MCCALL, ID–(Marketwired - July 23, 2015) - Today Idaho First Bank (OTC PINK: IDFB) reported financial results for the six months ended June 30, 2015. The Bank reported net income of $984,000 for the first half of the year, a significant increase from net income of $640,000 in the first half of 2014. Mark Miller, Chairman of the Board, commented, “We are gratified with our results but continue to focus on our goal of being a top-tier performing bank. The Board continues to actively monitor our strategic direction and path to achieving this goal. We congratulate the Bank’s management and staff on the continued success of the Bank.”
The Bank’s earnings were positively impacted by loan growth, improvement in net interest income, mortgage banking income, and tax benefits. Net interest income for the six months was up 19% from the prior year. The provision for loan losses was a result of loan growth. Mortgage banking income was up 20%. The 19% improvement in net interest income was primarily due to a 19% increase in average loans. “We are focused on income growth while maintaining strong credit standards. We are well balanced in our income sources that contribute to our success,” stated Greg Lovell, President and CEO.
Nonperforming assets were $2.8 million at June 30, 2015, compared to $.5 million at the same date in 2014. President Lovell commented on the increase, “We have three secured loans that migrated to non-accrual status. We are aggressively working to resolve these loans. We do not foresee other increases in problem assets at this time.”
Shareholders’ equity at June 30, 2015, was $14.7 million, an increase of $4.0 million from a year ago. This solid increase came from both stronger net income and shareholders exercising warrants. The Bank’s regulatory Tier 1 Leverage Ratio was a strong 10.41% at June 30, well above regulatory requirements. Book value per share of $6.26 reflects the recent 1 for 10 reverse stock split. This compares to an adjusted book value of $6.02 per share one year ago.
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 branch and a two mortgage banking offices 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.