Today Idaho First Bank (OTCQB: IDFB) reported financial results for the first half of 2011. "The Bank has achieved its best performance during the quarter ended June 30, 2011. Despite lower than anticipated loan volume we continue to see steady improvement in the operations of the Bank," stated Greg Lovell, President and Chief Executive Officer. Chairman Mark Miller added, "We still have progress to make and the Board and Management continues its diligent work towards achieving profitable operations during the remainder of this year."
The Bank reported a loss of $269,000 for the first half of 2011 compared to a loss of $1,405,000 for the corresponding period in 2010. The trend of reducing losses continued during the second quarter as the loss for the second quarter of 2011 was $126,000 compared to a loss of $143,000 in the first quarter of 2011 and a loss of $896,000 in the second quarter of 2010. The quarterly loss was the smallest loss in the Bank's history.
The year-to-year improvement came from improving credit trends resulting in a decline in the provision for loan losses, increases in mortgage banking income and reduced non-interest expenses. The provision for the first six months of 2011 was $210,000 compared to $1,000,000 in the first half of 2010. "We are pleased to see continuing improvement in our mortgage income and close management of our non-interest expenses. We believe that these areas, combined with improving credit portfolio indicators, will help the Bank to achieve sustainable profitability," stated President Lovell.
Nonperforming assets declined from $2.8 million at June 30, 2010, to $1.8 million at June 30, 2011. Greg Lovell, President of the Bank, commented, "We are gratified by the significant drop in nonperforming assets. We feel that the Bank has survived the worst of the economic crisis and that nonperforming assets can continue to improve." He cautioned however, "The on-going economic condition of our primary market continues under stress and could adversely affect future performance."
Stockholders' equity was $4.6 million at June 30, 2011, or 6% of assets. Book value per share was 57 cents per share. The Bank continues efforts to raise capital with a goal of capital reaching 10% of assets.
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 six months ended
June 30: 2011 2010 Change
----------- ----------- -----------------------
Net interest income $ 1,007 $ 1,055 $ (48) -5%
Provision for loan
losses 210 1,000 (790) -79%
Mortgage banking income 382 166 216 130%
Other noninterest
income 113 98 15 15%
Noninterest expenses 1,561 1,724 (163) -9%
Net loss (269) (1,405) 1,136 81%
At June 30: 2011 2010 Change
----------- ----------- -----------------------
Loans $ 58,087 $ 58,391 $ (304) -1%
Allowance for loan
losses 1,050 1,115 (65) -6%
Assets 76,814 82,003 (5,189) -6%
Deposits 68,889 73,598 (4,709) -6%
Stockholders' equity 4,564 2,787 1,777 64%
Nonaccrual loans 847 2,125 (1,278) -60%
Accruing loan more than
90 days past due - - -
Other real estate owned 979 697 282 40%
Total nonperforming
assets 1,826 2,822 (996) -35%
Book value per share 0.57 1.99 (1.42) -71%
Shares outstanding 7,949,932 1,398,284 6,551,648 469%
Allowance to loans 1.81% 1.91%
Allowance to
nonperforming loans 124% 52%
Nonperforming loans to
total loans 1.46% 3.64%
Averages for the six
months ended June 30: 2011 2010 Change
----------- ----------- -----------------------
Loans $ 53,924 $ 56,871 $ (2,947) -5%
Earning assets 75,877 79,400 (3,523) -4%
Assets 78,296 81,465 (3,169) -4%
Deposits 69,839 72,523 (2,684) -4%
Stockholders' equity 4,639 3,389 1,250 37%
Loans to deposits 77% 78%
Net interest margin 2.68% 2.68%
Idaho First Bank
Quarterly Financial Highlights (unaudited)
(Dollars in thousands)
Income Statement Q2 2011 Q1 2011 Q4 2010 Q3 2010 Q2 2010
--------- --------- --------- --------- ---------
Net interest income $ 563 $ 444 $ 496 $ 563 $ 549
Provision for loan
losses 125 85 450 100 750
Investment
securities gains 321
Mortgage banking
income 180 202 255 250 98
Other noninterest
income 52 61 46 51 49
Noninterest expenses 796 765 1,059 946 842
Net loss (126) (143) (391) (182) (896)
Period End
Information Q2 2011 Q1 2011 Q4 2010 Q3 2010 Q2 2010
--------- --------- --------- --------- ---------
Loans $ 58,087 $ 53,976 $ 53,081 $ 57,521 $ 58,391
Allowance for loan
losses 1,050 1,179 1,025 1,073 1,115
Nonperforming loans 847 2,340 1,871 1,883 2,125
Other real estate
owned 979 866 1,064 1,243 697
Quarterly net
charge-offs 254 (69) 498 143 1,154
Allowance to loans 1.81% 2.18% 1.93% 1.87% 1.91%
Allowance to
nonperforming loans 124% 50% 55% 57% 52%
Nonperforming loans
to loans 1.46% 4.34% 3.52% 3.27% 3.64%
Average Balance
Information Q2 2011 Q1 2011 Q4 2010 Q3 2010 Q2 2010
--------- --------- --------- --------- ---------
Loans $ 54,613 $ 53,226 $ 56,271 $ 57,165 $ 56,486
Earning assets 73,629 78,150 79,035 82,617 80,100
Assets 76,158 80,457 81,720 84,774 82,038
Deposits 68,241 71,456 73,256 76,661 73,408
Stockholders' equity 4,582 4,696 3,014 2,568 3,016
Loans to deposits 80% 74% 77% 75% 77%
Net interest margin 3.07% 2.30% 2.49% 2.70% 2.75%
Contacts:
Greg Lovell
208.630.2001
Don Madsen
208.947.0430
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