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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 |
Compared to the prior year, the Bank achieved a 10% increase in net interest income. This was driven by average loan growth of 5% and an improving net interest margin. Mortgage banking income also contributed to the improved results. Mortgage banking income was almost three times the amount received last year.
During the first quarter of 2013, the Bank received additional capital of $1.3 million as part of a private placement offering began in 2012. Mr. Mark Miller, Chairman of the Board, stated, "The Board and Senior Management had significant participation in the offering and their investment represented 65% of the new capital."
Nonperforming assets were $1.3 million at March 31, 2013, a decrease of 51% from the prior year. The allowance for loan losses was 1.37% of loans at March 31 and 133% of nonperforming loans. 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 $6.4 million at March 31, 2013, or 8% of assets. Book value was 57 cents per share, two cents less than a year ago. There was slight dilution from the new offering at 42 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 quarter ended March 31: 2013 2012 Change ----------- ----------- ----------------- Net interest income $ 771 $ 698 $ 73 10% Provision for loan losses 130 115 15 13% Mortgage banking income 658 226 432 191% Other noninterest income 77 56 21 38% Noninterest expenses 1,270 842 428 51% Net income 106 23 83 361% At March 31: 2013 2012 Change ----------- ----------- ----------------- Loans $ 68,195 $ 66,109 $ 2,086 3% Allowance for loan losses 934 874 60 7% Assets 82,460 76,519 5,941 8% Deposits 73,694 69,402 4,292 6% Stockholders' equity 6,382 4,730 1,652 35% Nonaccrual loans 698 824 (126) -15% Accruing loans more than 90 days past due 5 1,032 (1,027) -100% Other real estate owned 633 887 (254) -29% Total nonperforming assets 1,336 2,743 (1,407) -51% Book value per share 0.57 0.59 (0.02) -3% Shares outstanding 11,277,155 7,999,932 3,277,223 41% Allowance to loans 1.37% 1.32% Allowance to nonperforming loans 133% 47% Nonperforming loans to total loans 1.03% 2.81% Averages for the quarter ended March 31: 2013 2012 Change ----------- ----------- ----------------- Loans $ 67,918 $ 64,689 $ 3,229 5% Earning assets 80,068 73,853 6,215 8% Assets 83,181 77,144 6,037 8% Deposits 75,540 69,907 5,633 8% Stockholders' equity 5,274 4,707 567 12% Loans to deposits 90% 93% Net interest margin 3.91% 3.80% Idaho First Bank Quarterly Financial Highlights (unaudited) (Dollars in thousands) Income Statement Q1 2013 Q4 2012 Q3 2012 Q2 2012 Q1 2012 ------- ------- ------- ------- ------- Net interest income $ 771 $ 788 $ 799 $ 716 $ 698 Provision for loan losses 130 160 275 135 115 Mortgage banking income 658 486 727 499 226 Other noninterest income 77 82 71 68 56 Noninterest expenses 1,270 1,078 1,217 1,132 842 Net income 106 118 105 16 23 Period End Information Q1 2013 Q4 2012 Q3 2012 Q2 2012 Q1 2012 ------- ------- ------- ------- ------- Loans $68,195 $72,187 $69,085 $70,836 $66,109 Allowance for loan losses 934 1,114 1,108 794 874 Nonperforming loans 703 1,012 1,369 1,182 1,856 Other real estate owned 633 827 857 874 887 Quarterly net charge-offs 310 154 (39) 215 293 Allowance to loans 1.37% 1.54% 1.60% 1.12% 1.32% Allowance to nonperforming loans 133% 110% 81% 67% 47% Nonperforming loans to loans 1.03% 1.40% 1.98% 1.67% 2.81% Average Balance Information Q1 2013 Q4 2012 Q3 2012 Q2 2012 Q1 2012 ------- ------- ------- ------- ------- Loans $67,918 $69,745 $70,427 $67,536 $64,689 Earning assets 80,068 79,651 79,549 76,314 73,853 Assets 83,181 83,104 82,962 79,672 77,144 Deposits 75,540 75,495 75,185 72,547 69,907 Stockholders' equity 5,274 4,886 4,778 4,726 4,707 Loans to deposits 90% 92% 94% 93% 93% Net interest margin 3.91% 3.94% 4.00% 3.77% 3.80%
Contacts: Greg Lovell 208.630.2001 Don Madsen 208.947.0430
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