Idaho First Bank Reports Record Quarterly Results
(firmenpresse) - MCCALL, ID -- (Marketwired) -- 10/30/13 -- Today Idaho First Bank (OTCQB: IDFB) reported financial results for September 30, 2013. The Bank reported net income of $363,000 for the first nine months of 2013, compared to net income of $144,000 in the same period last year. The quarterly net income for the third quarter was a record $157,000, up significantly from quarterly net income of $105,000 in the third quarter of 2012.
Comparing the first nine months of 2013 to the same period in 2012, the Bank achieved a 9% increase in net interest income. This was driven by average loan growth of 3% and an improving net interest margin. Due to improved credit quality the provision for loan losses dropped from $525,000 to $410,000. Mortgage banking income was up 41%, contributing to the improved results. "The performance of the loan portfolio is having a positive impact on our earnings. Lower problem loan levels have reduced the negative drag on earnings," stated Greg Lovell President and CEO. He further said, "We continue to emphasize the purchase market in our real estate lending. This helps to soften any loss of business from a slow down in the refinance market."
Nonperforming assets were $1.3 million at September 30, 2013, a decrease of 8% from the prior year. The allowance for loan losses was 1.61% of loans at September 30.
As previously announced, the FDIC and the Idaho Department of Finance terminated the Consent Order that had been in place since early 2010. The termination of this formal regulatory order was a confirmation of the Bank's improvements in capital, earnings and asset quality. As a direct result of the removal of the Consent Order, the Bank will now be able to open a branch office in Boise. The Bank has purchased a building at 209 N 12th Street to house this downtown Boise branch. It is expected that the new branch will open in early January, following building renovations. The Bank's Mortgage Operation will continue to be located in downtown Boise at 205 S 5th Street.
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.
Contacts:
Greg Lovell
208.630.2001
Don Madsen
208.947.0430
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Datum: 30.10.2013 - 19:06 Uhr
Sprache: Deutsch
News-ID 311033
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MCCALL, ID
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Retail Banking
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