Idaho First Bank Reports Quarterly

New Post Public Reply Private Reply Replies (0) Message Board

Apr 12, 2013 at 1:00 AM

Idaho First Bank Reports Quarterly Results

MCCALL, ID--(Marketwired - Apr 11, 2013) - Today Idaho First Bank (OTCQB: IDFB) reported financial results for the first quarter of 2013. The Bank reported net income of $106,000 for the first quarter of 2013, compared to net income of $23,000 in the same quarter last year. The quarterly net income for the quarter was close to the record quarterly income of $118,000 reported in the fourth quarter of 2012.

Compared to the prior year, the Bank achieved a 10% increase in net interest income. This was driven by average loan growth of 5% and an improving net interest margin. Mortgage banking income also contributed to the improved results. Mortgage banking income was almost three times the amount received last year.

During the first quarter of 2013, the Bank received additional capital of $1.3 million as part of a private placement offering began in 2012. Mr. Mark Miller, Chairman of the Board, stated, "The Board and Senior Management had significant participation in the offering and their investment represented 65% of the new capital."

Nonperforming assets were $1.3 million at March 31, 2013, a decrease of 51% from the prior year. The allowance for loan losses was 1.37% of loans at March 31 and 133% of nonperforming loans. Mr. Lovell commented, "We are cautiously optimistic about the improving trends in our portfolio. We continue to closely monitor the performance of our loan portfolio and aggressively take action as problems arise."

Stockholders' equity was $6.4 million at March 31, 2013, or 8% of assets. Book value was 57 cents per share, two cents less than a year ago. There was slight dilution from the new offering at 42 cents per share.

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 loan production office in downtown 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 quarter ended March 31:			2013			2012			Change
	Net interest income		$	771		$	698		$	73		10	%
	Provision for loan losses			130			115			15		13	%
	Mortgage banking income			658			226			432		191	%
	Other noninterest income			77			56			21		38	%
	Noninterest expenses			1,270			842			428		51	%

		Net income		106			23			83		361	%

At March 31:			2013			2012			Change
	Loans		$	68,195		$	66,109		$	2,086		3	%
	Allowance for loan losses			934			874			60		7	%
	Assets			82,460			76,519			5,941		8	%
	Deposits			73,694			69,402			4,292		6	%
	Stockholders' equity			6,382			4,730			1,652		35	%

	Nonaccrual loans			698			824			(126	)	-15	%
	Accruing loans more than 90 days past due			5			1,032			(1,027	)	-100	%
	Other real estate owned			633			887			(254	)	-29	%

		Total nonperforming assets		1,336			2,743			(1,407	)	-51	%

	Book value per share			0.57			0.59			(0.02	)	-3	%
	Shares outstanding			11,277,155			7,999,932			3,277,223		41	%

	Allowance to loans			1.37	%		1.32	%
	Allowance to nonperforming loans			133	%		47	%
	Nonperforming loans to total loans			1.03	%		2.81	%

Averages for the quarter ended March 31:			2013			2012			Change
	Loans		$	67,918		$	64,689		$	3,229		5	%
	Earning assets			80,068			73,853			6,215		8	%
	Assets			83,181			77,144			6,037		8	%
	Deposits			75,540			69,907			5,633		8	%
	Stockholders' equity			5,274			4,707			567		12	%

	Loans to deposits			90	%		93	%
	Net interest margin			3.91	%		3.80	%

Idaho First Bank

Quarterly Financial Highlights (unaudited)

(Dollars in thousands)

Income Statement

Q1 2013

Q4 2012

Investors-Hangout-Stock-Message-Boards-thumbnail-2015.png

test123 kjk

Newer

Older

Scroll down for more posts ▼

Top 10 Most Recent News Articles

Nevada Organic Phosphate's Latest Drilling Success Insight

Striking Continuity in Murdock Mountain Drilling Ah, the thrill when a junior explorer delivers juicy results! Nevada Organic Phosphate (CSE: NOP) just scored big with its latest drilling escapades, adding flesh to the bone of this Murdock Mountain project. The company's confidence rides high with the beat as core samples from MM26-14 and MM26-15 drilled into the...

DeepL's Aure AI: Revolutionizing Real-Time Voice Translation

When language meets technology, the game can change dramatically, and DeepL's newest breakthrough with Aure might be the ultimate game-changer for voice translation. The technology landscape just got a little more interesting as DeepL launched its most lifelike AI voice model yet, promising to capture the emotional essence behind words like never before. Now, what exactly...

Aspen Dental's Record-Breaking Day Serves Veterans

Setting a New Benchmark in Charity Care Well, hold onto your hats, because Aspen Dental just smashed it out of the park with their latest Day of Service effort, a barnburner of an event held on November 7, 2026. These folks went all out, delivering free dental care to more than 6,400 veterans in a single day—yeah, you read that right. The whole shebang was valued at a...

ACR Poker's $20M Series Sparks Player Excitement

ACR Poker Lights Up the Felt Again Jump into the buzz, folks—ACR Poker's gone all-in with a whopping $20 million guaranteed Online Super Series (OSS). Now, they're no strangers to the high stakes and the whirlwind of adrenaline that comes with it. From November 8th to 24th, the action's hotter than the sun in Costa Rica, and every player wants a piece of the pie. Turbo...

ISMP Cheers Awards Honor Vital Medication Safety Efforts

Honoring Progress in Medication Safety Boy, if there's one thing that's clear in the world of healthcare, it's that nothing's more vital than patient safety. The Institute for Safe Medication Practices (ISMP) is more than a fine-toothed comb in that realm; it's basically the gold standard. Every year, they shine a light on folks and organizations wrestling with the beast...

EverSmith Launches EverSERVE for Veteran Franchisees

EverSmith Brands Leads the Way EverSmith Brands, a commercial facility services franchise platform, is rolling out its latest initiative, EverSERVE, and let me tell you, it’s as timely as it is ambitious. Launched on Veterans Day, this move is all about creating a community for franchisee owners who wear their military or first responder badges with pride. Now, you...

Gilat's Revenue Dip Spurs Legal Scrutiny for Investors

Gilat Satellite's Surprise Revenue Shortfall If anybody thought the satellite business was all about science fiction-esque technology, here's a reality check: when earnings don't meet expectations, shareholders get jittery. This seems to be exactly what's happening with Gilat Satellite Networks Ltd. (NASDAQ: GILT). After twice reaffirming their fiscal 2026 revenue...

OpenAI Ties Drive Strategy for Microsoft's Growth

OpenAI's Expanding Influence on Tech Firms Buckle up, because this one's a wild ride down the tech highway. We're diving into how OpenAI isn't merely dabbling in business with major players; it's reshaping how these giants operate and innovate. Five publicly-traded companies are kicking up a storm this earnings season thanks to their ties to the powerhouse behind ChatGPT....

Kia's Landmark Triple Win at 2026 Car Awards

By Thomas Cooper Updated Nov 10, 2026 Category News Views 119

Kia Makes History Well, folks, Kia has pulled off what many might have thought impossible. They snagged not one, not two, but three of Germany's Golden Steering Wheel awards. That's a real hat trick and a first for any non-European auto brand. With competition hotter than a stolen Tesla, Kia's not just keeping pace but setting it. The Golden Steering Wheel is one of those...

International Tower Hill's Q3 Results: Gold Updates

An Eye on International Tower Hill's Latest Moves You've got International Tower Hill Mines (TSX: ITH, NYSE American: THM) laying their cards on the table for the third quarter. This ain't just any routine check-in—it's a glimpse at their Livengood Gold Project, standing tall on the promise of gold beyond the horizon. A cool $106 million in cash? Not too shabby, folks....