/EINPresswire.com/ -- MCCALL, ID--(Marketwired - January 30, 2017) - Today Idaho First Bank (OTC PINK: IDFB) reported financial results for 2016, with a net loss of $374,000, as the Bank absorbed the investment costs of two new branches and other strategic initiatives to improve the Bank's long-term market position. Mark Miller, Chairman of the Board, commented, "The Board is pleased with the expansion opportunities in New Meadows and Eagle. These two new branches fit with the Bank's strategic plan of adding lower cost core deposits and increasing our franchise value. The Board continues to closely monitor the performance of the Bank and believes this year's investments in people, locations, and system improvements are a key to long-term value accretion."

The allowance for loan losses stood at $1,602,000, or 1.33% of loans at December 31, 2016. Total nonperforming assets were $1.5 million, unchanged from a year ago. Nonperforming loans increased from last year as the Bank protected its collateral position on one loan. The Bank reduced its balance of other real estate owned to zero at year-end.

Don Madsen, Chief Financial Officer stated, "Our equity was strengthened in the fourth quarter of the year due to the early exercise of warrants." Shareholders' equity at December 31, 2016, was $16.6 million, an increase of about $1 million from the end of 2015. Book value per share declined from $6.66 at the end of 2015 to $6.22 at December 31, 2016. The decline was primarily due to the dilutive impact of warrants being exercised at a price of $4.00 per share.

"We have begun to see increased loan volumes and interest income from our business development efforts. Marketplace uncertainties and continued strong competition will continue to challenge us to boost performance. We continue to work on final resolution of two remaining problem credits and to right size our operations to show improving performance going forward into 2017," stated Greg Lovell, President and CEO. He continued, "We improved our online banking experience and early in 2017 will release improved mobile banking services that will increase our ability to quickly and efficiently serve our clients and 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 branches in Boise, Eagle and New Meadows.

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.