|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%
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