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Idaho First Bank Reports Record Year-End Results

MCCALL, ID -- (Marketwire) -- 01/15/13 -- Today Idaho First Bank (OTCQB: IDFB) reported financial results for the year ended December 31, 2012. The Bank reported record net income of $262,000 for 2012, compared to a loss of $143,000 in 2011. This represents six consecutive quarters of profitability for the Bank and the first full calendar year of profitability.

"The Bank showed improvement in many critical areas including: loan growth, increased net interest margin and strong growth in non-interest income," said Greg Lovell, President and Chief Executive Officer. He further stated, "We are pleased to have reached this milestone but we will continue to focus on improving credit quality, growth of earning assets and expense control."

Compared to the prior year, the Bank achieved a 33% increase in net interest income. This was driven by average loan growth of 19% and an improving net interest margin. Net interest margin improved from 3.02% in 2011 to 3.88% in 2012. Year-to-date mortgage banking income also grew substantially from $875,000 in 2011 to $1,938,000 in 2012. Net income for the fourth quarter of 2012 was $118,000, a record for the highest quarterly income in the Bank's history. Net income of $118,000 for the quarter compares with quarterly income of $71,000 in the same quarter of 2011 and $105,000 of quarterly income in the third quarter of 2012.

"The Board is proud of the hard work of staff and management in reaching our first year of profitability and a record quarterly income," stated Mark Miller, Chairman of the Board of Directors.

Nonperforming assets were $1.8 million at December 31, 2012, a decrease of 5% from the prior year. The allowance for loan losses was 1.54% of loans at December 31 and 110% 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 $5.0 million at December 31, 2012, or 6% of assets. Book value was 61 cents per share, two cents more than at the end of 2011.

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 year ended December 31:    2012        2011            Change
                                ----------  ----------  -------------------
  Net interest income           $    3,001  $    2,264  $     737        33%
  Provision for loan losses            685         250        435       174%
  Mortgage banking income            1,938         875      1,063       121%
  Other noninterest income             277         228         49        21%
  Noninterest expenses               4,269       3,260      1,009        31%

    Net income (loss)                  262        (143)       405       283%

At December 31:                    2012        2011            Change
                                ----------  ----------  -------------------
  Loans                         $   72,187  $   64,133  $   8,054        13%
  Allowance for loan losses          1,114       1,052         62         6%
  Assets                            85,741      77,156      8,585        11%
  Deposits                          78,338      69,115      9,223        13%
  Stockholders' equity               5,001       4,700        301         6%

  Nonaccrual loans                   1,012       1,048        (36)       -3%
  Accruing loans more than 90
   days past due                         -           -          -
  Other real estate owned              827         887        (60)       -7%

    Total nonperforming assets       1,839       1,935        (96)       -5%

  Book value per share                0.61        0.59       0.02         3%
  Shares outstanding             8,206,932   7,999,932    207,000         3%

  Allowance to loans                  1.54%       1.64%
  Allowance to nonperforming
   loans                               110%        100%
  Nonperforming loans to total
   loans                              1.40%       1.63%

Averages for the year ended
December 31:                       2012        2011            Change
                                ----------  ----------  -------------------
  Loans                         $   68,110  $   57,438  $  10,672        19%
  Earning assets                    77,354      74,878      2,476         3%
  Assets                            80,733      77,440      3,293         4%
  Deposits                          73,295      69,202      4,093         6%
  Stockholders' equity               4,775       4,628        147         3%

  Loans to deposits                     93%         83%
  Net interest margin                 3.88%       3.02%

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

Income Statement       Q4 2012    Q3 2012    Q2 2012    Q1 2012    Q4 2011
                      ---------  ---------  ---------  ---------  ---------
  Net interest income $     788  $     799  $     716  $     698  $     630
  Provision for loan
   losses                   160        275        135        115         30
  Mortgage banking
   income                   486        727        499        226        313
  Other noninterest
   income                    82         71         68         56         60
   expenses               1,078      1,217      1,132        842        902

    Net income              118        105         16         23         71

Period End
Information            Q4 2012    Q3 2012    Q2 2012    Q1 2012    Q4 2011
                      ---------  ---------  ---------  ---------  ---------
  Loans               $  72,187  $  69,085  $  70,836  $  66,109  $  64,133
  Allowance for loan
   losses                 1,114      1,108        794        874      1,052
  Nonperforming loans     1,012      1,369      1,182      1,856      1,048
  Other real estate
   owned                    827        857        874        887        887
  Quarterly net
   charge-offs              154        (39)       215        293         51

  Allowance to loans       1.54%      1.60%      1.12%      1.32%      1.64%
  Allowance to
   loans                    110%        81%        67%        47%       100%
  Nonperforming loans
   to loans                1.40%      1.98%      1.67%      2.81%      1.63%

Average Balance
Information            Q4 2012    Q3 2012    Q2 2012    Q1 2012    Q4 2011
                      ---------  ---------  ---------  ---------  ---------
  Loans               $  69,745  $  70,427  $  67,536  $  64,689  $  63,221
  Earning assets         79,651     79,549     76,314     73,853     72,229
  Assets                 83,104     82,962     79,672     77,144     75,007
  Deposits               75,495     75,185     72,547     69,907     66,891
   equity                 4,886      4,778      4,726      4,707      4,660

  Loans to deposits          92%        94%        93%        93%        95%
  Net interest margin      3.94%      4.00%      3.77%      3.80%      3.46%

Greg Lovell

Don Madsen

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