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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 |
In addition to achieving profitable operations during the current quarter, the Bank reported a substantially lower loss for the first nine months of 2011 compared to the same period for all prior years. The year-to-date loss of $214,000 is significantly lower than the loss of $1,587,000 for the same period in 2010. Continuing improvement in credit portfolio performance trends resulted in a decline in the provision for loan losses. The provision for the first nine months of 2011 was $220,000 compared to $1,100,000 in the first nine months of 2010. Other major contributors to the improving operating results were a 35% increase in mortgage banking income and a 12% reduction in non-interest expenses.
"We are pleased to see that our focus on credit management, improving our mortgage income, and close management of our non-interest expenses are beginning to show in the results of operations. By focusing on these areas and continuing to work closely with our clients, we believe the Bank will be able to sustain profitability," stated Greg Lovell, President of the Bank.
Nonperforming assets declined from $3.1 million at September 30, 2010, to $1.5 million at September 30, 2011. Mr. Lovell, commented, "We are gratified by the significant drop in nonperforming assets. We feel that the Bank has survived the worst of the economic crisis and that nonperforming assets can continue to improve." He cautioned however, "The on-going economic condition of our primary market continues under stress and could adversely affect future performance."
Stockholders' equity was $4.6 million at September 30, 2011, or 6% of assets. Book value per share was 58 cents per share. The Bank is currently in the midst of a private stock offering to accredited investors. The goal of this offering is to increase the capital to asset ratio above 10%.
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 nine months ended September 30: 2011 2010 Change ---------- ---------- --------------------- Net interest income $ 1,634 $ 1,618 $ 16 1% Provision for loan losses 220 1,100 (880) -80% Mortgage banking income 562 416 146 35% Other noninterest income 168 149 19 13% Noninterest expenses 2,358 2,670 (312) -12% Net loss (214) (1,587) 1,373 87% At September 30: 2011 2010 Change ---------- ---------- --------------------- Loans $ 60,895 $ 57,521 $ 3,374 6% Allowance for loan losses 1,073 1,073 - 0% Assets 76,408 84,792 (8,384) -10% Deposits 68,433 76,473 (8,040) -11% Stockholders' equity 4,629 2,718 1,911 70% Nonaccrual loans 379 1,292 (913) -71% Accruing loan more than 90 days past due 454 591 (137) -23% Other real estate owned 656 1,243 (587) -47% Total nonperforming assets 1,489 3,126 (1,637) -52% Book value per share 0.58 1.88 (1.30) -69% Shares outstanding 7,949,932 1,448,284 6,501,648 449% Allowance to loans 1.76% 1.87% Allowance to nonperforming loans 129% 57% Nonperforming loans to total loans 1.37% 3.27% Averages for the nine months ended September 30: 2011 2010 Change ---------- ---------- --------------------- Loans $ 55,489 $ 56,970 $ (1,481) -3% Earning assets 75,770 80,484 (4,714) -6% Assets 78,259 82,580 (4,321) -5% Deposits 69,980 73,917 (3,937) -5% Stockholders' equity 4,617 3,112 1,505 48% Loans to deposits 79% 77% Net interest margin 2.88% 2.69% Idaho First Bank Quarterly Financial Highlights (unaudited) (Dollars in thousands) Income Statement Q3 2011 Q2 2011 Q1 2011 Q4 2010 Q3 2010 --------- --------- --------- --------- --------- Net interest income $ 627 $ 563 $ 444 $ 496 $ 563 Provision for loan losses 10 125 85 450 100 Investment securities gains 321 Mortgage banking income 180 180 202 255 250 Other noninterest income 55 52 61 46 51 Noninterest expenses 797 796 765 1,059 946 Net income (loss) 55 (126) (143) (391) (182) Period End Information Q3 2011 Q2 2011 Q1 2011 Q4 2010 Q3 2010 --------- --------- --------- --------- --------- Loans $ 60,895 $ 58,087 $ 53,976 $ 53,081 $ 57,521 Allowance for loan losses 1,073 1,050 1,179 1,025 1,073 Nonperforming loans 833 847 2,340 1,871 1,883 Other real estate owned 656 979 866 1,064 1,243 Quarterly net charge-offs (14) 254 (69) 498 143 Allowance to loans 1.76% 1.81% 2.18% 1.93% 1.87% Allowance to nonperforming loans 129% 124% 50% 55% 57% Nonperforming loans to loans 1.37% 1.46% 4.34% 3.52% 3.27% Average Balance Information Q3 2011 Q2 2011 Q1 2011 Q4 2010 Q3 2010 --------- --------- --------- --------- --------- Loans $ 58,569 $ 54,613 $ 53,226 $ 56,271 $ 57,165 Earning assets 75,560 73,629 78,150 79,035 82,617 Assets 78,188 76,158 80,457 81,720 84,774 Deposits 70,258 68,241 71,456 73,256 76,661 Stockholders' equity 4,574 4,582 4,696 3,014 2,568 Loans to deposits 83% 80% 74% 77% 75% Net interest margin 3.29% 3.07% 2.30% 2.49% 2.70%
Contacts: Greg Lovell 208.630.2001 Don Madsen 208.947.0430
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