Idaho First Bank Reports Quarterly

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

Apr 12, 2013 at 6:15 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

Aurora Innovation Faces Legal Heat Amid Delays

Production Snags at Aurora Innovation Ah, investing – not for the faint-hearted. One day you're riding high, the next you're scraping by, and Aurora Innovation's (NASDAQ:AUR) investors just hit a rough patch. The autonomous trucking darling announced unexpected delays in its delivery schedule, sending shockwaves through its stock price and shaking investor confidence....

Off-Broadway Play 'DUST' Raises Autism Support Funds

Here's the scoop: an Off-Broadway production just did something many big hitters can't pull off. 'DUST,' a show crafted like a love letter to the American West, managed to rustle up $30,000 for young adults grappled with autism. Partnering with no less than Yale's Cultural Autism Studies and the Ed Asner Family Center, this effort hit the mark in more ways than one. An...

TCL's Display Future: AI Meets Screens at DTC 2026

Exploring New Horizons in Display Technology There's something brewing in Wuhan: a conference that’s shaping up like a tech enthusiast’s dream. This year, it's all about the symbiosis of cutting-edge tech and dazzling visuals as TCL CSOT gears up to unveil advancements at the Global Display Tech-Ecosystem Conference (DTC) 2026. If you're wondering whether this event...

Invasive Procedures Don't Extend Life in Stable Heart Disease

Challenging Longstanding Beliefs Today’s news from the heart research front might set a few cardiology heads spinning. We’ve got big-time findings out of the ISCHEMIA-EXTEND study, throwing more weight on the evidence pile that early invasive heart procedures for patients with stable coronary artery disease don’t actually extend your life. Managing care with a blend...

Moon Base Ambitions: Impulse Space Wins Key NASA Contracts

NASA's Vision and Impulse's New Role Ever think you'd see a company like Impulse Space set to play a starring role in humanity's return to the lunar surface? Well, strap in because this isn't just a pipe dream anymore. NASA's bold plan to establish a Moon Base has taken a tangible step forward with Impulse winning two hefty task orders. This ain't just peanuts—this duo...

JOYEE N01 Kicks Off Global Launch with African Orders

A New Chapter for JOYEE N01 There's a moment in every company's life when it either steps boldly into the future or stumbles back into obscurity. For FAW Bestune, October 28, 2026, was one of those defining moments. On this day, they launched global mass production of the JOYEE N01 in Yancheng, China. And boy, did they pull out all the stops—you don't see this kind of...

NatGold Pulling NATG From MEXC Amid Security Concerns

NatGold Digital's sudden decision to yank its NATG token off MEXC Global reeks of regulatory urgency. With the U.S. Treasury clamping down on fund transfers wrapping up MEXC in their action against Russian laundering, NatGold didn't wait for the ink to dry on that order. They’re off the exchange posthaste. A bit of foresight or sheer necessity? Well, it's got the market...

Evaluating GLP-1 Telehealth? Key Questions to Consider

Navigating the Landscape of GLP-1 Telehealth Providers In the sprawling jungle of telehealth options for GLP-1 care, it's easy to feel like you're drowning in sameness. Picture this: you land on a sleek page promising the moon and stars, but who knows what's behind the curtain? That's where seasoned advice comes in, like a compass in this murky digital forest. Meant, a...

Adding Fireplaces: Home Comfort or Construction Headache?

Sizing Up the Installation Options Slapping a fireplace into a home sounds more like a pipe dream than a practical project for most folks. But according to fireplace whiz Jimmy Smith down in North Charleston, the times are a-changin'. These days, with advances in technology, homeowners can actually pull it off without collapsing their living room walls. Nitty-Gritty:...

Paris Baguette Pioneers Drive-Thru in Oklahoma

Tapping The Unseen Potential In Bakery Cafes Every so often a business move comes along that makes you sit up and say, "Why the hell haven't they done this before?" Paris Baguette has finally cracked that code, rolling out its first-ever drive-thru in Moore, Oklahoma. Now, imagine yourself zipping through for a croissant without leaving the comfort of your car seat. Makes...