/EINPresswire.com/ -- MCCALL, ID--(Marketwired - February 01, 2016) - Today Idaho First Bank (OTC PINK: IDFB) reported financial results for the year ended December 31, 2015. The Bank reported net income of $1,923,000 for 2015, a 12% increase from net income of $1,722,000 in the same period of 2014. Mark Miller, Chairman of the Board, commented, "We are gratified with our results. We believe in adding continued value and return to our shareholders. The Board is actively engaged with management in setting and monitoring our strategic direction and progress toward achieving our goals." 

The Bank's earnings were positively impacted by loan growth, improvement in net interest income, and tax benefits. Net interest income for 2015 was up 15% from the prior year. The improvement in net interest income was primarily due to a 16% increase in average loans. Mortgage banking income was down 9% in 2015, primarily due to fewer loan originators as we restructured to streamline and improve the long-term profitability of this important operation. The tax benefit of $1,321,000 in 2015 was the conclusion of a three-year process to recognize tax benefits from net operating losses in prior years. In 2016, the Bank will have a "normal" tax provision of approximately 40% of pre-tax income.

Non-performing assets were $1.5 million at December 31, 2015, which is a $1.3 million reduction from the balance at June 30, 2015. "While the balance was higher than the $302,000 balance at the end of the 2014, the reduction from mid-year is indicative of continuing improvement in our non-performing assets," stated Kathleen Lewis, EVP and Chief Credit Officer of the Bank. She further stated, "Credit quality is our highest priority in new business generation, particularly as we see heightened competition for loan growth in our local marketplace." In light of continued economic improvement, the allowance for loan losses was 1.28% of loans at the end of 2015, compared to 1.44% at the end of 2014. The allowance remains fully funded based upon our current methodology and industry standards. 

Shareholders' equity at December 31, 2015, was $15.6 million, an increase of $3.2 million from a year ago. Our strong performance resulted in book value per share reaching $6.66 at the end of the year, up 37 cents from a one year ago. 

"We look forward to continued growth in 2016. However, we will be challenged by the increasing cost of regulatory compliance combined with the change in our tax position. We are cautiously optimistic that our changes in structure and investments in technology will continue our progress," stated Greg Lovell, President and CEO. "We look forward to our Annual Shareholder Meeting in April and having a deeper discussion of our results."

Idaho First Bank is a state-chartered commercial bank that opened for business in October 2005. Its headquarters are located in McCall, Idaho, with two branches located in 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:            2015      2014        Change     
                                         --------  --------  -------------- 
  Net interest income                   $   4,569 $   3,956 $      613   15%
  Provision for loan losses                   320       291         29   10%
  Mortgage banking income                   1,955     2,153      (198)   -9%
  Other noninterest income                    341       304         37   12%
  Noninterest expenses                      5,943     5,490        453    8%
                                         --------  --------  ---------      
    Net income before taxes                   602       632       (30)   -5%
  Tax provision (benefit)                 (1,321)   (1,090)      (231)  -21%
                                         --------  --------  ---------      
    Net income                          $   1,923 $   1,722 $      201   12%
                                         ========  ========  =========      
                                                                            
At December 31:                            2015      2014        Change     
                                         --------  --------  -------------- 
  Loans                                 $  96,102 $  88,538 $    7,564    9%
  Allowance for loan losses                 1,234     1,274       (40)   -3%
  Assets                                  122,127   109,520     12,607   12%
  Deposits                                105,050    95,691      9,359   10%
  Stockholders' equity                     15,640    12,435      3,205   26%
                                                                            
  Nonaccrual loans                          1,157         -      1,157      
  Accruing loans more than 90 days past                                     
   due                                          -         -          -      
  Other real estate owned                     383       302         81   27%
                                                                            
    Total nonperforming assets              1,540       302      1,238  410%
                                                                            
  Book value per share                       6.66      6.29       0.37    6%
                                         2,348,96  1,976,35                 
  Shares outstanding                            0         5    372,605   19%
                                                                            
  Allowance to loans                         1.28%     1.44%                
  Allowance to nonperforming loans            107%      N/A                 
  Nonperforming loans to total loans         1.20%     0.00%                
                                                                            
Averages for the year ended December 31:   2015      2014        Change     
                                         --------  --------  -------------- 
  Loans                                 $  95,209 $  81,737 $   13,472   16%
  Earning assets                          109,463    91,305     18,158   20%
  Assets                                  119,834   100,704     19,130   19%
  Deposits                                103,955    88,188     15,767   18%
  Stockholders' equity                     14,233    10,699      3,534   33%
                                                                            
  Loans to deposits                            92%       93%                
  Net interest margin                        4.17%     4.33%                

                                                                            
                             Idaho First Bank                               
                Quarterly Financial Highlights (unaudited)                  
                          (Dollars in thousands)                            
                                                                            
Income Statement                Q4 2015  Q3 2015  Q2 2015  Q1 2015  Q4 2014 
                                -------  -------  -------  -------  ------- 
  Net interest income          $  1,190 $  1,185 $  1,111 $  1,083 $  1,072 
  Provision for loan losses           -      150      120       50      115 
  Mortgage banking income           269      603      658      425      494 
  Other noninterest income           81       89       88       83       82 
  Noninterest expenses            1,467    1,576    1,535    1,365    1,280 
                                -------  -------  -------  -------  ------- 
    Net income before taxes          73      151      202      176      253 
  Tax provision (benefit)         (412)    (303)    (303)    (303)    (325) 
                                -------  -------  -------  -------  ------- 
    Net income                 $    485 $    454 $    505 $    479 $    578 
                                =======  =======  =======  =======  ======= 
                                                                            
Period End Information          Q4 2015  Q3 2015  Q2 2015  Q1 2015  Q4 2014 
                                -------  -------  -------  -------  ------- 
  Loans                        $ 96,102 $ 97,164 $ 99,571 $ 91,896 $ 88,538 
  Allowance for loan losses       1,234    1,586    1,448    1,323    1,274 
  Nonperforming loans             1,157    1,797    2,828        -        - 
  Other real estate owned           383        -        -      302      302 
  Quarterly net charge-offs         351       12      (4)        1      (3) 
                                                                            
  Allowance to loans               1.28%    1.63%    1.45%    1.44%    1.44%
  Allowance to nonperforming                                                
   loans                            107%      88%      51%     N/A      N/A 
  Nonperforming loans to loans     1.20%    1.85%    2.84%    0.00%    0.00%
                                                                            
Average Balance Information     Q4 2015  Q3 2015  Q2 2015  Q1 2015  Q4 2014 
                                -------  -------  -------  -------  ------- 
  Loans                        $ 97,346 $ 97,989 $ 96,414 $ 88,965 $ 86,603 
  Earning assets                112,047  113,871  110,038  101,735   96,666 
  Assets                        122,934  124,550  120,089  111,586  106,528 
  Deposits                      105,701  108,109  104,687   97,185   92,690 
  Stockholders' equity           15,309   14,918   13,691   12,982   11,994 
                                                                            
  Loans to deposits                  92%      91%      92%      92%      93%
  Net interest margin              4.21%    4.13%    4.05%    4.32%    4.40%

Contacts:

Greg Lovell
208.630.2001

Don Madsen
208.947.0430

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