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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Peak Bancorp Inc (PK) | USOTC:IDFB | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 12.00 | 12.01 | 12.05 | 0.00 | 01:00:00 |
The net loss reported for the first quarter of 2009 was $395,000 compared with a loss of $728,000 in the first quarter of 2008 and $603,000 in the fourth quarter of 2008. The first quarter 2009 loss is less than those earlier quarters because of a reduced provision for credit losses. Net interest margin continued to contract as a result of extremely low interest rates but now appears to be stabilizing.
The allowance for loan losses was 1.54% of total loans at the end of the quarter and was 49% of nonperforming loans at March 31, 2009. The Bank continues to be impacted by worsening economic conditions both nationally and locally. As of March 31, 2009, nonperforming loans increased to $1,731,000, or 3.12% of loans. In addition, the Bank had $519,000 of other real estate owned bringing total nonperforming assets to $2,250,000. "The Bank's lending staff is working diligently with our clients to identify potential problems early and to begin mitigation actions as soon as possible," stated President and CEO Greg Lovell. He further noted that "despite these diligent efforts the economic climate will continue to be a negative impact on growth and credit this year."
On April 28, 2009, the Bank signed a Preferred Stock Purchase Agreement with Alcar, LLC wherein Alcar agrees to purchase $7.1 million of newly issued preferred stock of the Bank. The preferred stock will be convertible to common stock at a price of $5.00 per share, at their option, but not later than December 31, 2012. The preferred stock will have voting rights and will not pay dividends. The finalization of this investment is subject to approval by the bank regulatory agencies. The regulatory approvals are expected to be gained during the third quarter of 2009. When the investment is complete Mr. Robert Hirt and Mr. Gary Lieberman will represent this major investment by joining the Board of Directors.
Mr. Lieberman is the founder and Managing Director of Westside Advisors, LLC, an investment management firm located in New York City. Mr. Hirt is the founder and CEO of RPM Mortgage, Inc. of Walnut Creek, California. His company will originate approximately $3 billion in new residential mortgages this year in the twelve states in which they operate.
This investment will be subject to shareholder approval which should be completed before the end of the second quarter. Idaho First Bank is one of the few banks in the nation to have raised private capital this year. "We believe this investment significantly strengthens the balance sheet of the bank and provides a very solid base to reach profitability," said Mr. Lovell. "We are pleased to affiliate with a Bank that has established an impressive market share in a short time," stated Mr. Lieberman. Mr. Hirt added, "We believe that the combination of banking, investment, and mortgage lending will allow us to build a powerful and stable financial services company."
This capital infusion is extremely good news for all shareholders as it will allow the Bank to attain profitability shortly following the close of the transaction. Shareholders will receive additional information in the near future regarding this transaction.
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 loan production office in downtown Boise. The stock is traded over-the-counter under symbol IDFB.OB.
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: 2009 2008 Change --------- --------- --------------- Net interest income $ 556 $ 420 $ 136 32% Provision for loan losses 225 410 (185) -45% Mortgage banking income 65 33 32 97% Other noninterest income 49 43 6 14% Noninterest expenses 840 814 26 3% Net loss (395) (728) 333 46% At March 31: 2009 2008 Change --------- --------- --------------- Loans $ 55,394 $ 36,689 $ 18,705 51% Allowance for loan losses 854 462 392 85% Assets 67,558 46,193 21,365 46% Deposits 56,786 36,998 19,788 53% Stockholders' equity 6,124 5,361 763 14% Nonaccrual loans 1,133 147 986 Accruing loan more than 90 days past due 598 598 Other real estate owned 519 519 Total nonperforming assets 2,250 147 2,103 Book value per share 4.45 5.88 (1.43) -24% Shares outstanding 1,376,584 910,964 465,620 51% Allowance to loans 1.54% 1.26% Allowance to nonperforming loans 49% 314% Nonperforming loans to total loans 3.12% 0.40% Averages for the three months ended March 31: 2009 2008 Change --------- --------- --------------- Loans $ 53,814 $ 31,195 $ 22,619 73% Earning assets 65,418 40,563 24,855 61% Assets 68,547 42,984 25,563 59% Deposits 58,083 34,255 23,828 70% Stockholders' equity 6,057 5,717 340 6% Loans to deposits 93% 91% Net interest margin 3.45% 4.16% Idaho First Bank Quarterly Financial Highlights (unaudited) (Dollars in thousands) Q1 2009 Q4 2008 Q3 2008 Q2 2008 Q1 2008 -------- -------- -------- -------- -------- Net interest income $ 556 $ 537 $ 543 $ 477 $ 420 Provision for loan losses 225 400 175 65 410 Mortgage banking income 65 21 58 49 33 Other noninterest income 49 50 65 48 43 Noninterest expenses 840 811 840 836 814 Net loss (395) (603) (349) (327) (728) Period End Information Q1 2009 Q4 2008 Q3 2008 Q2 2008 Q1 2008 -------- -------- -------- -------- -------- Loans $ 55,394 $ 51,665 $ 45,833 $ 42,123 $ 36,689 Allowance for loan losses 854 741 697 527 462 Nonperforming loans 1,731 1,150 428 147 147 Other real estate owned 519 459 Quarterly net charge-offs 112 356 5 - 348 Allowance to loans 1.54% 1.43% 1.52% 1.25% 1.26% Allowance to nonperforming loans 49% 64% 163% 359% 314% Nonperforming loans to loans 3.12% 2.23% 0.93% 0.35% 0.40% Average Balance Information Q1 2009 Q4 2008 Q3 2008 Q2 2008 Q1 2008 -------- -------- -------- -------- -------- Loans $ 53,814 $ 47,504 $ 43,025 $ 39,929 $ 31,195 Earning assets 65,418 60,269 56,757 48,764 40,563 Assets 68,547 62,853 59,588 51,281 42,984 Deposits 58,083 53,441 50,236 42,810 34,255 Stockholders' equity 6,057 5,991 5,615 5,039 5,717 Loans to deposits 93% 89% 86% 93% 91% Net interest margin 3.45% 3.54% 3.81% 3.93% 4.16%
Contacts: Greg Lovell President and CEO 208-630-2001 Don Madsen CFO 208-947-0430
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