Idaho First Bank Announces 1st Quarter 2019 Results
MCCALL, Idaho, April 25, 2019 (GLOBE NEWSWIRE) -- Today Idaho First Bank (the “Bank”) (OTC: IDFB) announced unaudited financial results for the first quarter of 2019.
Net income for the first quarter was $152,000, compared to $26,000 in the first quarter of 2018. The major factor driving this improvement was the $376,000 increase in net interest income. This 23% improvement was driven by a 12% increase in average loan balances, and further benefited from net interest margin improving from 3.84% to 4.08%.
Mark Miller, Chairman of the Board, commented, “The Board is pleased with the record pre-tax results for the year, and the improving trends from quarter to quarter. I believe that everyone in the organization is focused on moving the Bank forward in accomplishing its strategic plans.”
At March 31, 2019, the Bank’s total assets were $212 million, an increase of $27 million, or 14% over March 31, 2018. Deposits increased 14% during the same 12 months. The Bank’s local core deposit growth was strong, which allowed for a significant reduction in wholesale deposits. President Greg Lovell commented, “The growth in assets shows the strength of our core markets. Our team of associates do a great job of providing personalized experiences for our clients which continues to drive growth and foster a culture of excellence. We value their efforts.”
The allowance for loan losses stood at $2,003,000, or 1.24% of loans at March 31, 2019. Troubled asset ratios improved to seldom seen lows at March 31, 2019, with nonperforming loans to total loans measuring just 0.09%. Net charge-offs for the quarter were $297,000, decreasing nonperforming assets to $149,000 at March 31, 2019. The Bank has no other real estate owned. Kathleen Lewis, EVP and Chief Credit Officer commented, “It is virtually impossible to beat, and certainly a noteworthy achievement, to see a ratio of nonperforming loans to total loans of 0.09%. The increase in the provision is a result of the strong loan growth, not any evidence of stress within our portfolio.”
Shareholders’ equity at March 31, 2019, was $18.4 million. Book value per share improved from $5.62 at March 31, 2018 to $5.91 at March 31, 2019, as a result of the improvement in profitability and accretive stock issuances. “The Bank’s capital ratios remain strong and exceed the regulatory requirements for well-capitalized banks,” stated Don Madsen, EVP and Chief Financial Officer.
About Idaho First Bank
Idaho First Bank is a full service state-chartered community bank established in October 2005 and headquartered in McCall, Idaho. The Bank serves the greater southwest Idaho communities with three additional branches located in New Meadows, Eagle and Boise. Idaho First Bank is a member of the FDIC and an Equal Housing Lender. For more information, visit us at www.idahofirstbank.com
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: | 2019 | 2018 | Change | ||||||||||||||
| Net interest income | $ | 2,013 | $ | 1,637 | $ | 376 | 23 | % | |||||||||
| Provision for loan losses | 185 | 70 | 115 | 164 | % | ||||||||||||
| Mortgage banking income | 233 | 593 | (360 | ) | -61 | % | |||||||||||
| Other noninterest income | 133 | 126 | 7 | 6 | % | ||||||||||||
| Noninterest expenses | 1,974 | 2,201 | (227 | ) | -10 | % | |||||||||||
| Net income before taxes | 220 | 85 | 135 | 159 | % | ||||||||||||
| Tax provision | 68 | 59 | 9 | 15 | % | ||||||||||||
| Net income | $ | 152 | $ | 26 | $ | 126 | 485 | % | |||||||||
| At March 31: | 2019 | 2018 | Change | ||||||||||||||
| Loans | $ | 161,243 | $ | 149,157 | $ | 12,086 | 8 | % | |||||||||
| Allowance for loan losses | 2,003 | 1,762 | 241 | 14 | % | ||||||||||||
| Assets | 212,454 | 185,793 | 26,661 | 14 | % | ||||||||||||
| Deposits | 188,207 | 165,431 | 22,776 | 14 | % | ||||||||||||
| Stockholders' equity | 18,387 | 16,853 | 1,534 | 9 | % | ||||||||||||
| Nonaccrual loans | 149 | 1,255 | (1,106 | ) | -88 | % | |||||||||||
| Accruing loans more than 90 days past due | - | 2 | (2 | ) | |||||||||||||
| Other real estate owned | - | - | |||||||||||||||
| Total nonperforming assets | 149 | 1,257 | (1,108 | ) | -88 | % | |||||||||||
| Book value per share | 5.91 | 5.62 | 0.29 | 5 | % | ||||||||||||
| Shares outstanding | 3,110,857 | 3,000,819 | 110,038 | 4 | % | ||||||||||||
| Allowance to loans | 1.24 | % | 1.18 | % | |||||||||||||
| Allowance to nonperforming loans | 1344 | % | 140 | % | |||||||||||||
| Nonperforming loans to total loans | 0.09 | % | 0.84 | % | |||||||||||||
| Averages for the quarter ended March 31: | 2019 | 2018 | Change | ||||||||||||||
| Loans | $ | 164,898 | $ | 146,756 | $ | 18,142 | 12 | % | |||||||||
| Earning assets | 199,974 | 173,075 | 26,899 | 16 | % | ||||||||||||
| Assets | 209,341 | 182,907 | 26,434 | 14 | % | ||||||||||||
| Deposits | 185,035 | 162,292 | 22,743 | 14 | % | ||||||||||||
| Stockholders' equity | 18,452 | 17,127 | 1,325 | 8 | % | ||||||||||||
| Loans to deposits | 89 | % | 90 | % | |||||||||||||
| Net interest margin | 4.08 | % | 3.84 | % | |||||||||||||
| Idaho First Bank | ||||||||||||||||||||||
| Quarterly Financial Highlights (unaudited) | ||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||
| Income Statement | Q1 2019 | Q4 2018 | Q3 2018 | Q2 2018 | Q1 2018 | |||||||||||||||||
| Net interest income | $ | 2,013 | $ | 1,927 | $ | 1,832 | $ | 1,687 | $ | 1,637 | ||||||||||||
| Provision for loan losses | 185 | 175 | 140 | 70 | 70 | |||||||||||||||||
| Mortgage banking income | 233 | 314 | 342 | 334 | 593 | |||||||||||||||||
| Other noninterest income | 133 | 162 | 138 | 126 | 126 | |||||||||||||||||
| Noninterest expenses | 1,974 | 1,891 | 1,885 | 1,960 | 2,201 | |||||||||||||||||
| Net income before taxes | 220 | 337 | 287 | 117 | 85 | |||||||||||||||||
| Tax provision | 68 | 91 | 75 | 32 | 59 | |||||||||||||||||
| Net income (loss) | $ | 152 | $ | 246 | $ | 212 | $ | 85 | $ | 26 | ||||||||||||
| Period End Information | Q1 2019 | Q4 2018 | Q3 2018 | Q2 2018 | Q1 2018 | |||||||||||||||||
| Loans | $ | 161,243 | $ | 166,830 | $ | 161,904 | $ | 153,687 | $ | 149,157 | ||||||||||||
| Allowance for loan losses | 2,003 | 2,114 | 1,988 | 1,847 | 1,762 | |||||||||||||||||
| Nonperforming loans | 149 | 449 | 1,255 | 1,255 | 1,257 | |||||||||||||||||
| Other real estate owned | - | - | - | - | - | |||||||||||||||||
| Quarterly net charge-offs (recoveries) | 297 | 49 | (1 | ) | (15 | ) | (33 | ) | ||||||||||||||
| Allowance to loans | 1.24 | % | 1.27 | % | 1.23 | % | 1.20 | % | 1.18 | % | ||||||||||||
| Allowance to nonperforming loans | 1344 | % | 471 | % | 158 | % | 147 | % | 140 | % | ||||||||||||
| Nonperforming loans to loans | 0.09 | % | 0.27 | % | 0.78 | % | 0.82 | % | 0.84 | % | ||||||||||||
| Average Balance Information | Q1 2019 | Q4 2018 | Q3 2018 | Q2 2018 | Q1 2018 | |||||||||||||||||
| Loans | $ | 164,898 | $ | 164,836 | $ | 158,991 | $ | 150,791 | $ | 146,756 | ||||||||||||
| Earning assets | 199,974 | 191,291 | 186,270 | 174,190 | 173,075 | |||||||||||||||||
| Assets | 209,341 | 200,387 | 195,520 | 183,518 | 182,907 | |||||||||||||||||
| Deposits | 185,035 | 177,021 | 172,548 | 162,091 | 162,292 | |||||||||||||||||
| Stockholders' equity | 18,452 | 17,651 | 17,407 | 17,159 | 17,127 | |||||||||||||||||
| Loans to deposits | 89 | % | 93 | % | 92 | % | 93 | % | 90 | % | ||||||||||||
| Net interest margin | 4.08 | % | 4.00 | % | 3.90 | % | 3.88 | % | 3.84 | % | ||||||||||||
CONTACT
Greg Lovell
President and CEO - Idaho First Bank
208.630.2001 - glovell@idahofirstbank.com
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