Idaho First Bank Reports Quarterly

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Apr 12, 2013 at 8:00 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

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