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MCCALL, Idaho, Aug. 23, 2019 (GLOBE NEWSWIRE) -- Idaho First Bank (the “Bank”) (OTC: IDFB) announced today unaudited financial results for the second quarter of 2019.
The Bank’s net income was $445 thousand for the six months ended June 30, 2019 compared with net income of $111 thousand for the same period in 2018. The main reason for the improvement was due to an increase in net interest income. Net interest income before the provision for loan losses was $4.0 million for the six months ended June 30, 2019, compared to $3.3 million for the same period in 2018. Mark Miller, Chairman of the Board, stated, “We are meeting our targets for growth and profitability and the Board is pleased to see the performance of the Bank.”
Total average assets grew $25.1 million, or 14%, to $208.3 million for the six months ended June 30, 2019 compared with $183.2 million for the same period in 2018. Average loans for the six months ending June 30, 2019 increased $13.5 million, or 9%, to $162.2 million at June 30, 2019 compared with $148.8 million for the same period in 2018. Most of the loan increases were in construction/land development, commercial and industrial, and commercial real estate categories. Average deposits for the six months ending June 30, 2019 increased $21.6 million, or 13%, to $183.8 million at June 30, 2019 compared to $162.2 for the same period in 2018. The largest deposit changes were increases to non-interest checking and time deposits of $10.4 million for both categories.
The allowance for loan losses stood at $2,004,000, or 1.30% of loans at June 30, 2019. Troubled asset ratios improved to remarkable lows at June 30, 2019, with nonperforming loans to total loans measuring just 0.09%. The Bank had a net recovery of $1,000 for the quarter. Nonperforming assets decreased to $149,000 as of June 30, 2019. The Bank has no other real estate owned. Kathleen Lewis, EVP and Chief Credit Officer commented, “While we continuously evaluate the loan portfolio, we are quite pleased with this noteworthy achievement of reaching this ratio of non-performing loans to total loans.”
Shareholders’ equity at June 30, 2019, was $19.4 million. Book value per share improved from $5.91 as of March 31, 2019, to $6.06 at June 30, 2019, as a result of the improvement in profitability and accretive stock issuances. “The Bank’s performance combined with additional capital continues to build the financial strength of the Bank and provides for continued strength to meet our growth and performance goals,” stated Greg Lovell, Idaho First Bank President and CEO.
The Bank also announced the promotion of Steve Speidel to Senior Vice-President and CFO. He replaces long-term CFO, Don Madsen, who retired as of June 30, 2019. “I welcome Steve into the executive suite of our Bank and say a heart-felt thank you to Don Madsen for the many years of excellent service to this organization,” said CEO Lovell.
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 or to view financials, visit 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.
President and CEO
Idaho First Bank