MCCALL, Idaho, April 29, 2021 (GLOBE NEWSWIRE) -- Today Idaho First Bank (the ‘Bank’) (OTC: IDFB) announced unaudited financial results for the first quarter of 2021, and the planned retirement of CEO Greg Lovell. Lovell founded the bank in 2005, and his retirement is part of a detailed executive succession plan. Outgoing CEO Lovell stated, “The strong Q1 financial performance was driven by earnings generated through our participation in the Paycheck Protection Program (PPP) under the CARES Act, and strong growth in earning assets.” He further indicated, “The year-over-year growth of our balance sheet reflects the financial strength of our markets, our expansion into 3 new markets over the last 18 months, and the great work our talented team does by putting People First.”
Chairman Mark Miller commented, “We have experienced strong Q1 growth in both loan and deposit balances which is a result of the board’s decision to support expanding our operations into Ketchum and Nampa, ID, and Bend, OR over the last 18 months.”
The Bank recognized Net Income After Tax of $1.9 million for the quarter ending March 31, 2021. This is a quarterly profit record for the bank. Financial results for the quarter continued to be influenced by the Bank’s PPP loan portfolio; PPP loans averaged $514 million in Q1, contributing $3.6 million to total gross interest income of $6.6 million. Incoming CEO Todd Cooper stated, “We are proud of the support we provided business owners through our participation in the PPP section of the CARES act. The impact to businesses and communities was significant, and now we are seeing the financial impact for the bank.”
Total assets finished the quarter at $820 million. Non-PPP loans ended at $300 million, an increase of $29 million, or 11%, from Q4 2020. March quarter-end deposit balances of $390 million increased $42 million, or 12% from Q4 2020, with noninterest bearing deposits growing 11%.
Credit quality and portfolio performance both remain very strong. In response to the strong rate of loan growth, the allowance for loan loss was increased to $3.62 million or 1.22% of loans, less held for sale and 100% government guaranteed loans at March 31, 2021. The bank funded $500,000 in provision to the allowance for loan loss in the first quarter. Shannon Stoeger, Chief Credit Officer, commented, “Our portfolio quality remains historically strong, we continue to proactively monitor our borrowing relationships, and we will continue to ensure the allowance for loan losses is adequately funded.”
Shareholders’ equity at March 31, 2021 was $35.8 million, an increase of $2.0 million from year-end 2020 as a result of profitable operations. Book value per share increased to $7.20 per share compared with $6.81 at year-end 2020.
About Idaho First Bank
Idaho First Bank (IFB) is a full-service state-chartered community bank established in October 2005 and headquartered in McCall, Idaho. Known for its People First, Community First, Idaho First motto, IFB serves the greater southwest Idaho communities with five additional branches located in New Meadows, Eagle, Ketchum, Nampa, Boise, and a Loan Production Office (LPO) in Bend, Oregon. Idaho First Bank is a member of the FDIC and an Equal Housing Lender. For more information, visit us at www.idahofirstbank.com
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 forward-looking statements after the date of this release. This statement is included for the express purpose of invoking PSLRA’s safe harbor provisions.
CONTACT
Todd Cooper
CEO – Idaho First Bank
208.630.2092 – tcooper@idahofirstbank.com
| Idaho First Bank | ||||||||||||||||||||
| Financial Highlights (unaudited) | ||||||||||||||||||||
| (Dollars in thousands, except per share) | ||||||||||||||||||||
| For the three months ended March 31: | 2021 | 2020 | Change | |||||||||||||||||
| Net interest income | $5,990 | $1,954 | $4,036 | 207 | % | |||||||||||||||
| Provision for loan losses | 500 | 70 | 430 | 614 | % | |||||||||||||||
| Mortgage banking income | 468 | 78 | 390 | 497 | % | |||||||||||||||
| Other noninterest income | 182 | 135 | 47 | 35 | % | |||||||||||||||
| Noninterest expenses | 3,549 | 2,080 | 1,469 | 71 | % | |||||||||||||||
| Net income before taxes | 2,592 | 18 | 2,574 | 14292 | % | |||||||||||||||
| Tax provision | 695 | 9 | 686 | 7622 | % | |||||||||||||||
| Net income | $1,897 | $9 | $1,888 | 20956 | % | |||||||||||||||
| At March 31: | 2021 | 2020 | Change | |||||||||||||||||
| Loans | $734,137 | $180,579 | $553,558 | 307 | % | |||||||||||||||
| Allowance for loan losses | 3,620 | 2,167 | 1,453 | 67 | % | |||||||||||||||
| Assets | 820,515 | 236,646 | 583,869 | 247 | % | |||||||||||||||
| Deposits | 390,133 | 196,794 | 193,339 | 98 | % | |||||||||||||||
| Stockholders' equity | 35,805 | 28,080 | 7,725 | 28 | % | |||||||||||||||
| Nonaccrual loans | - | 570 | (570 | ) | -100 | % | ||||||||||||||
| Accruing loans more than 90 days past due | - | - | - | |||||||||||||||||
| Other real estate owned | - | - | - | |||||||||||||||||
| Total nonperforming assets | - | 570 | (570 | ) | -100 | % | ||||||||||||||
| Book value per share | 7.20 | 6.18 | 1.02 | 17 | % | |||||||||||||||
| Shares outstanding | 4,975,880 | 4,542,109 | 433,771 | 10 | % | |||||||||||||||
| Allowance to loans | 0.49 | % | 1.20 | % | ||||||||||||||||
| Allowance to nonperforming loans | - | 380 | % | |||||||||||||||||
| Nonperforming loans to total loans | 0.00 | % | 0.32 | % | ||||||||||||||||
| Averages for the quarter ended March 31: | 2021 | 2020 | Change | |||||||||||||||||
| Loans | $795,479 | $175,354 | $620,125 | 354 | % | |||||||||||||||
| Earning assets | 849,729 | 221,222 | 628,507 | 284 | % | |||||||||||||||
| Assets | 865,093 | 232,986 | 632,107 | 271 | % | |||||||||||||||
| Deposits | 373,053 | 196,486 | 176,567 | 90 | % | |||||||||||||||
| Stockholders' equity | 34,623 | 27,953 | 6,670 | 24 | % | |||||||||||||||
| Loans to deposits | 213 | % | 89 | % | ||||||||||||||||
| Net interest margin | 2.86 | % | 3.55 | % | ||||||||||||||||
| Idaho First Bank | |||||||||||||||||||||||
| Quarterly Financial Highlights (unaudited) | |||||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||
| Income Statement | Q1 2021 | Q4 2020 | Q3 2020 | Q2 2020 | Q1 2020 | ||||||||||||||||||
| Net interest income | $ | 5,990 | $ | 5,556 | $ | 5,106 | $ | 4,054 | $ | 1,954 | |||||||||||||
| Provision for loan losses | 500 | - | 500 | 500 | 70 | ||||||||||||||||||
| Mortgage banking income | 468 | 541 | 253 | 45 | 78 | ||||||||||||||||||
| Other noninterest income | 182 | 172 | 169 | 134 | 135 | ||||||||||||||||||
| Noninterest expenses | 3,549 | 4,646 | 3,695 | 2,540 | 2,080 | ||||||||||||||||||
| Net income before taxes | 2,592 | 1,622 | 1,332 | 1,193 | 18 | ||||||||||||||||||
| Tax provision | 695 | 432 | 357 | 319 | 9 | ||||||||||||||||||
| Net income | $ | 1,897 | $ | 1,190 | $ | 975 | $ | 874 | $ | 9 | |||||||||||||
| Period End Information | Q1 2021 | Q4 2020 | Q3 2020 | Q2 2020 | Q1 2020 | ||||||||||||||||||
| Loans | $734,137 | $819,117 | $856,333 | $809,009 | $180,579 | ||||||||||||||||||
| Allowance for loan losses | 3,620 | 3,169 | 3,168 | 2,668 | 2,167 | ||||||||||||||||||
| Nonperforming loans | - | - | - | 413 | 570 | ||||||||||||||||||
| Other real estate owned | - | - | - | - | - | ||||||||||||||||||
| Quarterly net charge-offs (recoveries) | 49 | (1 | ) | (1 | ) | (1 | ) | (1 | ) | ||||||||||||||
| Allowance to loans | 0.49 | % | 0.39 | % | 0.37 | % | 0.33 | % | 1.20 | % | |||||||||||||
| Allowance to nonperforming loans | - | - | - | 645 | % | 380 | % | ||||||||||||||||
| Nonperforming loans to loans | 0.00 | % | 0.00 | % | 0.00 | % | 0.05 | % | 0.32 | % | |||||||||||||
| Average Balance Information | Q1 2021 | Q4 2020 | Q3 2020 | Q2 2020 | Q1 2020 | ||||||||||||||||||
| Loans | $795,479 | $843,342 | $833,805 | $620,647 | $175,354 | ||||||||||||||||||
| Earning assets | 849,729 | 892,737 | 892,726 | 730,194 | 221,222 | ||||||||||||||||||
| Assets | 865,093 | 908,173 | 907,075 | 743,522 | 232,986 | ||||||||||||||||||
| Deposits | 373,053 | 311,071 | 279,100 | 285,689 | 196,486 | ||||||||||||||||||
| Stockholders' equity | 34,623 | 32,757 | 31,055 | 28,126 | 27,953 | ||||||||||||||||||
| Loans to deposits | 213 | % | 271 | % | 299 | % | 217 | % | 89 | % | |||||||||||||
| Net interest margin | 2.86 | % | 2.48 | % | 2.28 | % | 2.23 | % | 3.55 | % | |||||||||||||