|By Marketwired .||
|January 15, 2013 07:00 PM EST||
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 Noninterest 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 nonperforming 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 Stockholders' 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%
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Aug. 3, 2015 06:45 PM EDT Reads: 556
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducted a live demonstration of how quickly application development can happen when the need to comply wit...
Aug. 2, 2015 11:15 AM EDT Reads: 374
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
Aug. 1, 2015 10:00 AM EDT Reads: 350
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Architect for the Internet of Things and Intelligent Systems, described how to revolutionize your archit...
Jul. 30, 2015 07:30 PM EDT Reads: 1,436
MuleSoft has announced the findings of its 2015 Connectivity Benchmark Report on the adoption and business impact of APIs. The findings suggest traditional businesses are quickly evolving into "composable enterprises" built out of hundreds of connected software services, applications and devices. Most are embracing the Internet of Things (IoT) and microservices technologies like Docker. A majority are integrating wearables, like smart watches, and more than half plan to generate revenue with APIs within the next year.
Jul. 30, 2015 02:30 PM EDT Reads: 163
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Opening Keynote at 16th Cloud Expo, Sandy Carter, IBM General Manager Cloud Ecosystem and Developers, and a Social Business Evangelist, d...
Jul. 30, 2015 12:00 PM EDT Reads: 2,094
In his keynote at 16th Cloud Expo, Rodney Rogers, CEO of Virtustream, discussed the evolution of the company from inception to its recent acquisition by EMC – including personal insights, lessons learned (and some WTF moments) along the way. Learn how Virtustream’s unique approach of combining the economics and elasticity of the consumer cloud model with proper performance, application automation and security into a platform became a breakout success with enterprise customers and a natural fit for the EMC Federation.
Jul. 30, 2015 09:00 AM EDT Reads: 2,183
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of profound change in the industry.
Jul. 29, 2015 03:00 PM EDT Reads: 1,311
Discussions about cloud computing are evolving into discussions about enterprise IT in general. As enterprises increasingly migrate toward their own unique clouds, new issues such as the use of containers and microservices emerge to keep things interesting. In this Power Panel at 16th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the state of cloud computing today, and what enterprise IT professionals need to know about how the latest topics and trends affect their organization.
Jul. 29, 2015 02:00 PM EDT Reads: 1,219
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society-changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his session at @ThingsExpo, Jason Mondanaro, Director, Product Management at Metanga, discussed how you can plan to cooperate, partner, and form lasting all-star teams to change the world and it starts with business models and monetization strategies.
Jul. 28, 2015 04:30 PM EDT Reads: 1,781
Converging digital disruptions is creating a major sea change - Cisco calls this the Internet of Everything (IoE). IoE is the network connection of People, Process, Data and Things, fueled by Cloud, Mobile, Social, Analytics and Security, and it represents a $19Trillion value-at-stake over the next 10 years. In her keynote at @ThingsExpo, Manjula Talreja, VP of Cisco Consulting Services, discussed IoE and the enormous opportunities it provides to public and private firms alike. She will share what businesses must do to thrive in the IoE economy, citing examples from several industry sectors.
Jul. 28, 2015 11:00 AM EDT Reads: 2,056
There will be 150 billion connected devices by 2020. New digital businesses have already disrupted value chains across every industry. APIs are at the center of the digital business. You need to understand what assets you have that can be exposed digitally, what their digital value chain is, and how to create an effective business model around that value chain to compete in this economy. No enterprise can be complacent and not engage in the digital economy. Learn how to be the disruptor and not the disruptee.
Jul. 27, 2015 10:00 AM EDT Reads: 2,057
Akana has released Envision, an enhanced API analytics platform that helps enterprises mine critical insights across their digital eco-systems, understand their customers and partners and offer value-added personalized services. “In today’s digital economy, data-driven insights are proving to be a key differentiator for businesses. Understanding the data that is being tunneled through their APIs and how it can be used to optimize their business and operations is of paramount importance,” said Alistair Farquharson, CTO of Akana.
Jul. 27, 2015 09:00 AM EDT Reads: 339
Business as usual for IT is evolving into a "Make or Buy" decision on a service-by-service conversation with input from the LOBs. How does your organization move forward with cloud? In his general session at 16th Cloud Expo, Paul Maravei, Regional Sales Manager, Hybrid Cloud and Managed Services at Cisco, discusses how Cisco and its partners offer a market-leading portfolio and ecosystem of cloud infrastructure and application services that allow you to uniquely and securely combine cloud business applications and services across multiple cloud delivery models.
Jul. 27, 2015 08:00 AM EDT Reads: 1,917
The enterprise market will drive IoT device adoption over the next five years. In his session at @ThingsExpo, John Greenough, an analyst at BI Intelligence, division of Business Insider, analyzed how companies will adopt IoT products and the associated cost of adopting those products. John Greenough is the lead analyst covering the Internet of Things for BI Intelligence- Business Insider’s paid research service. Numerous IoT companies have cited his analysis of the IoT. Prior to joining BI Intelligence, he worked analyzing bank technology for Corporate Insight and The Clearing House Payment...
Jul. 26, 2015 09:00 PM EDT Reads: 1,598
"Optimal Design is a technology integration and product development firm that specializes in connecting devices to the cloud," stated Joe Wascow, Co-Founder & CMO of Optimal Design, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
Jul. 25, 2015 02:00 PM EDT Reads: 408
SYS-CON Events announced today that CommVault has been named “Bronze Sponsor” of SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. A singular vision – a belief in a better way to address current and future data management needs – guides CommVault in the development of Singular Information Management® solutions for high-performance data protection, universal availability and simplified management of data on complex storage networks. CommVault's exclusive single-platform architecture gives companies unp...
Jul. 25, 2015 01:00 PM EDT Reads: 1,982
Electric Cloud and Arynga have announced a product integration partnership that will bring Continuous Delivery solutions to the automotive Internet-of-Things (IoT) market. The joint solution will help automotive manufacturers, OEMs and system integrators adopt DevOps automation and Continuous Delivery practices that reduce software build and release cycle times within the complex and specific parameters of embedded and IoT software systems.
Jul. 25, 2015 12:15 PM EDT Reads: 490
"ciqada is a combined platform of hardware modules and server products that lets people take their existing devices or new devices and lets them be accessible over the Internet for their users," noted Geoff Engelstein of ciqada, a division of Mars International, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
Jul. 25, 2015 12:00 PM EDT Reads: 1,566
Internet of Things is moving from being a hype to a reality. Experts estimate that internet connected cars will grow to 152 million, while over 100 million internet connected wireless light bulbs and lamps will be operational by 2020. These and many other intriguing statistics highlight the importance of Internet powered devices and how market penetration is going to multiply many times over in the next few years.
Jul. 25, 2015 09:00 AM EDT Reads: 1,510