Idaho First Bank Announces 1st Quarter 2021 Results
MCCALL, Idaho, April 29, 2021 (GLOBE NEWSWIRE) -- Today Idaho First Bank (the ‘Bank’) (OTC: IDFB) announced unaudited financial results for the first quarter of 2021, and the planned retirement of CEO Greg Lovell. Lovell founded the bank in 2005, and his retirement is part of a detailed executive succession plan. Outgoing CEO Lovell stated, “The strong Q1 financial performance was driven by earnings generated through our participation in the Paycheck Protection Program (PPP) under the CARES Act, and strong growth in earning assets.” He further indicated, “The year-over-year growth of our balance sheet reflects the financial strength of our markets, our expansion into 3 new markets over the last 18 months, and the great work our talented team does by putting People First.”
Chairman Mark Miller commented, “We have experienced strong Q1 growth in both loan and deposit balances which is a result of the board’s decision to support expanding our operations into Ketchum and Nampa, ID, and Bend, OR over the last 18 months.”
The Bank recognized Net Income After Tax of
Total assets finished the quarter at
Credit quality and portfolio performance both remain very strong. In response to the strong rate of loan growth, the allowance for loan loss was increased to
Shareholders’ equity at March 31, 2021 was
About Idaho First Bank
Idaho First Bank (IFB) is a full-service state-chartered community bank established in October 2005 and headquartered in McCall, Idaho. Known for its People First, Community First, Idaho First motto, IFB serves the greater southwest Idaho communities with five additional branches located in New Meadows, Eagle, Ketchum, Nampa, Boise, and a Loan Production Office (LPO) in Bend, Oregon. 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 forward-looking statements after the date of this release. This statement is included for the express purpose of invoking PSLRA’s safe harbor provisions.
CONTACT
Todd Cooper
CEO – Idaho First Bank
208.630.2092 – tcooper@idahofirstbank.com
Idaho First Bank | ||||||||||||||||||||
Financial Highlights (unaudited) | ||||||||||||||||||||
(Dollars in thousands, except per share) | ||||||||||||||||||||
For the three months ended March 31: | 2021 | 2020 | Change | |||||||||||||||||
Net interest income | 207 | % | ||||||||||||||||||
Provision for loan losses | 500 | 70 | 430 | 614 | % | |||||||||||||||
Mortgage banking income | 468 | 78 | 390 | 497 | % | |||||||||||||||
Other noninterest income | 182 | 135 | 47 | 35 | % | |||||||||||||||
Noninterest expenses | 3,549 | 2,080 | 1,469 | 71 | % | |||||||||||||||
Net income before taxes | 2,592 | 18 | 2,574 | 14292 | % | |||||||||||||||
Tax provision | 695 | 9 | 686 | 7622 | % | |||||||||||||||
Net income | 20956 | % | ||||||||||||||||||
At March 31: | 2021 | 2020 | Change | |||||||||||||||||
Loans | 307 | % | ||||||||||||||||||
Allowance for loan losses | 3,620 | 2,167 | 1,453 | 67 | % | |||||||||||||||
Assets | 820,515 | 236,646 | 583,869 | 247 | % | |||||||||||||||
Deposits | 390,133 | 196,794 | 193,339 | 98 | % | |||||||||||||||
Stockholders' equity | 35,805 | 28,080 | 7,725 | 28 | % | |||||||||||||||
Nonaccrual loans | - | 570 | (570 | ) | -100 | % | ||||||||||||||
Accruing loans more than 90 days past due | - | - | - | |||||||||||||||||
Other real estate owned | - | - | - | |||||||||||||||||
Total nonperforming assets | - | 570 | (570 | ) | -100 | % | ||||||||||||||
Book value per share | 7.20 | 6.18 | 1.02 | 17 | % | |||||||||||||||
Shares outstanding | 4,975,880 | 4,542,109 | 433,771 | 10 | % | |||||||||||||||
Allowance to loans | 0.49 | % | 1.20 | % | ||||||||||||||||
Allowance to nonperforming loans | - | 380 | % | |||||||||||||||||
Nonperforming loans to total loans | 0.00 | % | 0.32 | % | ||||||||||||||||
Averages for the quarter ended March 31: | 2021 | 2020 | Change | |||||||||||||||||
Loans | 354 | % | ||||||||||||||||||
Earning assets | 849,729 | 221,222 | 628,507 | 284 | % | |||||||||||||||
Assets | 865,093 | 232,986 | 632,107 | 271 | % | |||||||||||||||
Deposits | 373,053 | 196,486 | 176,567 | 90 | % | |||||||||||||||
Stockholders' equity | 34,623 | 27,953 | 6,670 | 24 | % | |||||||||||||||
Loans to deposits | 213 | % | 89 | % | ||||||||||||||||
Net interest margin | 2.86 | % | 3.55 | % | ||||||||||||||||
Idaho First Bank | |||||||||||||||||||||||
Quarterly Financial Highlights (unaudited) | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Income Statement | Q1 2021 | Q4 2020 | Q3 2020 | Q2 2020 | Q1 2020 | ||||||||||||||||||
Net interest income | $ | 5,990 | $ | 5,556 | $ | 5,106 | $ | 4,054 | $ | 1,954 | |||||||||||||
Provision for loan losses | 500 | - | 500 | 500 | 70 | ||||||||||||||||||
Mortgage banking income | 468 | 541 | 253 | 45 | 78 | ||||||||||||||||||
Other noninterest income | 182 | 172 | 169 | 134 | 135 | ||||||||||||||||||
Noninterest expenses | 3,549 | 4,646 | 3,695 | 2,540 | 2,080 | ||||||||||||||||||
Net income before taxes | 2,592 | 1,622 | 1,332 | 1,193 | 18 | ||||||||||||||||||
Tax provision | 695 | 432 | 357 | 319 | 9 | ||||||||||||||||||
Net income | $ | 1,897 | $ | 1,190 | $ | 975 | $ | 874 | $ | 9 | |||||||||||||
Period End Information | Q1 2021 | Q4 2020 | Q3 2020 | Q2 2020 | Q1 2020 | ||||||||||||||||||
Loans | |||||||||||||||||||||||
Allowance for loan losses | 3,620 | 3,169 | 3,168 | 2,668 | 2,167 | ||||||||||||||||||
Nonperforming loans | - | - | - | 413 | 570 | ||||||||||||||||||
Other real estate owned | - | - | - | - | - | ||||||||||||||||||
Quarterly net charge-offs (recoveries) | 49 | (1 | ) | (1 | ) | (1 | ) | (1 | ) | ||||||||||||||
Allowance to loans | 0.49 | % | 0.39 | % | 0.37 | % | 0.33 | % | 1.20 | % | |||||||||||||
Allowance to nonperforming loans | - | - | - | 645 | % | 380 | % | ||||||||||||||||
Nonperforming loans to loans | 0.00 | % | 0.00 | % | 0.00 | % | 0.05 | % | 0.32 | % | |||||||||||||
Average Balance Information | Q1 2021 | Q4 2020 | Q3 2020 | Q2 2020 | Q1 2020 | ||||||||||||||||||
Loans | |||||||||||||||||||||||
Earning assets | 849,729 | 892,737 | 892,726 | 730,194 | 221,222 | ||||||||||||||||||
Assets | 865,093 | 908,173 | 907,075 | 743,522 | 232,986 | ||||||||||||||||||
Deposits | 373,053 | 311,071 | 279,100 | 285,689 | 196,486 | ||||||||||||||||||
Stockholders' equity | 34,623 | 32,757 | 31,055 | 28,126 | 27,953 | ||||||||||||||||||
Loans to deposits | 213 | % | 271 | % | 299 | % | 217 | % | 89 | % | |||||||||||||
Net interest margin | 2.86 | % | 2.48 | % | 2.28 | % | 2.23 | % | 3.55 | % | |||||||||||||