SYS-CON MEDIA Authors: Carmen Gonzalez, Sean Houghton, Glenn Rossman, Ignacio M. Llorente, Xenia von Wedel

News Feed Item

Idaho First Bank Reports 2013 Results

MCCALL, ID -- (Marketwired) -- 01/15/14 -- Today Idaho First Bank (OTCQB: IDFB) reported financial results for the year ended December 31, 2013. The Bank reported net income of $1,216,000 for the year, compared to net income of $262,000 in 2012. Net income before taxes was up 77%, from $262,000 in 2012 to $464,000 in 2013. Net income was enhanced as the Bank began to utilize the benefit of its deferred tax asset. "We believe the results speak for themselves," stated Mark Miller, Chairman of the Board. "The Bank can be proud of its continuing improvement in its financial performance."

Comparing the two years, the Bank achieved a 10% increase in net interest income. This was driven by average loan growth of 3% and net interest margin improving from 3.88% to 4.10%. Improving credit quality allowed for a reduction in the provision for loan losses from $685,000 to $410,000. Mortgage banking income was up 31%, contributing to the improved results. "The performance of the loan portfolio is having a positive impact on our earnings. Lower problem loan levels also contributed to the improvement in the net interest margin," stated Greg Lovell, President and CEO. Further Mr. Lovell said, "Our focus on the purchase market for our real estate group continues to strengthen our position as a leader in mortgage lending."

Nonperforming assets were $1.5 million at December 31, 2013, a decrease of 20% from the prior year. The allowance for loan losses was 1.52% of loans at December 31. During 2013 the Bank restructured its occupancy cost which lowered costs significantly and provided addition capital to the Bank. Net income was significantly affected by a tax benefit of $752,000, as the Bank recognized a tax benefit for a portion of net operating loss carry forwards.

The Bank successfully raised $3.4 million of new capital stock during the year. With increased earnings and additional stock the Bank's shareholders' equity reached $9.5 million, or 10% of assets at the end of December. Book value per share was 59 cents at December 31, 2013.

"The Bank has reached a capital level that is strong," stated Chairman Miller. President Lovell stated, "We continue to have improving economic conditions in our market areas that should allow continued improvement in our operating performance."

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 branch and a mortgage banking office located in 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 year ended December 31:     2013        2012           Change
                                -----------  ----------  ------------------
  Net interest income           $     3,305  $    3,001  $      304      10%
  Provision for loan losses             410         685        (275)    -40%
  Mortgage banking income             2,533       1,938         595      31%
  Other noninterest income              294         277          17       6%
  Noninterest expenses                5,258       4,269         989      23%
                                -----------  ----------  ----------
    Net income before taxes             464         262         202      77%
  Tax provision (benefit)              (752)          -        (752)
                                -----------  ----------  ----------
    Net income                        1,216         262         954     364%
                                ===========  ==========  ==========

At December 31:                     2013         2012           Change
                                -----------  ----------  ------------------
  Loans                         $    74,562  $   72,187  $    2,375       3%
  Allowance for loan losses           1,134       1,114          20       2%
  Assets                             90,868      85,741       5,127       6%
  Deposits                           79,878      78,338       1,540       2%
  Stockholders' equity                9,489       5,001       4,488      90%

  Nonaccrual loans                      869       1,012        (143)    -14%
  Accruing loans more than 90
   days past due                          -           -           -
  Other real estate owned               610         827        (217)    -26%

    Total nonperforming assets        1,479       1,839        (360)    -20%

  Book value per share                 0.59        0.61       (0.02)     -3%
  Shares outstanding             16,190,546   8,206,932   7,983,614      97%

  Allowance to loans                   1.52%       1.54%
  Allowance to nonperforming
   loans                                130%        110%
  Nonperforming loans to total
   loans                               1.17%       1.40%

Averages for the year ended
 December 31:                       2013        2012           Change
                                -----------  ----------  ------------------
  Loans                         $    70,700  $   68,110  $    2,590       4%
  Earning assets                     80,678      77,354       3,324       4%
  Assets                             86,389      80,733       5,656       7%
  Deposits                           77,207      73,295       3,912       5%
  Stockholders' equity                6,744       4,775       1,969      41%

  Loans to deposits                      92%         93%
  Net interest margin                  4.10%       3.88%




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

Income Statement                Q4 2013  Q3 2013  Q2 2013  Q1 2013  Q4 2012
                                -------  -------  -------  -------  -------
  Net interest income           $   890  $   870  $   774  $   771  $   788
  Provision for loan losses           -      190       90      130      160
  Mortgage banking income           484      769      622      658      486
  Other noninterest income           72       71       74       77       82
  Noninterest expenses            1,345    1,363    1,280    1,270    1,078
                                =======  =======  =======  =======  =======
    Net income before taxes         101      157      100      106      118
  Tax provision (benefit)          (752)       -        -        -        -
                                -------  -------  -------  -------  -------
    Net income                      853      157      100      106      118
                                =======  =======  =======  =======  =======

Period End Information          Q4 2013  Q3 2013  Q2 2013  Q1 2013  Q4 2012
                                -------  -------  -------  -------  -------
  Loans                         $74,562  $72,669  $72,575  $68,195  $72,187
  Allowance for loan losses       1,134    1,167      996      934    1,114
  Nonperforming loans               869    1,261    1,104      703    1,012
  Other real estate owned           610      307      606      633      827
  Quarterly net charge-offs          33       19       28      310      154

  Allowance to loans               1.52%    1.61%    1.37%    1.37%    1.54%
  Allowance to nonperforming
   loans                            130%      93%      90%     133%     110%
  Nonperforming loans to loans     1.17%    1.74%    1.52%    1.03%    1.40%

Average Balance Information     Q4 2013  Q3 2013  Q2 2013  Q1 2013  Q4 2012
                                -------  -------  -------  -------  -------
  Loans                         $73,987  $72,037  $68,778  $67,918  $69,745
  Earning assets                 82,639   82,186   77,775   80,068   79,651
  Assets                         89,544   88,666   84,070   83,181   83,104
  Deposits                       79,335   79,399   74,488   75,540   75,495
  Stockholders' equity            8,095    6,939    6,636    5,274    4,886

  Loans to deposits                  93%      91%      92%      90%      92%
  Net interest margin              4.27%    4.20%    3.99%    3.91%    3.94%


Contacts:
Greg Lovell
208.630.2001

Don Madsen
208.947.0430

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Media announced today that Sematext launched a popular blog feed on DevOps Journal with over 6,000 story reads over the weekend. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. DevOps Journal brings valuable information to DevOps professionals who are transforming the way enterprise IT is done. Sematext is a globally distributed organization that builds innovative Cloud and On Premises solutions for performance monitoring, alerting an...
SYS-CON Media announced today that Skytap blog on "DevOps Journal" exceeded 84,000 story reads. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. DevOps Journal brings valuable information to DevOps professionals who are transforming the way enterprise IT is done. Noel Wurst is the managing content editor at Skytap. Skytap provides SaaS-based dev/test environments to the enterprise. Skytap solution removes the inefficiencies and constraints that comp...
SYS-CON Events announced today Isomorphic Software, the global leader in high-end, web-based business applications, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Isomorphic Software is the global leader in high-end, web-based business applications. We develop, market, and support the SmartClient & Smart GWT HTML5/Ajax platform, combining the productivity and performance of traditional desktop software ...
ScriptRock makes GuardRail, a DevOps-ready platform for configuration monitoring. Realizing we were spending way too much time digging up, cataloguing, and tracking machine configurations, we began writing our own scripts and tools to handle what is normally an enormous chore. Then we took the concept a step further, giving it a beautiful interface and making it simple enough for our bosses to understand. We named it GuardRail after its function - to allow businesses to move fast and stay sa...
SYS-CON Events announced today that Cloudian, Inc., the leading provider of hybrid cloud storage solutions, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Cloudian, Inc., is a Foster City, California - based software company specializing in cloud storage software. The main product is Cloudian, an Amazon S3-compliant cloud object storage platform, the bedrock of cloud computing systems, that enables c...
Leysin American School is an exclusive, private boarding school located in Leysin, Switzerland. Leysin selected an OpenStack-powered, private cloud as a service to manage multiple applications and provide development environments for students across the institution. Seeking to meet rigid data sovereignty and data integrity requirements while offering flexible, on-demand cloud resources to users, Leysin identified OpenStack as the clear choice to round out the school's cloud strategy. Additional...
SYS-CON Events announced today that Windstream, a leading provider of advanced network and cloud communications, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Windstream (Nasdaq: WIN), a FORTUNE 500 and S&P 500 company, is a leading provider of advanced network communications, including cloud computing and managed services, to businesses nationwide. The company also offers broadband, p...
The BPM world is going through some evolution or changes where traditional business process management solutions really have nowhere to go in terms of development of the road map. In this demo at 15th Cloud Expo, Kyle Hansen, Director of Professional Services at AgilePoint, shows AgilePoint’s unique approach to dealing with this market circumstance by developing a rapid application composition or development framework.
In high-production environments where release cycles are measured in hours or minutes — not days or weeks — there's little room for mistakes and no room for confusion. Everyone has to understand what's happening, in real time, and have the means to do whatever is necessary to keep applications up and running optimally. DevOps is a high-stakes world, but done well, it delivers the agility and performance to significantly impact business competitiveness.
"Our premise is Docker is not enough. That's not a bad thing - we actually love Docker. At ActiveState all our products are based on open source technology and Docker is an up-and-coming piece of open source technology," explained Bart Copeland, President & CEO of ActiveState Software, in this SYS-CON.tv interview at DevOps Summit at Cloud Expo®, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The Internet of Things is not new. Historically, smart businesses have used its basic concept of leveraging data to drive better decision making and have capitalized on those insights to realize additional revenue opportunities. So, what has changed to make the Internet of Things one of the hottest topics in tech? In his session at @ThingsExpo, Chris Gray, Director, Embedded and Internet of Things, discussed the underlying factors that are driving the economics of intelligent systems. Discover ...
"BSQUARE is in the business of selling software solutions for smart connected devices. It's obvious that IoT has moved from being a technology to being a fundamental part of business, and in the last 18 months people have said let's figure out how to do it and let's put some focus on it, " explained Dave Wagstaff, VP & Chief Architect, at BSQUARE Corporation, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo (http://www.CloudComputingExpo.com...
Verizon Enterprise Solutions is simplifying the cloud-purchasing experience for its clients, with the launch of Verizon Cloud Marketplace, a key foundational component of the company's robust ecosystem of enterprise-class technologies. The online storefront will initially feature pre-built cloud-based services from AppDynamics, Hitachi Data Systems, Juniper Networks, PfSense and Tervela. Available globally to enterprises using Verizon Cloud, Verizon Cloud Marketplace provides a one-stop shop fo...
SYS-CON Events announced today that IDenticard will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. IDenticard™ is the security division of Brady Corp (NYSE: BRC), a $1.5 billion manufacturer of identification products. We have small-company values with the strength and stability of a major corporation. IDenticard offers local sales, support and service to our customers across the United States and Canada...