Idaho First Bank Announces 1st Quarter 2021 Results

Rhea-AI Summary

Idaho First Bank (OTC: IDFB) reported strong Q1 2021 results, achieving a quarterly profit record of $1.9 million, driven largely by PPP loans averaging $514 million. The bank's total assets reached $820 million, with non-PPP loans increasing by 11% to $300 million. Q1 deposits rose by 12% to $390 million. The allowance for loan losses was adjusted to $3.62 million, reflecting proactive measures for credit quality. CEO Greg Lovell announced his retirement as part of a succession plan, with emphasis on the bank's expansion into new markets and commitment to supporting local businesses.

Positive

• Quarterly profit of $1.9 million, a record for the bank.
• Total assets increased to $820 million.
• Non-PPP loans grew by 11% to $300 million.
• Deposits rose by 12% to $390 million.
• Strong credit quality with proactive management of loan losses.

Negative

• None.

MCCALL, Idaho, April 29, 2021 (GLOBE NEWSWIRE) -- Today Idaho First Bank (the ‘Bank’) (OTC: IDFB) announced unaudited financial results for the first quarter of 2021, and the planned retirement of CEO Greg Lovell. Lovell founded the bank in 2005, and his retirement is part of a detailed executive succession plan. Outgoing CEO Lovell stated, “The strong Q1 financial performance was driven by earnings generated through our participation in the Paycheck Protection Program (PPP) under the CARES Act, and strong growth in earning assets.” He further indicated, “The year-over-year growth of our balance sheet reflects the financial strength of our markets, our expansion into 3 new markets over the last 18 months, and the great work our talented team does by putting People First.”

Chairman Mark Miller commented, “We have experienced strong Q1 growth in both loan and deposit balances which is a result of the board’s decision to support expanding our operations into Ketchum and Nampa, ID, and Bend, OR over the last 18 months.”

The Bank recognized Net Income After Tax of $1.9 million for the quarter ending March 31, 2021. This is a quarterly profit record for the bank. Financial results for the quarter continued to be influenced by the Bank’s PPP loan portfolio; PPP loans averaged $514 million in Q1, contributing $3.6 million to total gross interest income of $6.6 million. Incoming CEO Todd Cooper stated, “We are proud of the support we provided business owners through our participation in the PPP section of the CARES act. The impact to businesses and communities was significant, and now we are seeing the financial impact for the bank.”

Total assets finished the quarter at $820 million. Non-PPP loans ended at $300 million, an increase of $29 million, or 11%, from Q4 2020. March quarter-end deposit balances of $390 million increased $42 million, or 12% from Q4 2020, with noninterest bearing deposits growing 11%.

Credit quality and portfolio performance both remain very strong. In response to the strong rate of loan growth, the allowance for loan loss was increased to $3.62 million or 1.22% of loans, less held for sale and 100% government guaranteed loans at March 31, 2021. The bank funded $500,000 in provision to the allowance for loan loss in the first quarter. Shannon Stoeger, Chief Credit Officer, commented, “Our portfolio quality remains historically strong, we continue to proactively monitor our borrowing relationships, and we will continue to ensure the allowance for loan losses is adequately funded.”

Shareholders’ equity at March 31, 2021 was $35.8 million, an increase of $2.0 million from year-end 2020 as a result of profitable operations. Book value per share increased to $7.20 per share compared with $6.81 at year-end 2020.

About Idaho First Bank
Idaho First Bank (IFB) is a full-service state-chartered community bank established in October 2005 and headquartered in McCall, Idaho. Known for its People First, Community First, Idaho First motto, IFB serves the greater southwest Idaho communities with five additional branches located in New Meadows, Eagle, Ketchum, Nampa, Boise, and a Loan Production Office (LPO) 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.

CONTACT
Todd Cooper
CEO – Idaho First Bank
208.630.2092 – tcooper@idahofirstbank.com

Idaho First Bank
Financial Highlights (unaudited)
(Dollars in thousands, except per share)
For the three months ended March 31:					2021				2020			Change
	Net interest income				$5,990				$1,954				$4,036			207	%
	Provision for loan losses				500				70				430			614	%
	Mortgage banking income				468				78				390			497	%
	Other noninterest income				182				135				47			35	%
	Noninterest expenses				3,549				2,080				1,469			71	%
	Net income before taxes				2,592				18				2,574			14292	%
	Tax provision				695				9				686			7622	%
	Net income				$1,897				$9				$1,888			20956	%
At March 31:					2021				2020			Change
	Loans				$734,137				$180,579				$553,558			307	%
	Allowance for loan losses				3,620				2,167				1,453			67	%
	Assets				820,515				236,646				583,869			247	%
	Deposits				390,133				196,794				193,339			98	%
	Stockholders' equity				35,805				28,080				7,725			28	%
	Nonaccrual loans				-				570				(570	)		-100	%
	Accruing loans more than 90 days past due				-				-				-
	Other real estate owned				-				-				-
	Total nonperforming assets				-				570				(570	)		-100	%
	Book value per share				7.20				6.18				1.02			17	%
	Shares outstanding				4,975,880				4,542,109				433,771			10	%
	Allowance to loans				0.49	%			1.20	%
	Allowance to nonperforming loans				-				380	%
	Nonperforming loans to total loans				0.00	%			0.32	%
Averages for the quarter ended March 31:					2021				2020			Change
	Loans				$795,479				$175,354				$620,125			354	%
	Earning assets				849,729				221,222				628,507			284	%
	Assets				865,093				232,986				632,107			271	%
	Deposits				373,053				196,486				176,567			90	%
	Stockholders' equity				34,623				27,953				6,670			24	%
	Loans to deposits				213	%			89	%
	Net interest margin				2.86	%			3.55	%

Idaho First Bank
Quarterly Financial Highlights (unaudited)
(Dollars in thousands)
Income Statement				Q1 2021				Q4 2020				Q3 2020				Q2 2020				Q1 2020
	Net interest income			$	5,990			$	5,556			$	5,106			$	4,054			$	1,954
	Provision for loan losses				500				-				500				500				70
	Mortgage banking income				468				541				253				45				78
	Other noninterest income				182				172				169				134				135
	Noninterest expenses				3,549				4,646				3,695				2,540				2,080
	Net income before taxes				2,592				1,622				1,332				1,193				18
	Tax provision				695				432				357				319				9
	Net income			$	1,897			$	1,190			$	975			$	874			$	9
Period End Information				Q1 2021				Q4 2020				Q3 2020				Q2 2020				Q1 2020
	Loans				$734,137				$819,117				$856,333				$809,009				$180,579
	Allowance for loan losses				3,620				3,169				3,168				2,668				2,167
	Nonperforming loans				-				-				-				413				570
	Other real estate owned				-				-				-				-				-
	Quarterly net charge-offs (recoveries)				49				(1	)			(1	)			(1	)			(1	)
	Allowance to loans				0.49	%			0.39	%			0.37	%			0.33	%			1.20	%
	Allowance to nonperforming loans				-				-				-				645	%			380	%
	Nonperforming loans to loans				0.00	%			0.00	%			0.00	%			0.05	%			0.32	%
Average Balance Information				Q1 2021				Q4 2020				Q3 2020				Q2 2020				Q1 2020
	Loans				$795,479				$843,342				$833,805				$620,647				$175,354
	Earning assets				849,729				892,737				892,726				730,194				221,222
	Assets				865,093				908,173				907,075				743,522				232,986
	Deposits				373,053				311,071				279,100				285,689				196,486
	Stockholders' equity				34,623				32,757				31,055				28,126				27,953
	Loans to deposits				213	%			271	%			299	%			217	%			89	%
	Net interest margin				2.86	%			2.48	%			2.28	%			2.23	%			3.55	%

FAQ

What were Idaho First Bank's financial results for Q1 2021?

Idaho First Bank reported a profit of $1.9 million for Q1 2021, with total assets of $820 million.

How much did PPP loans contribute to Idaho First Bank's income?

PPP loans contributed $3.6 million to total gross interest income of $6.6 million in Q1 2021.

What is the significance of the recent leadership change at Idaho First Bank?

The retirement of CEO Greg Lovell is part of a planned succession strategy to ensure smooth leadership transition.

Which new markets did Idaho First Bank expand into recently?

Idaho First Bank has expanded into Ketchum and Nampa, ID, and Bend, OR in the last 18 months.

What was the book value per share for Idaho First Bank at the end of Q1 2021?

The book value per share for Idaho First Bank increased to $7.20 as of March 31, 2021.