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.
Idaho First Bank
Financial Highlights (unaudited)
(Dollars in thousands)
For the three months ended March
31: 2017 2016 Change
---------- ---------- ------------------
Net interest income $ 1,284 $ 1,098 $ 186 17%
Provision for loan losses - 225 (225) -100%
Mortgage banking income 352 410 (58) -14%
Other noninterest income 115 87 28 32%
Noninterest expenses 1,978 1,620 358 22%
---------- ---------- ----------
Net income (loss) before
taxes (227) (250) 23 9%
Tax provision (benefit) (87) (101) 14 14%
---------- ---------- ----------
Net income (loss) $ (140) $ (149) $ 9 6%
---------- ---------- ----------
At March 31: 2017 2016 Change
---------- ---------- ------------------
Loans $ 115,322 $ 93,945 $ 21,377 23%
Allowance for loan losses 1,447 1,468 (21) -1%
Assets 145,332 118,552 26,780 23%
Deposits 125,446 100,642 24,804 25%
Stockholders' equity 16,541 15,579 962 6%
Nonaccrual loans 1,297 1,567 (270) -17%
Accruing loans more than 90
days past due - -
Other real estate owned - 383
Total nonperforming assets 1,297 1,950 (653) -33%
Book value per share 6.17 6.61 (0.44) -7%
Shares outstanding 2,678,875 2,358,562 320,313 14%
Allowance to loans 1.25% 1.56%
Allowance to nonperforming
loans 112% 94%
Nonperforming loans to total
loans 1.12% 1.67%
Averages for the quarter ended
March 31: 2017 2016 Change
---------- ---------- ------------------
Loans $ 117,990 $ 94,460 $ 23,530 25%
Earning assets 139,007 110,803 28,204 25%
Assets 150,899 122,041 28,858 24%
Deposits 130,864 104,263 26,601 26%
Stockholders' equity 16,622 15,689 933 6%
Loans to deposits 90% 91%
Net interest margin 3.75% 3.99%
Idaho First Bank
Quarterly Financial Highlights (unaudited)
(Dollars in thousands)
Income Statement Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016
--------- --------- --------- --------- ---------
Net interest income $ 1,284 $ 1,268 $ 1,206 $ 1,159 $ 1,098
Provision for loan
losses - 140 130 - 225
Mortgage banking
income 352 627 649 535 410
Other noninterest
income 115 109 114 100 87
Noninterest
expenses 1,978 2,142 2,006 1,720 1,620
--------- --------- --------- --------- ---------
Net income (loss)
before taxes (227) (278) (167) 74 (250)
Tax provision
(benefit) (87) (113) (65) 32 (101)
--------- --------- --------- --------- ---------
Net income (loss) $ (140) $ (165) $ (102) $ 42 $ (149)
--------- --------- --------- --------- ---------
Period End
Information Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016
--------- --------- --------- --------- ---------
Loans $ 115,322 $ 120,630 $ 115,472 $ 112,206 $ 93,945
Allowance for loan
losses 1,447 1,602 1,454 1,516 1,468
Nonperforming loans 1,297 1,531 1,531 2,030 1,567
Other real estate
owned - - - - 383
Quarterly net
charge-offs 154 (8) 192 (48) (9)
Allowance to loans 1.25% 1.33% 1.26% 1.35% 1.56%
Allowance to
nonperforming
loans 112% 105% 95% 75% 94%
Nonperforming loans
to loans 1.12% 1.27% 1.33% 1.81% 1.67%
Average Balance
Information Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016
--------- --------- --------- --------- ---------
Loans $ 117,990 $ 116,517 $ 112,166 $ 103,683 $ 94,460
Earning assets 139,007 134,662 126,494 116,762 110,803
Assets 150,899 146,399 137,902 128,010 122,041
Deposits 130,864 127,152 118,768 108,656 104,263
Stockholders'
equity 16,622 15,665 15,620 15,586 15,689
Loans to deposits 90% 92% 94% 95% 91%
Net interest margin 3.75% 3.75% 3.79% 3.99% 3.99%
Contacts:
Greg Lovell
208.630.2001
Don Madsen
208.947.0430
