Idaho First Bank Reports Mid-Year Results MCCALL,

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News Desk 2018

Jul 30, 2013 at 9:17 AM

Idaho First Bank Reports Mid-Year Results

MCCALL, ID--(Marketwired - Jul 30, 2013) - Today Idaho First Bank (OTCQB: IDFB) reported financial results for June 30, 2013. The Bank reported net income of $206,000 for the first half of 2013, compared to net income of $39,000 in the same period last year. The quarterly net income for the second quarter was $100,000, down slightly from first quarter income of $106,000, but significantly higher than the $16,000 of income in the second quarter of 2012.

In the first six months of 2013 the Bank issued $1.6 million of new stock, significantly improving the Bank's capital position. In additional to the new capital already raised, the Bank is continuing its private placement offering to accredited investors with a goal of a 10% capital to asset ratio. At June 30, 2013, the capital to asset ratio was 8%. "We believe with this improved performance and the additional capital we have substantially improved the status of the Bank," stated Mark Miller, Chairman of the Board.

Comparing the first half of 2013 to the first half of 2012, the Bank achieved a 9% increase in net interest income. This was driven by average loan growth of 3% and an improving net interest margin. Mortgage banking income also contributed to the improved results. Mortgage banking income was almost up 77% from last year. "The performance of the loan portfolio is having a positive impact on our earnings. Lower problem loan levels have reduced the negative drag on earnings," stated Greg Lovell President and CEO. He further said, "We continue to emphasize the purchase market in our real estate lending. This helps to soften any loss of business from a slow down in the refinance market."

During the second quarter the Bank purchased the real estate of the Bank's main office in McCall. This purchase reduced significantly the cost of occupancy going forward. "We intend to lease out excess space and, to date, have been successful in implementing that strategy," stated President Lovell. A portion of the purchase price was paid in stock further increasing the capital of the Bank.

Nonperforming assets were $1.1 million at June 30, 2013, a decrease of 7% from the prior year. The allowance for loan losses was 1.37% of loans at June 30. Chief Credit Officer Jerry Jutting said, "We believe the worst of our legacy credits are behind us now and we have been adding quality core loans to our portfolio."

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 six months ended June 30:			2013			2012			Change
	Net interest income		$	1,545		$	1,414		$	131		9	%
	Provision for loan losses			220			250			(30	)	-12	%
	Mortgage banking income			1,280			725			555		77	%
	Other noninterest income			151			124			27		22	%
	Noninterest expenses			2,550			1,974			576		29	%

		Net income		206			39			167		428	%

At June 30:			2013			2012			Change
	Loans		$	72,575		$	70,836		$	1,739		2	%
	Allowance for loan losses			996			794			202		25	%
	Assets			87,328			80,635			6,693		8	%
	Deposits			76,101			73,477			2,624		4	%
	Stockholders' equity			6,736			4,742			1,994		42	%

	Nonaccrual loans			1,104			1,182			(78	)	-7	%
	Accruing loans more than 90 days past due			-			-			-
	Other real estate owned			606			874			(268	)	-31	%

		Total nonperforming assets		1,710			2,056			(346	)	-17	%

	Book value per share			0.56			0.58			(0.02	)	-3	%
	Shares outstanding			12,003,349			8,129,932			3,873,417		48	%

	Allowance to loans			1.37	%		1.12	%
	Allowance to nonperforming loans			90	%		67	%
	Nonperforming loans to total loans			1.52	%		1.67	%

Averages for the six months ended June 30:			2013			2012			Change
	Loans		$	68,350		$	66,112		$	2,238		3	%
	Earning assets			78,915			75,083			3,832		5	%
	Assets			83,628			78,408			5,220		7	%
	Deposits			75,011			71,227			3,784		5	%
	Stockholders' equity			5,959			4,717			1,242		26	%

	Loans to deposits			91	%		93	%
	Net interest margin			3.95	%		3.79	%

Idaho First Bank
Quarterly Financial Highlights (unaudited)
(Dollars in thousands)

Income Statement			Q2 2013			Q1 2013			Q4 2012			Q3 2012			Q2 2012
	Net interest income		$	774		$	771		$	788		$	799		$	716
	Provision for loan losses			90			130			160			275			135
	Mortgage banking income			622			658			486			727			499
	Other noninterest income			74			77			82			71			68
	Noninterest expenses			1,280			1,270			1,078			1,217			1,132

		Net income		100			106			118			105			16

Period End Information			Q2 2013			Q1 2013			Q4 2012			Q3 2012			Q2 2012
	Loans		$	72,575		$	68,195		$	72,187		$	69,085		$	70,836
	Allowance for loan losses			996			934			1,114			1,108			794
	Nonperforming loans			1,104			703			1,012			1,369			1,182
	Other real estate owned			606			633			827			857			874
	Quarterly net charge-offs			28			310			154			(39	)		215


	Allowance to loans			1.37	%		1.37	%		1.54	%		1.60	%		1.12	%
	Allowance to nonperforming loans			90	%		133	%		110	%		81	%		67	%
	Nonperforming loans to loans			1.52	%		1.03	%		1.40	%		1.98	%		1.67	%

Average Balance Information			Q2 2013			Q1 2013			Q4 2012			Q3 2012			Q2 2012
	Loans		$	68,778		$	67,918		$	69,745		$	70,427		$	67,536
	Earning assets			77,775			80,068			79,651			79,549			76,314
	Assets			84,070			83,181			83,104			82,962			79,672
	Deposits			74,488			75,540			75,495			75,185			72,547
	Stockholders' equity			6,636			5,274			4,886			4,778			4,726

	Loans to deposits			92	%		90	%		92	%		94	%		93	%
	Net interest margin			3.99	%		3.91	%		3.94	%		4.00	%		3.77	%

Contacts: Greg Lovell 208.630.2001 Don Madsen 208.947.0430

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