MCCALL, ID--(Marketwired - April 20, 2016) - Today Idaho First Bank (OTC PINK: IDFB) reported financial results for the quarter ended March 31, 2016. The Bank reported a net loss of $149,000 for the first quarter of 2016, primarily caused by a provision for loan losses of $225,000. Mark Miller, Chairman of the Board, commented, "While posting a quarterly loss is disappointing, the Board believes it positions the Bank for improved performance in the future. We believe that Management has made appropriate reserves to protect the Bank against future credit losses. Management believes that the loan provision is not indicative of a general deterioration in credit quality, and the Board concurs with that assessment."

Non-performing assets were $2.0 million at March 31, 2016, which is a $1.6 million increase from the same date in 2015. Kathleen Lewis, EVP and Chief Credit Officer of the Bank, stated, "While the increase in nonperforming assets is discouraging, it appears to be a short-lived event. Since the end of the quarter there was a significant reduction in these assets through the sale of our other real estate owned property." The allowance for loan losses was 1.56% of loans at March 31, 2016, compared to 1.44% one year earlier. The increase in the provision was necessary for anticipated loss exposure on a single loan resulting from the untimely death of the borrower.

Don Madsen, Chief Financial Officer stated, "Our balance sheet shows fundamental strength from increased capital and liquidity." Shareholders' equity at March 31, 2016, was $15.6 million, an increase of $2.1 million from a year ago. Book value per share was $6.61 at the end of the quarter, up 27 cents from a one year ago.

"We have begun to see increased loan volumes and interest income from our business development efforts. We are cautiously optimistic that organizational changes and investments in technology will improve our results as we continue on in 2016," stated Greg Lovell, President and CEO. "We believe that this quarter was one of correction and not reflective of our normal performance. We believe that the roll out of improved mobile banking services as well as increased marketing efforts are improving the Bank's ability to gain profitable relationships."

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 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 three months ended March 31:         2016     2015        Change    
                                           -------- -------- ---------------
  Net interest income                      $  1,098 $  1,083 $     15     1%
  Provision for loan losses                     225       50      175   350%
  Mortgage banking income                       410      425     (15)    -4%
  Other noninterest income                       87       83        4     5%
  Noninterest expenses                        1,620    1,365      255    19%
                                           --------  -------  -------       
    Net income before taxes                   (250)      176    (426)  -242%
  Tax provision (benefit)                     (101)    (303)      202    67%
                                           --------  -------  -------       
    Net income (loss)                      $  (149) $    479 $  (628)  -131%
                                                                            
At March 31:                                 2016     2015        Change    
                                           -------- -------- ---------------
  Loans                                    $ 93,945 $ 91,896 $  2,049     2%
  Allowance for loan losses                   1,468    1,323      145    11%
  Assets                                    118,552  110,882    7,670     7%
  Deposits                                  100,642   96,040    4,602     5%
  Stockholders' equity                       15,579   13,433    2,146    16%
  Nonaccrual loans                            1,567        -    1,567       
  Accruing loans more than 90 days past                                     
   due                                            -        -        -       
  Other real estate owned                       383      302       81    27%
    Total nonperforming assets                1,950      302    1,648   546%
  Book value per share                         6.61     6.34     0.27     4%
  Shares outstanding                        2,358,5  2,119,3                
                                                 62       20  239,242    11%
  Allowance to loans                          1.56%    1.44%                
  Allowance to nonperforming loans              94%      N/A                
  Nonperforming loans to total loans          1.67%    0.00%                
                                                                            
Averages for the three months ended March                                   
 31:                                         2016     2015        Change    
                                           -------- -------- ---------------
  Loans                                    $ 94,460 $ 88,965 $  5,495     6%
  Earning assets                            110,803  101,735    9,068     9%
  Assets                                    122,041  111,586   10,455     9%
  Deposits                                  104,263   97,185    7,078     7%
  Stockholders' equity                       15,689   12,982    2,707    21%
                                                                            
  Loans to deposits                             91%                         
                                                         92%                
  Net interest margin                         3.99%    4.32%                
                                                                            

                                                                            
                              Idaho First Bank                              
                 Quarterly Financial Highlights (unaudited)                 
                           (Dollars in thousands)                           
                                                                            
Income Statement                 Q1 2016 Q4 2015  Q3 2015  Q2 2015  Q1 2015 
                                -------- -------- -------- -------- --------
  Net interest income           $  1,098 $  1,190 $  1,185 $  1,111 $  1,083
  Provision for loan losses          225        -      150      120       50
  Mortgage banking income            410      269      603      658      425
  Other noninterest income            87       81       89       88       83
  Noninterest expenses             1,620    1,467    1,576    1,535    1,365
                                 -------  -------  -------  -------  -------
    Net income (loss) before                                                
     taxes                         (250)       73      151      202      176
  Tax provision (benefit)          (101)    (412)    (303)    (303)    (303)
    Net income (loss)           $  (149) $    485 $    454 $    505 $    479
                                 =======  =======  =======  =======  =======
                                                                            
Period End Information           Q1 2016  Q4 2015  Q3 2015  Q2 2015  Q1 2015
                                --------  -------  -------  -------  -------
  Loans                         $ 93,945 $ 96,102 $ 97,164 $ 99,571 $ 91,896
  Allowance for loan losses        1,468    1,234    1,586    1,448    1,323
  Nonperforming loans              1,567    1,157    1,797    2,828        -
  Other real estate owned            383      383        -        -      302
  Quarterly net charge-offs          (9)      351       12      (4)        1
  Allowance to loans               1.56%    1.28%    1.63%    1.45%    1.44%
  Allowance to nonperforming                                                
   loans                             94%     107%      88%      51%      N/A
  Nonperforming loans to loans     1.67%    1.20%    1.85%    2.84%    0.00%
                                                                            
Average Balance Information      Q1 2016  Q4 2015  Q3 2015  Q2 2015  Q1 2015
                                --------  -------  -------  -------  -------
  Loans                         $ 94,460 $ 97,346 $ 97,989 $ 96,414 $ 88,965
  Earning assets                 110,803  112,047  113,871  110,038  101,735
  Assets                         122,041  122,934  124,550  120,089  111,586
  Deposits                       104,263  105,701  108,109  104,687   97,185
  Stockholders' equity            15,689   15,309   14,918   13,691   12,982
  Loans to deposits                  91%      92%      91%      92%      92%
  Net interest margin              3.99%    4.21%    4.13%    4.05%    4.32%
                                                                            

/EINPresswire.com/ -- Greg Lovell
208.630.2001

Don Madsen
208.947.0430

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