Eagle. These new branches fit with the Bank's strategic plan of adding lower cost core deposits and increasing our franchise value. The Board continues to closely monitor the performance of the Bank and believes the investments in people, locations, and system improvements are a key to long-term value accretion."

Loans grew by 23% during the past year to $115 million at March 31, 2017. In the same period, there was a 25% growth in deposits, to $125 million.

The allowance for loan losses stood at $1,447,000, or 1.25% of loans at March 31, 2017. Total nonperforming assets were $1.3 million, a significant improvement from the $2.0 million balance a year ago. The Bank had no other real estate owned at quarter-end.

Shareholders' equity at March 31, 2017, was $16.5 million, an increase of about $1 million from the prior year. Book value per share was $6.17 at March 31, 2017.

"While, the first quarter was slow, we have had very strong annual growth in loans and interest income from our business development efforts. Marketplace uncertainties and continued strong competition will continue to challenge us. We continue to work on final resolution of two remaining problem credits. We are focused on improving our performance as we move forward this year," stated Greg Lovell, President and CEO. He continued, "During the second quarter of 2017 we will release improved mobile banking services. This 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.