Peak Bancorp Inc. (IDFB)

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Idaho First Bank Reports Mid-Year Results

Date : 07/30/2013 @ 9:13AM
Source : Marketwired
Stock : Idaho First Bank (id) (QB) (IDFB)
Quote : 0.44 0.0 (0.00%) @ 5:01PM

Today Idaho First Bank (OTCQB: IDFB) reported financial results for June 30, 2013. The Bank reported net income of $206,000 for the first half of 2013, compared to net income of $39,000 in the same period last year. The quarterly net income for the second quarter was $100,000, down slightly from first quarter income of $106,000, but significantly higher than the $16,000 of income in the second quarter of 2012.

In the first six months of 2013 the Bank issued $1.6 million of new stock, significantly improving the Bank's capital position. In additional to the new capital already raised, the Bank is continuing its private placement offering to accredited investors with a goal of a 10% capital to asset ratio. At June 30, 2013, the capital to asset ratio was 8%. "We believe with this improved performance and the additional capital we have substantially improved the status of the Bank," stated Mark Miller, Chairman of the Board.

Comparing the first half of 2013 to the first half of 2012, the Bank achieved a 9% increase in net interest income. This was driven by average loan growth of 3% and an improving net interest margin. Mortgage banking income also contributed to the improved results. Mortgage banking income was almost up 77% from last year. "The performance of the loan portfolio is having a positive impact on our earnings. Lower problem loan levels have reduced the negative drag on earnings," stated Greg Lovell President and CEO. He further said, "We continue to emphasize the purchase market in our real estate lending. This helps to soften any loss of business from a slow down in the refinance market."

During the second quarter the Bank purchased the real estate of the Bank's main office in McCall. This purchase reduced significantly the cost of occupancy going forward. "We intend to lease out excess space and, to date, have been successful in implementing that strategy," stated President Lovell. A portion of the purchase price was paid in stock further increasing the capital of the Bank.

Nonperforming assets were $1.1 million at June 30, 2013, a decrease of 7% from the prior year. The allowance for loan losses was 1.37% of loans at June 30. Chief Credit Officer Jerry Jutting said, "We believe the worst of our legacy credits are behind us now and we have been adding quality core loans to our portfolio."

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.

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http://ih.advfn.com/p.php?pid=nmona&article=58602989

*Book value per share on 8/1/2013 is 0.56...while Market value is .44.

IDFB is "on sale" for 21% below BV.

The O/S count is: 12,003,349

**Leasing out space in their newly purchased building will be a source of future income as well.