Idaho First Bank Announces 4th Quarter 2020 Results

Rhea-AI Summary

Idaho First Bank (OTC: IDFB) announced its fourth-quarter 2020 earnings of $1.2 million, totaling $3.0 million for the year. The bank reported a significant year-over-year growth in non-PPP loan balances by $96.7 million, while total PPP loans outstanding reached $548.2 million. Total assets increased to $884.4 million, a rise of $664.4 million from 2019. Deposits grew by $162.0 million to $348.2 million. The bank opened a new branch in Nampa and a Loan Production Office in Bend, Oregon, enhancing its market presence and lending capabilities. Shareholders’ equity improved to $33.8 million, reflecting a book value per share of $6.81.

Positive

• Earnings for Q4 2020 were $1.2 million, totaling $3.0 million for the year.
• Non-PPP loan balances grew by $96.7 million year-over-year.
• Total assets increased to $884.4 million, a growth of $664.4 million from 2019.
• Deposits rose to $348.2 million, an increase of $162.0 million from 2019.
• Opened a full-service branch in Nampa and a Loan Production Office in Bend, Oregon.
• Shareholders' equity increased to $33.8 million, up $6.0 million from 2019.
• Book value per share improved from $6.15 in 2019 to $6.81 in 2020.

Negative

• None.

MCCALL, Idaho, Feb. 03, 2021 (GLOBE NEWSWIRE) -- Today Idaho First Bank (the “Bank”) (OTC: IDFB) announced unaudited financial results for the fourth quarter of 2020. Earnings for the fourth quarter were $1.2 million, bringing the earnings for 2020 to $3.0 million. Greg Lovell, CEO of Idaho First Bank, stated “The Q4 results continue to reflect growth from supporting customers and communities as a vital source for business lending. This includes bringing the most talented team members on board, which enhances our ability to accelerate our growing lending activities to meet business client’s financial needs.” He further stated that “The depth of relationships built between customers, and our teams has led to significant lending and deposit expansion.”

Chairman Mark Miller said, “The Board is proud of the team’s hard work and commitment to customers throughout 2020. We are experiencing accelerated growth within our bank as our highly desirable markets continue to expand.”

While tremendous growth from our PPP efforts has occurred, the Bank provided key support to business owners as the Bank saw non-PPP loan balances grow $96.7 million year over year. Total PPP loans outstanding were $548.2 million at December 31, 2020, with the focus having shifted to the forgiveness application and calculation processes as mandated by the CARES Act. We continue to be an active participant in the current PPP process.

At December 31, 2020, the Bank’s total assets were $884.4 million, an increase of $664.4 million, over December 31, 2019. Deposits as of December 31, 2020 were $348.2 million, an increase of $162.0 million over December 31, 2019.

The Bank also opened a full service branch in Nampa to support the expanding service needs of Canyon County. This newest branch is strategically located for ease of access to both rural Nampa areas and the expanding city of Caldwell. Additionally, to further capitalize on loan growth and our PPP success, the Bank opened a Loan Production Office (LPO) in Bend, Oregon. This will allow the Bank to further serve lending needs within the Central Oregon corridor. “We expanded our presence in these important markets as we continue to increase the reach of Idaho First. We are confident these communities will benefit from our personalized level of customer service and strong lending expertise,” stated Todd Cooper, President and COO of Idaho First Bank.

Shareholders’ equity at December 31, 2020, was $33.8 million, an increase of $6.0 million from December 31, 2019. Book value per share improved from $6.15 at December 31, 2019, to $6.81 at December 31, 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.

Idaho First Bank
Financial Highlights (unaudited)
(Dollars in thousands, except per share)
For the year ended December 31:					2020				2019			Change
	Net interest income			$	16,670			$	7,874			$	8,796			112	%
	Provision for loan losses				1,070				290				780			269	%
	Mortgage banking income				917				764				153			20	%
	Other noninterest income				610				587				23			4	%
	Noninterest expenses				12,961				7,550				5,411			72	%
	Net income before taxes				4,166				1,385				2,781			201	%
	Tax provision				1,117				382				735			192	%
	Net income			$	3,049			$	1,003			$	2,046			204	%
At December 31:					2020				2019			Change
	Loans			$	819,117			$	174,246			$	644,871			370	%
	Allowance for loan losses				3,169				2,096				1,073			51	%
	Assets				884,437				220,077				664,360			302	%
	Deposits				348,181				186,189				161,992			87	%
	Stockholders' equity				33,848				27,828				6,020			22	%
	Nonaccrual loans				-				153				(153	)		-100	%
	Accruing loans more than 90 days past due				-				-				-
	Other real estate owned				-				-				-
	Total nonperforming assets				-				153				(153	)		-100	%
	Book value per share				6.81				6.15				0.66			11	%
	Shares outstanding				4,967,294				4,526,109				441,185			10	%
	Allowance to loans				0.39	%			1.20	%
	Allowance to nonperforming loans				-				1370	%
	Nonperforming loans to total loans				0.00	%			0.09	%
Averages for the year ended Dec 31:					2020				2019			Change
	Loans			$	619,491			$	160,002			$	459,489			287	%
	Earning assets				685,359				202,676				482,683			238	%
	Assets				699,085				212,383				486,701			229	%
	Deposits				268,234				186,071				82,163			44	%
	Stockholders' equity				29,983				20,129				9,854			49	%
	Loans to deposits				231	%			86	%
	Net interest margin				2.43	%			3.89	%

 

Idaho First Bank
Quarterly Financial Highlights (unaudited)
(Dollars in thousands)
Income Statement				Q4 2020				Q3 2020				Q2 2020				Q1 2020				Q4 2019
	Net interest income			$	5,556			$	5,106			$	4,054			$	1,954			$	1,962
	Provision for loan losses				-				500				500				70				105
	Mortgage banking income				541				253				45				78				107
	Other noninterest income				172				169				134				135				150
	Noninterest expenses				4,646				3,695				2,540				2,080				1,784
	Net income before taxes				1,622				1,332				1,193				18				330
	Tax provision				432				357				319				9				88
	Net income			$	1,190			$	975			$	874			$	9			$	242
Period End Information				Q4 2020				Q3 2020				Q2 2020				Q1 2020				Q4 2019
	Loans			$	819,117			$	856,333			$	809,009			$	180,579			$	174,246
	Allowance for loan losses				3,169				3,168				2,668				2,167				2,096
	Nonperforming loans				-				-				413				570				153
	Other real estate owned				-				-				-				-				-
	Quarterly net charge-offs (recoveries)				(1	)			(1	)			(1	)			(1	)			(1	)
	Allowance to loans				0.39	%			0.37	%			0.33	%			1.20	%			1.20	%
	Allowance to nonperforming loans				-				-				645	%			380	%			1370	%
	Nonperforming loans to loans				0.00	%			0.00	%			0.05	%			0.32	%			0.09	%
Average Balance Information				Q4 2020				Q3 2020				Q2 2020				Q1 2020				Q4 2019
	Loans			$	843,342			$	833,805			$	620,647			$	175,354			$	161,850
	Earning assets				892,737				892,726				730,194				221,222				207,979
	Assets				908,173				907,075				743,522				232,986				218,964
	Deposits				311,071				279,100				285,689				196,486				188,089
	Stockholders' equity				32,757				31,055				28,126				27,953				23,213
	Loans to deposits				271	%			299	%			217	%			89	%			86	%
	Net interest margin				2.48	%			2.28	%			2.23	%			3.55	%			3.74	%

CONTACT
Greg Lovell
CEO - Idaho First Bank
208.630.2001 - glovell@idahofirstbank.com 

FAQ

What were Idaho First Bank's earnings for the fourth quarter of 2020?

Idaho First Bank reported earnings of $1.2 million for the fourth quarter of 2020.

How much did non-PPP loan balances grow for Idaho First Bank in 2020?

Non-PPP loan balances grew by $96.7 million year-over-year.

What is the total asset value reported by Idaho First Bank as of December 31, 2020?

Idaho First Bank reported total assets of $884.4 million as of December 31, 2020.

What was the increase in deposits for Idaho First Bank in 2020?

Deposits increased by $162.0 million to $348.2 million as of December 31, 2020.

Where did Idaho First Bank open new branches in 2020?

Idaho First Bank opened a full-service branch in Nampa and a Loan Production Office in Bend, Oregon.

What was the book value per share for Idaho First Bank at the end of 2020?

The book value per share improved to $6.81 at the end of 2020.