Enterprising Investor
6 months ago
BAWAG and Peak Bancorp, Inc. Announce Receipt of All Regulatory Approvals (11/02/23)
BOISE, Idaho, Nov. 02, 2023 (GLOBE NEWSWIRE) -- Peak Bancorp, Inc. (“Peak”), and its subsidiary bank, Idaho First Bank (collectively, the “Bank”) (OTC: IDFB) and BAWAG Group today announced the receipt of all regulatory approvals required for BAWAG to complete the previously announced acquisition of Peak Bancorp, the holding company for Idaho First Bank, a state-chartered community bank. The purchase price remains consistent with the original agreement of $65 million. The closing of the deal will be scheduled for November 30, 2023.
Once the acquisition is completed, BAWAG Group will work with the current leadership team of Idaho First Bank to continue growing its community-focused banking presence in Idaho and adjacent markets. The acquisition provides Idaho First Bank the opportunity to continue growing and serving more customers by leveraging the operational support and financial strength of the broader banking group. It also provides BAWAG Group with a banking platform to pursue further growth opportunities across the United States, while maintaining a disciplined approach to lending focused on risk-adjusted returns and profitable growth.
Todd Cooper, CEO of Peak Bancorp and Idaho First Bank stated, “Today, more than ever, a community bank focused on serving main street businesses and local communities is vital to economic growth. We are excited about this transaction because it allows Idaho First to continue filling that role backed by the financial strength of BAWAG Group.” Mark Miller, Peak Bancorp’s Chairman of the Board continued, “We are proud of the financial performance of Idaho First Bank since the transaction announcement, particularly proud of the performance during 2023, and excited about the opportunities this transaction provides our team, our customers, and our communities. Additionally, shareholders representing nearly one-third of Peak Bancorp ownership have communicated an intent to reinvest after-tax net proceeds from the sale of the Bank into BAWAG stock as we are excited about the many growth opportunities ahead for BAWAG Group.”
Anas Abuzaakouk, CEO, commented: “We are excited about the acquisition of Peak Bancorp and the many opportunities this presents for the Group. Despite the various challenges faced by the US banking sector this year, we have been pleased with the performance of Idaho First Bank, which reflects the financial strength and resilience of the franchise as well as the quality of leadership and the broader team. This acquisition provides BAWAG Group with a US banking platform to drive organic growth in Idaho and across the United States, adding yet another channel for growth. We look forward to welcoming the Idaho First Bank team into the BAWAG family and continuing to grow the franchise.”
About Peak Bancorp
Peak Bancorp, Inc., is the holding company for Idaho First Bank (IFB) a full-service state-chartered community bank established in October 2005 and headquartered in McCall, Idaho. Known for its People First and Community First motto, the Bank serves the greater Southwest Idaho and Central Oregon communities. Branch locations include McCall, New Meadows, Eagle, Ketchum, Nampa, Boise, and Bend. Idaho First Bank is a member of the FDIC and an Equal Housing Lender. For more information, visit us at www.idahofirstbank.com
About BAWAG Group
BAWAG Group AG is a publicly listed holding company headquartered in Vienna, Austria, serving 2.1 million retail, small business, corporate, real estate and public sector customers across Austria, Germany, Switzerland, Netherlands, Western Europe and the United States. The Group operates under various brands and across multiple channels offering comprehensive savings, payment, lending, leasing, investment, building society, factoring and insurance products and services. Our goal is to deliver simple, transparent, and affordable financial products and services that our customers need.
BAWAG Group’s Investor Relations website https://www.bawaggroup.com/ir contains further information, including financial and other information for investors.
https://www.globenewswire.com/news-release/2023/11/02/2772924/0/en/BAWAG-and-Peak-Bancorp-Inc-Announce-Receipt-of-All-Regulatory-Approvals.html
AskMuncher
2 years ago
$IDFB UPDATE -- BAWAG Group Agrees to Acquire Peak Bancorp
Press Release | 02/02/2022
MCCALL, Idaho, Feb. 02, 2022 (GLOBE NEWSWIRE) -- Peak Bancorp, Inc., (the Company) (OTC: IDFB), the holding company for Idaho First Bank (the Bank), today announced the signing of an agreement to sell 100% of the shares of Peak Bancorp, Inc. to BAWAG Group, a publicly listed holding company headquartered in Vienna, Austria for $65 million. This cash transaction represents a diluted per share price of $12.05, and is subject to shareholder and regulatory approval.
BAWAG Group will work with the current leadership team of Idaho First Bank to continue growing its community banking focused business in Idaho and adjacent markets, while also providing the operational support and financial strength of a broader banking group. The acquisition enables BAWAG Group to expand its footprint in the United States and better position it for future growth in one of the bank’s core markets.
Todd Cooper, CEO and President of Peak Bancorp, Inc., stated, “We are extremely excited about the opportunity to join BAWAG Group, and are proud to be a focal point for its U.S. expansion efforts. This partnership will allow us to continue serving our markets with a Community First focus. We will be able to leverage BAWAG’s resources, depth, and diversification to better serve our communities and banking customers, while also providing exceptional value to Peak Bancorp shareholders.”
“We are excited about the acquisition of Peak Bancorp and the many opportunities this presents for the Group. This acquisition provides us with a US banking platform to drive organic growth in Idaho and across the United States – growing in a core market that is deep, broad, and transparent. The combination of Idaho First Bank’s community-focused banking augmented with access to new origination channels, capital, and the operational capabilities of the Group will allow us to grow and build a scalable and efficient Retail & SME banking platform. I‘m excited to welcome the whole Idaho First team into the BAWAG family and look forward to the many opportunities ahead,” commented Anas Abuzaakouk, CEO of BAWAG Group.
About Peak Bancorp, Inc.
Peak Bancorp, Inc., is the holding company for Idaho First Bank, a state chartered community bank headquartered in McCall, Idaho. Known for its People First motto, Idaho First Bank serves greater southwest Idaho with branches located in McCall, New Meadows, Eagle, Ketchum, Nampa and Boise, and a loan production office in Bend, Oregon. Idaho First Bank is a member of the FDIC and an Equal Housing Lender.
About BAWAG Group
BAWAG Group AG is a publicly listed holding company headquartered in Vienna, Austria, serving 2.3 million retail, small business, corporate and public sector customers across Austria, Germany, Switzerland, Netherlands, Western Europe and the United States. The Group operates under various brands and across multiple channels offering comprehensive savings, payment, lending, leasing, investment, building society, factoring and insurance products and services. Our goal is to deliver simple, transparent, and affordable financial products and services that our customers need.
CONTACT:
Todd Cooper
President and CEO – Peak Bancorp, Inc.
208.630.2092 – tcooper@idahofirstbank.com
AskMuncher
2 years ago
$IDFB Peak Bancorp, Inc. Announces 3rd Quarter 2021 Results
Press Release | 10/28/2021
MCCALL, Idaho, Oct. 28, 2021 (GLOBE NEWSWIRE) -- Peak Bancorp, Inc., (the Company) (OTC: IDFB), the holding company for Idaho First Bank (the Bank), today announced unaudited financial results for the third quarter ended September 30, 2021.
The Company recognized net income of $1.29 million in the third quarter of 2021, bringing year-to-date net income through the first three quarters of the year to $4.59 million. Book value per share increased to $7.75 per share at the end of the quarter, compared to $7.48 at the previous quarter-end, and $6.62 the same time last year. Chairman Mark Miller noted, “The Board is proud of the team for producing these year-to-date results, and confident the momentum will continue through year-end.”
The Company’s loan portfolio ended the period at $421 million, which included $82 million in Paycheck Protection Program (PPP) loans. This represented growth in the loan portfolio – excluding PPP – of $19 million over the previous quarter, and growth of $106 million from Q3 2020. Deposits ended the quarter at $408 million which is an increase of $124 million from Q3 2020. “Our bank continues to grow as our talented team finds opportunities to expand in our vibrant local economies by providing a People First customer experience,” stated Todd Cooper, CEO.
Credit quality and portfolio performance both remain strong, and the bank continues to fund the allowance for loan loss to support the growing loan balances. At quarter-end the allowance was $4.5 million or 1.34% of loans less PPP balances. Chief Credit Officer Shannon Stoeger commented, “Proactively monitoring our borrowing relationships and maintaining our underwriting standards is key to the good portfolio performance to date.”
About Peak Bancorp, Inc.
Peak Bancorp, Inc., is the holding company for Idaho First Bank, a state chartered community bank headquartered in McCall, Idaho. Known for its People First motto, Idaho First Bank serves greater southwest Idaho with branches located in McCall, New Meadows, Eagle, Ketchum, Nampa and Boise, and a loan production office in Bend, Oregon. Idaho First Bank is a member of the FDIC and an Equal Housing Lender. For more information, visit us at www.idahofirstbank.com
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 forward-looking statements after the date of this release. This statement is included for the express purpose of invoking PSLRA’s safe harbor provisions.
Peak Bancorp, Inc.
Consolidated Financial Highlights (unaudited)
(Dollars in thousands, except per share)
For the nine months ended September 30: 2021 2020 Change
Net interest income $16,711 $11,114 $5,597 50 %
Provision for loan losses 1,400 1,070 330 31 %
Mortgage banking income 1,172 377 795 211 %
Other noninterest income 603 438 165 38 %
Noninterest expenses 10,810 8,315 2,495 30 %
Net income before taxes 6,276 2,544 3,732 147 %
Tax provision 1,688 685 1,003 146 %
Net income $4,588 $1,859 $2,729 147 %
At September 30: 2021 2020 Change
Loans $420,832 $856,333 $(435,501 ) -51 %
Allowance for loan losses 4,530 3,168 1,361 43 %
Assets 550,658 916,695 (366,037 ) -40 %
Deposits 407,508 283,678 123,829 44 %
Stockholders' equity 40,639 32,296 8,343 26 %
Nonaccrual loans 673 - 673
Accruing loans more than 90 days past due - - -
Other real estate owned - - -
Total nonperforming assets 673 - 673
Book value per share 7.75 6.62 1.13 17 %
Shares outstanding 5,246,306 4,875,122 371,184 8 %
Allowance to loans 1.08% 0.37%
Allowance to nonperforming loans 673% -
Nonperforming loans to total loans 0.16% 0.00%
Averages for the nine months ended September 30: 2021 2020 Change
Loans $647,524 $544,329 $103,196 19 %
Earning assets 734,650 615,728 118,922 19 %
Assets 750,229 628,880 121,349 19 %
Deposits 396,046 253,851 142,195 56 %
Stockholders' equity 37,490 29,052 8,438 29 %
Loans to deposits 163% 214%
Net interest margin 3.04% 2.41%
Peak Bancorp, Inc.
Quarterly Consolidated Financial Highlights (unaudited)
(Dollars in thousands)
Income Statement Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020
Net interest income $5,040 $5,680 $5,990 $5,556 $5,106
Provision for loan losses 300 600 500 - 500
Mortgage banking income 300 403 468 541 253
Other noninterest income 226 195 182 172 169
Noninterest expenses 3,500 3,760 3,549 4,646 3,695
Net income before taxes 1,766 1,918 2,592 1,622 1,332
Tax provision 478 515 695 432 357
Net income $1,288 $1,403 $1,897 $1,190 $975
Period End Information Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020
Loans $420,832 $541,392 $734,137 $819,117 $856,333
Deposits 407,508 404,899 390,133 348,181 283,678
Allowance for loan losses 4,530 4,221 3,620 3,169 3,168
Nonperforming loans 673 10 - - -
Other real estate owned - - - - -
Quarterly net charge-offs (recoveries) (9 ) (1 ) 49 (1 ) (1 )
Allowance to loans 1.08% 0.78% 0.49% 0.39% 0.37%
Allowance to nonperforming loans 673% 42301% - - -
Nonperforming loans to loans 0.16% 0.00% 0.00% 0.00% 0.00%
Average Balance Information Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020
Loans $475,672 $674,937 $795,479 $843,342 $833,805
Earning assets 604,581 752,334 849,729 892,737 892,726
Assets 619,559 768,735 865,093 908,173 907,075
Deposits 407,186 407,522 373,053 311,071 279,100
Stockholders' equity 39,789 38,003 34,623 32,757 31,055
Loans to deposits 117% 166% 213% 271% 299%
Net interest margin 3.31% 3.03% 2.86% 2.48% 2.28%
CONTACT:
Todd Cooper
President and CEO – Peak Bancorp, Inc.
208.630.2092 – tcooper@idahofirstbank.com
AskMuncher
2 years ago
$IDFB Peak Bancorp, Inc. Announces 3rd Quarter 2021 Results
Press Release | 10/28/2021
MCCALL, Idaho, Oct. 28, 2021 (GLOBE NEWSWIRE) -- Peak Bancorp, Inc., (the Company) (OTC: IDFB), the holding company for Idaho First Bank (the Bank), today announced unaudited financial results for the third quarter ended September 30, 2021.
The Company recognized net income of $1.29 million in the third quarter of 2021, bringing year-to-date net income through the first three quarters of the year to $4.59 million. Book value per share increased to $7.75 per share at the end of the quarter, compared to $7.48 at the previous quarter-end, and $6.62 the same time last year. Chairman Mark Miller noted, “The Board is proud of the team for producing these year-to-date results, and confident the momentum will continue through year-end.”
The Company’s loan portfolio ended the period at $421 million, which included $82 million in Paycheck Protection Program (PPP) loans. This represented growth in the loan portfolio – excluding PPP – of $19 million over the previous quarter, and growth of $106 million from Q3 2020. Deposits ended the quarter at $408 million which is an increase of $124 million from Q3 2020. “Our bank continues to grow as our talented team finds opportunities to expand in our vibrant local economies by providing a People First customer experience,” stated Todd Cooper, CEO.
Credit quality and portfolio performance both remain strong, and the bank continues to fund the allowance for loan loss to support the growing loan balances. At quarter-end the allowance was $4.5 million or 1.34% of loans less PPP balances. Chief Credit Officer Shannon Stoeger commented, “Proactively monitoring our borrowing relationships and maintaining our underwriting standards is key to the good portfolio performance to date.”
About Peak Bancorp, Inc.
Peak Bancorp, Inc., is the holding company for Idaho First Bank, a state chartered community bank headquartered in McCall, Idaho. Known for its People First motto, Idaho First Bank serves greater southwest Idaho with branches located in McCall, New Meadows, Eagle, Ketchum, Nampa and Boise, and a loan production office in Bend, Oregon. Idaho First Bank is a member of the FDIC and an Equal Housing Lender. For more information, visit us at www.idahofirstbank.com
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 forward-looking statements after the date of this release. This statement is included for the express purpose of invoking PSLRA’s safe harbor provisions.
Peak Bancorp, Inc.
Consolidated Financial Highlights (unaudited)
(Dollars in thousands, except per share)
For the nine months ended September 30: 2021 2020 Change
Net interest income $16,711 $11,114 $5,597 50 %
Provision for loan losses 1,400 1,070 330 31 %
Mortgage banking income 1,172 377 795 211 %
Other noninterest income 603 438 165 38 %
Noninterest expenses 10,810 8,315 2,495 30 %
Net income before taxes 6,276 2,544 3,732 147 %
Tax provision 1,688 685 1,003 146 %
Net income $4,588 $1,859 $2,729 147 %
At September 30: 2021 2020 Change
Loans $420,832 $856,333 $(435,501 ) -51 %
Allowance for loan losses 4,530 3,168 1,361 43 %
Assets 550,658 916,695 (366,037 ) -40 %
Deposits 407,508 283,678 123,829 44 %
Stockholders' equity 40,639 32,296 8,343 26 %
Nonaccrual loans 673 - 673
Accruing loans more than 90 days past due - - -
Other real estate owned - - -
Total nonperforming assets 673 - 673
Book value per share 7.75 6.62 1.13 17 %
Shares outstanding 5,246,306 4,875,122 371,184 8 %
Allowance to loans 1.08% 0.37%
Allowance to nonperforming loans 673% -
Nonperforming loans to total loans 0.16% 0.00%
Averages for the nine months ended September 30: 2021 2020 Change
Loans $647,524 $544,329 $103,196 19 %
Earning assets 734,650 615,728 118,922 19 %
Assets 750,229 628,880 121,349 19 %
Deposits 396,046 253,851 142,195 56 %
Stockholders' equity 37,490 29,052 8,438 29 %
Loans to deposits 163% 214%
Net interest margin 3.04% 2.41%
Peak Bancorp, Inc.
Quarterly Consolidated Financial Highlights (unaudited)
(Dollars in thousands)
Income Statement Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020
Net interest income $5,040 $5,680 $5,990 $5,556 $5,106
Provision for loan losses 300 600 500 - 500
Mortgage banking income 300 403 468 541 253
Other noninterest income 226 195 182 172 169
Noninterest expenses 3,500 3,760 3,549 4,646 3,695
Net income before taxes 1,766 1,918 2,592 1,622 1,332
Tax provision 478 515 695 432 357
Net income $1,288 $1,403 $1,897 $1,190 $975
Period End Information Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020
Loans $420,832 $541,392 $734,137 $819,117 $856,333
Deposits 407,508 404,899 390,133 348,181 283,678
Allowance for loan losses 4,530 4,221 3,620 3,169 3,168
Nonperforming loans 673 10 - - -
Other real estate owned - - - - -
Quarterly net charge-offs (recoveries) (9 ) (1 ) 49 (1 ) (1 )
Allowance to loans 1.08% 0.78% 0.49% 0.39% 0.37%
Allowance to nonperforming loans 673% 42301% - - -
Nonperforming loans to loans 0.16% 0.00% 0.00% 0.00% 0.00%
Average Balance Information Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020
Loans $475,672 $674,937 $795,479 $843,342 $833,805
Earning assets 604,581 752,334 849,729 892,737 892,726
Assets 619,559 768,735 865,093 908,173 907,075
Deposits 407,186 407,522 373,053 311,071 279,100
Stockholders' equity 39,789 38,003 34,623 32,757 31,055
Loans to deposits 117% 166% 213% 271% 299%
Net interest margin 3.31% 3.03% 2.86% 2.48% 2.28%
CONTACT:
Todd Cooper
President and CEO – Peak Bancorp, Inc.
208.630.2092 – tcooper@idahofirstbank.com
genlou
11 years ago
56Chevy, MCCALL, ID--(Marketwired - Sep 4, 2013) - Idaho First Bank (OTCQB: IDFB) reported it was notified by the Federal Deposit Insurance Corporation ("FDIC") and the Idaho State Department of Finance ("DOF") that the Consent Order dated February 10, 2010, between the FDIC, DOF and Idaho First Bank was terminated as of August 29, 2013.
Chairman of the Board, Mark Miller stated, "We are happy to receive this communication. We worked closely with the regulatory authorities during this difficult time and appreciate this recognition of the hard work by staff, management, and Board to improve the Bank's financial condition." He continued by saying, "We also appreciate the commitment by our shareholders and our customers for working with us during this time."
"The Bank, with the removal of the Consent Order, is in a position to capitalize on the improvements we have made during the recession. We are leaner, more efficient, and will continue to meet our clients' banking needs," said Greg Lovell, President and CEO. He further stated, "We have raised additional capital and exceed the regulatory definition of 'well-capitalized.' However, our continued goal is to achieve a ten percent Tier One Capital ratio."
The Bank will continue to operate under an informal agreement with the FDIC and DOF. The termination of the formal order however is a reflection of the improvement in financial performance and diligence by the Board of Directors and staff in addressing the terms of the Consent Order while providing high levels of client service to its customers.
Idaho First Bank is a state-chartered commercial bank that opened for business in October 2005. Its headquarters are 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.
Contact:
56Chevy
11 years ago
Idaho First Bank Reports Mid-Year Results
Date : 07/30/2013 @ 9:13AM
Source : Marketwired
Stock : Idaho First Bank (id) (QB) (IDFB)
Quote : 0.44 0.0 (0.00%) @ 5:01PM
Today Idaho First Bank (OTCQB: IDFB) reported financial results for June 30, 2013. The Bank reported net income of $206,000 for the first half of 2013, compared to net income of $39,000 in the same period last year. The quarterly net income for the second quarter was $100,000, down slightly from first quarter income of $106,000, but significantly higher than the $16,000 of income in the second quarter of 2012.
In the first six months of 2013 the Bank issued $1.6 million of new stock, significantly improving the Bank's capital position. In additional to the new capital already raised, the Bank is continuing its private placement offering to accredited investors with a goal of a 10% capital to asset ratio. At June 30, 2013, the capital to asset ratio was 8%. "We believe with this improved performance and the additional capital we have substantially improved the status of the Bank," stated Mark Miller, Chairman of the Board.
Comparing the first half of 2013 to the first half of 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. Mortgage banking income also contributed to the improved results. Mortgage banking income was almost up 77% from last year. "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."
During the second quarter the Bank purchased the real estate of the Bank's main office in McCall. This purchase reduced significantly the cost of occupancy going forward. "We intend to lease out excess space and, to date, have been successful in implementing that strategy," stated President Lovell. A portion of the purchase price was paid in stock further increasing the capital of the Bank.
Nonperforming assets were $1.1 million at June 30, 2013, a decrease of 7% from the prior year. The allowance for loan losses was 1.37% of loans at June 30. Chief Credit Officer Jerry Jutting said, "We believe the worst of our legacy credits are behind us now and we have been adding quality core loans to our portfolio."
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.
[....]
http://ih.advfn.com/p.php?pid=nmona&article=58602989
*Book value per share on 8/1/2013 is 0.56...while Market value is .44.
IDFB is "on sale" for 21% below BV.
The O/S count is: 12,003,349
**Leasing out space in their newly purchased building will be a source of future income as well.
BigCat
11 years ago
Idaho First Bank Q1 net income up
3 days 1 hours 43 minutes ago - Datamonitor via Comtex
Idaho First Bank has reported a net income of $106,000, for the first quarter ended March 31, 2013, compared to $23,000, for the first quarter ended March 31, 2012.
Net interest income for the first quarter ended March 31, 2013 was $771,000, compared to $698,000, for the first quarter ended March 31, 2012.
Other non-interest income for the first quarter ended March 31, 2013 was $77,000, compared to $56,000, for the first quarter ended March 31, 2012.
Assets as of March 31, 2013 were $82.46 million, compared to $76.52 million, as of March 31, 2012.
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."
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mrbizzard
13 years ago
Today Idaho First Bank (OTCQB: IDFB) reported financial results for the first half of 2011. "The Bank has achieved its best performance during the quarter ended June 30, 2011. Despite lower than anticipated loan volume we continue to see steady improvement in the operations of the Bank," stated Greg Lovell, President and Chief Executive Officer. Chairman Mark Miller added, "We still have progress to make and the Board and Management continues its diligent work towards achieving profitable operations during the remainder of this year."
The Bank reported a loss of $269,000 for the first half of 2011 compared to a loss of $1,405,000 for the corresponding period in 2010. The trend of reducing losses continued during the second quarter as the loss for the second quarter of 2011 was $126,000 compared to a loss of $143,000 in the first quarter of 2011 and a loss of $896,000 in the second quarter of 2010. The quarterly loss was the smallest loss in the Bank's history.
The year-to-year improvement came from improving credit trends resulting in a decline in the provision for loan losses, increases in mortgage banking income and reduced non-interest expenses. The provision for the first six months of 2011 was $210,000 compared to $1,000,000 in the first half of 2010. "We are pleased to see continuing improvement in our mortgage income and close management of our non-interest expenses. We believe that these areas, combined with improving credit portfolio indicators, will help the Bank to achieve sustainable profitability," stated President Lovell.
Nonperforming assets declined from $2.8 million at June 30, 2010, to $1.8 million at June 30, 2011. Greg Lovell, President of the Bank, 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 June 30, 2011, or 6% of assets. Book value per share was 57 cents per share. The Bank continues efforts to raise capital with a goal of capital reaching 10% of assets.
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: 2011 2010 Change
----------- ----------- -----------------------
Net interest income $ 1,007 $ 1,055 $ (48) -5%
Provision for loan
losses 210 1,000 (790) -79%
Mortgage banking income 382 166 216 130%
Other noninterest
income 113 98 15 15%
Noninterest expenses 1,561 1,724 (163) -9%
Net loss (269) (1,405) 1,136 81%
At June 30: 2011 2010 Change
----------- ----------- -----------------------
Loans $ 58,087 $ 58,391 $ (304) -1%
Allowance for loan
losses 1,050 1,115 (65) -6%
Assets 76,814 82,003 (5,189) -6%
Deposits 68,889 73,598 (4,709) -6%
Stockholders' equity 4,564 2,787 1,777 64%
Nonaccrual loans 847 2,125 (1,278) -60%
Accruing loan more than
90 days past due - - -
Other real estate owned 979 697 282 40%
Total nonperforming
assets 1,826 2,822 (996) -35%
Book value per share 0.57 1.99 (1.42) -71%
Shares outstanding 7,949,932 1,398,284 6,551,648 469%
Allowance to loans 1.81% 1.91%
Allowance to
nonperforming loans 124% 52%
Nonperforming loans to
total loans 1.46% 3.64%
Averages for the six
months ended June 30: 2011 2010 Change
----------- ----------- -----------------------
Loans $ 53,924 $ 56,871 $ (2,947) -5%
Earning assets 75,877 79,400 (3,523) -4%
Assets 78,296 81,465 (3,169) -4%
Deposits 69,839 72,523 (2,684) -4%
Stockholders' equity 4,639 3,389 1,250 37%
Loans to deposits 77% 78%
Net interest margin 2.68% 2.68%
Idaho First Bank
Quarterly Financial Highlights (unaudited)
(Dollars in thousands)
Income Statement Q2 2011 Q1 2011 Q4 2010 Q3 2010 Q2 2010
--------- --------- --------- --------- ---------
Net interest income $ 563 $ 444 $ 496 $ 563 $ 549
Provision for loan
losses 125 85 450 100 750
Investment
securities gains 321
Mortgage banking
income 180 202 255 250 98
Other noninterest
income 52 61 46 51 49
Noninterest expenses 796 765 1,059 946 842
Net loss (126) (143) (391) (182) (896)
Period End
Information Q2 2011 Q1 2011 Q4 2010 Q3 2010 Q2 2010
--------- --------- --------- --------- ---------
Loans $ 58,087 $ 53,976 $ 53,081 $ 57,521 $ 58,391
Allowance for loan
losses 1,050 1,179 1,025 1,073 1,115
Nonperforming loans 847 2,340 1,871 1,883 2,125
Other real estate
owned 979 866 1,064 1,243 697
Quarterly net
charge-offs 254 (69) 498 143 1,154
Allowance to loans 1.81% 2.18% 1.93% 1.87% 1.91%
Allowance to
nonperforming loans 124% 50% 55% 57% 52%
Nonperforming loans
to loans 1.46% 4.34% 3.52% 3.27% 3.64%
Average Balance
Information Q2 2011 Q1 2011 Q4 2010 Q3 2010 Q2 2010
--------- --------- --------- --------- ---------
Loans $ 54,613 $ 53,226 $ 56,271 $ 57,165 $ 56,486
Earning assets 73,629 78,150 79,035 82,617 80,100
Assets 76,158 80,457 81,720 84,774 82,038
Deposits 68,241 71,456 73,256 76,661 73,408
Stockholders' equity 4,582 4,696 3,014 2,568 3,016
Loans to deposits 80% 74% 77% 75% 77%
Net interest margin 3.07% 2.30% 2.49% 2.70% 2.75%
Contacts:
Greg Lovell
208.630.2001
Don Madsen
208.947.0430
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