Idaho First Bank Reports Quarterly

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

Apr 12, 2013 at 9:45 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

Countries Eye New Investment Paths at CIFIT 2026

Global Investment Winds Shift at CIFIT In the thick of a world that's being turned on its head, you've got big shots from 129 countries and 30 international organizations talking shop at the 26th China International Fair for Investment and Trade (CIFIT) in Xiamen. Take your pick from the 48 of the world's top 50 GDP powerhouses rubbing shoulders there—this ain't your...

Larry Ellison's Moves Signal Confidence in Oracle's Future

Unraveling Ellison's Bold Decision There's nothing like a sudden shift from a tech titan to make Wall Street sit up and take notice. Today, we got the word that Larry Ellison, Oracle's big gun as Executive Chair and CTO, has pulled the plug on his plan to sell Oracle stock. No dice, no distance covered under that plan. And he's made it crystal clear—selling isn't on his...

ARTiSTORY's Strategic Advance in Cultural IP Licensing

Call it a seismic shift or call it common sense, but ARTiSTORY's recent haul of accolades makes it clear: they're onto something big in the cultural IP game. Receiving four honors at the 26th International Advertising Institute Awards (IAI Awards), including a Gold for their British Library × CHAGEE collaboration, and jumping into License Global's Top 60, they're staking...

New 2027 Jeep Wrangler JL-2A: A Blast from the Past

Revisiting a Prized Legacy: The 2027 Jeep Wrangler JL-2A Sometimes, what’s new is really just a nod to what’s old—and nowhere is this more so than with the 2027 Jeep Wrangler JL-2A. In the grand parade of automotive history, Jeep's latest creation is more than just a vehicle; it's a time machine that cruises on its historic lineage while strapping on all the modern...

Damp or Dry: The Battle for Healthy Air in Colorado

The Hidden Cost of Colorado's Dry Air Dry climate isn't just a seasonal inconvenience—it's a real hidden cost to living comfortably and healthily in Colorado. With winters colder than a brass monkey's tail and summers that don't offer much relief in terms of humidity, your home's air quality is on the front line. So, what's the financial tale here, and how do you come...

OneOdio Showcases Innovation at IFA 2026 in Berlin

Echoes from Berlin IFA 2026 in Berlin was a cacophony of innovation, as OneOdio wrapped up its showcase with a bang. Boasting interactive activities and live DJ sets, the event echoed OneOdio's drive to meld advanced audio technology with the pulsating needs of music pros and everyday listeners. You couldn’t miss the excitement in the air at Booth 217. Tech Unplugged:...

U.S. Green Beret's Mission: Clearing Landmines in Ukraine

The Rise of "Safe Ground" on Prime Video This isn't your typical feel-good story—it’s about grit and the unending fight for 'normalcy' where war left scars. Safe Ground, now streaming on Prime Video, showcases Ryan Hendrickson, a U.S. Army Green Beret whose story takes a sharp turn after stepping on an IED in 2010. The day he almost became just another statistic...

SMPL Faces Legal Drama: What Investors Need to Know

Investors Swim Against the Current With SMPL Picture this: You’re sipping your morning coffee, glancing through stocks, only to choke on your bagel when The Simply Good Foods Company (NASDAQ: SMPL) pops up with some less-than-palatable news. A class action is brewing, shouting out to investors who took the bait from October 24, 2024, to April 8, 2026. If you’re one of...

PathoSearch: A New Era in Pathology With Visual Search

Revolutionizing Pathology with a Visual Search Engine In an era where time is money and precision is paramount, Aignostics is betting big on transforming the pathology landscape. Today, their announcement of PathoSearch, a visual search engine designed for retrieving comparable diagnosed pathology cases, marks a massive leap towards streamlining the diagnostic process....

D-Wave Faces Legal Questions After CFO Exit and Losses

Trouble Brews at D-Wave Quantum Smack in the middle of market chaos, D-Wave Quantum Inc. (NASDAQ: QBTS) seems to have hit a rather gnarly pothole. With disappointing revenue figures for Q2 of 2026—coming in at a measly $3.08 million, far below the expected range of $4.03 million to $4.08 million—investors have more than enough reasons to be irked. When the numbers...