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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 Bank achieved a 22% increase in loan balances from the prior year. This was the result of increased calling efforts and economic growth in the Bank's market areas. Deposits showed a 7% increase during the year ended June 30, 2012. "Our balance sheet is shifting to higher earning assets and lower cost funding sources," stated CEO Greg Lovell. He added, "As economic conditions slowly continue to improve, we see additional loan growth and lower funding costs."
In addition to the strong loan growth, the Bank experienced good growth in its mortgage operations. This division grew revenues by 90% during the first six months of the year. Lovell said, "Our mortgage group has been a strong performer as the local market conditions have improved."
Net income for the second quarter of 2012 was $16,000 compared to a net loss of $126,000 in the second quarter of 2011. While slightly lower than the $23,000 profit reported for first quarter 2012, the Bank believes it will see improving performance for the remainder of the year.
Nonperforming assets were $2.1 million at June 30, 2012, an increase from the prior year, but an improvement from March 31, 2012. Net charge-offs for the second quarter were at a relatively high level of $215,000. However, it is typical to have significant fluctuations from quarter to quarter and this level of charge-offs is not expected to continue. Mr. Lovell commented, "We are cautiously optimistic about the improving trends in our portfolio. We continue to closely monitor the performance of our loan portfolio and aggressively take action as problems arise."
Stockholders' equity was $4.7 million at June 30, 2012, or 6% of assets. Book value was 58 cents per share. 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.
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 six months ended June 30: 2012 2011 Change ---------- ---------- ----------------- Net interest income $ 1,414 $ 1,007 $ 407 40% Provision for loan losses 250 210 40 19% Mortgage banking income 725 382 343 90% Other noninterest income 124 113 11 10% Noninterest expenses 1,974 1,561 413 26% Net income (loss) 39 (269) 308 114% At June 30: 2012 2011 Change ---------- ---------- ----------------- Loans $ 70,836 $ 58,087 $ 12,749 22% Allowance for loan losses 794 1,050 (256) -24% Assets 80,635 76,814 3,821 5% Deposits 73,477 68,889 4,588 7% Stockholders' equity 4,742 4,564 178 4% Nonaccrual loans 1,182 847 335 40% Accruing loan more than 90 days past due - - - Other real estate owned 874 979 (105) -11% Total nonperforming assets 2,056 1,826 230 13% Book value per share 0.58 0.57 0.01 2% Shares outstanding 8,129,932 7,949,932 180,000 2% Allowance to loans 1.12% 1.81% Allowance to nonperforming loans 67% 124% Nonperforming loans to total loans 1.67% 1.46% Averages for the six months ended June 30: 2012 2011 Change ---------- ---------- ----------------- Loans $ 66,112 $ 53,924 $ 12,188 23% Earning assets 75,083 75,877 (794) -1% Assets 78,408 78,296 112 0% Deposits 71,227 69,839 1,388 2% Stockholders' equity 4,717 4,639 78 2% Loans to deposits 93% 77% Net interest margin 3.79% 2.68% Idaho First Bank Quarterly Financial Highlights (unaudited) (Dollars in thousands) Income Statement Q2 2012 Q1 2012 Q4 2011 Q3 2011 Q2 2011 -------- -------- -------- -------- -------- Net interest income $ 716 $ 698 $ 630 $ 627 $ 563 Provision for loan losses 135 115 30 10 125 Mortgage banking income 499 226 313 180 180 Other noninterest income 68 56 60 55 52 Noninterest expenses 1,132 842 902 797 796 Net income (loss) 16 23 71 55 (126) Period End Information Q2 2012 Q1 2012 Q4 2011 Q3 2011 Q2 2011 -------- -------- -------- -------- -------- Loans $ 70,836 $ 66,109 $ 64,133 $ 60,895 $ 58,087 Allowance for loan losses 794 874 1,052 1,073 1,050 Nonperforming loans 1,182 1,856 1,048 833 847 Other real estate owned 874 887 887 656 979 Quarterly net charge- offs 215 293 51 (14) 254 Allowance to loans 1.12% 1.32% 1.64% 1.76% 1.81% Allowance to nonperforming loans 67% 47% 100% 129% 124% Nonperforming loans to loans 1.67% 2.81% 1.63% 1.37% 1.46% Average Balance Information Q2 2012 Q1 2012 Q4 2011 Q3 2011 Q2 2011 -------- -------- -------- -------- -------- Loans $ 67,536 $ 64,689 $ 63,221 $ 58,569 $ 54,613 Earning assets 76,314 73,853 72,229 75,560 73,629 Assets 79,672 77,144 75,007 78,188 76,158 Deposits 72,547 69,907 66,891 70,258 68,241 Stockholders' equity 4,726 4,707 4,660 4,574 4,582 Loans to deposits 93% 93% 95% 83% 80% Net interest margin 3.77% 3.80% 3.46% 3.29% 3.07%
Contacts: Greg Lovell 208.630.2001 Don Madsen 208.947.0430
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