Microsoft Cloud Authors: Andreas Grabner, Janakiram MSV, Jim Kaskade, Lori MacVittie, Pat Romanski

News Feed Item

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

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.

@ThingsExpo Stories
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walk you through how Oct...
SYS-CON Events announced today that Embotics, the cloud automation company, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Embotics is the cloud automation company for IT organizations and service providers that need to improve provisioning or enable self-service capabilities. With a relentless focus on delivering a premier user experience and unmatched customer support, Embotics is the fas...
The Internet of Things (IoT), in all its myriad manifestations, has great potential. Much of that potential comes from the evolving data management and analytic (DMA) technologies and processes that allow us to gain insight from all of the IoT data that can be generated and gathered. This potential may never be met as those data sets are tied to specific industry verticals and single markets, with no clear way to use IoT data and sensor analytics to fulfill the hype being given the IoT today.
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
@ThingsExpo has been named the Top 5 Most Influential M2M Brand by Onalytica in the ‘Machine to Machine: Top 100 Influencers and Brands.' Onalytica analyzed the online debate on M2M by looking at over 85,000 tweets to provide the most influential individuals and brands that drive the discussion. According to Onalytica the "analysis showed a very engaged community with a lot of interactive tweets. The M2M discussion seems to be more fragmented and driven by some of the major brands present in the...
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
The Quantified Economy represents the total global addressable market (TAM) for IoT that, according to a recent IDC report, will grow to an unprecedented $1.3 trillion by 2019. With this the third wave of the Internet-global proliferation of connected devices, appliances and sensors is poised to take off in 2016. In his session at @ThingsExpo, David McLauchlan, CEO and co-founder of Buddy Platform, discussed how the ability to access and analyze the massive volume of streaming data from millio...
SYS-CON Events announced today that Pulzze Systems will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Pulzze Systems, Inc. provides infrastructure products for the Internet of Things to enable any connected device and system to carry out matched operations without programming. For more information, visit http://www.pulzzesystems.com.
Successful digital transformation requires new organizational competencies and capabilities. Research tells us that the biggest impediment to successful transformation is human; consequently, the biggest enabler is a properly skilled and empowered workforce. In the digital age, new individual and collective competencies are required. In his session at 19th Cloud Expo, Bob Newhouse, CEO and founder of Agilitiv, will draw together recent research and lessons learned from emerging and established ...
Enterprise IT has been in the era of Hybrid Cloud for some time now. But it seems most conversations about Hybrid are focused on integrating AWS, Microsoft Azure, or Google ECM into existing on-premises systems. Where is all the Private Cloud? What do technology providers need to do to make their offerings more compelling? How should enterprise IT executives and buyers define their focus, needs, and roadmap, and communicate that clearly to the providers?
One of biggest questions about Big Data is “How do we harness all that information for business use quickly and effectively?” Geographic Information Systems (GIS) or spatial technology is about more than making maps, but adding critical context and meaning to data of all types, coming from all different channels – even sensors. In his session at @ThingsExpo, William (Bill) Meehan, director of utility solutions for Esri, will take a closer look at the current state of spatial technology and ar...
SYS-CON Events announced today that Streamlyzer will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Streamlyzer is a powerful analytics for video streaming service that enables video streaming providers to monitor and analyze QoE (Quality-of-Experience) from end-user devices in real time.
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
Cloud based infrastructure deployment is becoming more and more appealing to customers, from Fortune 500 companies to SMEs due to its pay-as-you-go model. Enterprise storage vendors are able to reach out to these customers by integrating in cloud based deployments; this needs adaptability and interoperability of the products confirming to cloud standards such as OpenStack, CloudStack, or Azure. As compared to off the shelf commodity storage, enterprise storages by its reliability, high-availabil...
The IoT industry is now at a crossroads, between the fast-paced innovation of technologies and the pending mass adoption by global enterprises. The complexity of combining rapidly evolving technologies and the need to establish practices for market acceleration pose a strong challenge to global enterprises as well as IoT vendors. In his session at @ThingsExpo, Clark Smith, senior product manager for Numerex, will discuss how Numerex, as an experienced, established IoT provider, has embraced a ...
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in Embedded and IoT solutions, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 7-9, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and ...