The Company recognized net income of
The Company’s loan portfolio ended the period at
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 year-end the allowance was
About
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.
CONTACT:
President and CEO –
208.630.2092 – tcooper@idahofirstbank.com
Consolidated Financial Highlights (unaudited) | |||||||||||||||
(Dollars in thousands, except per share) | |||||||||||||||
For the year ended | 2021 | 2020 | Change | ||||||||||||
Net interest income | $ | 21,057 | $ | 16,670 | $ | 4,387 | 26 | % | |||||||
Provision for loan losses | 1,500 | 1,070 | 430 | 40 | % | ||||||||||
Mortgage banking income | 1,518 | 917 | 601 | 66 | % | ||||||||||
Other noninterest income | 832 | 610 | 222 | 36 | % | ||||||||||
Noninterest expenses | 14,212 | 12,961 | 1,251 | 10 | % | ||||||||||
Net income before taxes | 7,695 | 4,166 | 3,529 | 85 | % | ||||||||||
Tax provision | 2,019 | 1,117 | 902 | 81 | % | ||||||||||
Net income | $ | 5,676 | $ | 3,049 | $ | 2,627 | 86 | % | |||||||
At | 2021 | 2020 | Change | ||||||||||||
Loans | $ | 398,999 | $ | 819,117 | $ | (420,118 | ) | -51 | % | ||||||
Allowance for loan losses | 4,588 | 3,169 | 1,418 | 45 | % | ||||||||||
Assets | 554,746 | 884,437 | (329,691 | ) | -37 | % | |||||||||
Deposits | 470,455 | 348,181 | 122,274 | 35 | % | ||||||||||
Stockholders' equity | 42,632 | 33,848 | 8,783 | 26 | % | ||||||||||
Nonaccrual loans | 663 | - | 663 | ||||||||||||
Accruing loans more than 90 days past due | - | - | - | ||||||||||||
Other real estate owned | - | - | - | ||||||||||||
Total nonperforming assets | 663 | - | 663 | ||||||||||||
Book value per share | 7.98 | 6.81 | 1.17 | 17 | % | ||||||||||
Shares outstanding | 5,344,686 | 4,967,294 | 377,392 | 8 | % | ||||||||||
Allowance to loans | 1.15 | % | 0.39 | % | |||||||||||
Allowance to nonperforming loans | 692 | % | - | ||||||||||||
Nonperforming loans to total loans | 0.17 | % | 0.00 | % | |||||||||||
Averages for the year ended | 2021 | 2020 | Change | ||||||||||||
Loans | $ | 585,877 | $ | 619,491 | $ | (33,614 | ) | -5 | % | ||||||
Earning assets | 683,689 | 685,359 | (1,670 | ) | 0 | % | |||||||||
Assets | 699,726 | 699,085 | 641 | 0 | % | ||||||||||
Deposits | 406,378 | 268,234 | 138,144 | 52 | % | ||||||||||
Stockholders' equity | 38,441 | 29,983 | 8,458 | 28 | % | ||||||||||
Loans to deposits | 144 | % | 231 | % | |||||||||||
Net interest margin | 3.08 | % | 2.43 | % | |||||||||||
Quarterly Consolidated Financial Highlights (unaudited) | |||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Income Statement | Q4 2021 | Q3 2021 | Q2 2021 | Q1 2021 | Q4 2020 | ||||||||||||||
Net interest income | $ | 4,346 | $ | 5,040 | $ | 5,680 | $ | 5,990 | $ | 5,556 | |||||||||
Provision for loan losses | 100 | 300 | 600 | 500 | - | ||||||||||||||
Mortgage banking income | 347 | 300 | 403 | 468 | 541 | ||||||||||||||
Other noninterest income | 229 | 226 | 195 | 182 | 172 | ||||||||||||||
Noninterest expenses | 3,402 | 3,500 | 3,760 | 3,549 | 4,646 | ||||||||||||||
Net income before taxes | 1,419 | 1,766 | 1,918 | 2,592 | 1,622 | ||||||||||||||
Tax provision | 331 | 478 | 515 | 695 | 432 | ||||||||||||||
Net income | $ | 1,088 | $ | 1,288 | $ | 1,403 | $ | 1,897 | $ | 1,190 | |||||||||
Period End Information | Q4 2021 | Q3 2021 | Q2 2021 | Q1 2021 | Q4 2020 | ||||||||||||||
Loans | $ | 398,999 | $ | 420,832 | $ | 541,392 | $ | 734,137 | $ | 819,117 | |||||||||
Deposits | 470,455 | 407,508 | 404,899 | 390,133 | 348,181 | ||||||||||||||
Allowance for loan losses | 4,588 | 4,530 | 4,221 | 3,620 | 3,169 | ||||||||||||||
Nonperforming loans | 663 | 673 | 10 | - | - | ||||||||||||||
Other real estate owned | - | - | - | - | - | ||||||||||||||
Quarterly net charge-offs (recoveries) | 43 | (9 | ) | (1 | ) | 49 | (1 | ) | |||||||||||
Allowance to loans | 1.15 | % | 1.08 | % | 0.78 | % | 0.49 | % | 0.39 | % | |||||||||
Allowance to nonperforming loans | 692 | % | 673 | % | 42301 | % | - | - | |||||||||||
Nonperforming loans to loans | 0.17 | % | 0.16 | % | 0.00 | % | 0.00 | % | 0.00 | % | |||||||||
Average Balance Information | Q4 2021 | Q3 2021 | Q2 2021 | Q1 2021 | Q4 2020 | ||||||||||||||
Loans | $ | 402,944 | $ | 475,672 | $ | 674,937 | $ | 795,479 | $ | 843,342 | |||||||||
Earning assets | 532,469 | 604,581 | 752,334 | 849,729 | 892,737 | ||||||||||||||
Assets | 549,861 | 619,559 | 768,735 | 865,093 | 908,173 | ||||||||||||||
Deposits | 437,040 | 407,186 | 407,522 | 373,053 | 311,071 | ||||||||||||||
Stockholders' equity | 41,262 | 39,789 | 38,003 | 34,623 | 32,757 | ||||||||||||||
Loans to deposits | 92 | % | 117 | % | 166 | % | 213 | % | 271 | % | |||||||||
Net interest margin | 3.24 | % | 3.31 | % | 3.03 | % | 2.86 | % | 2.48 | % | |||||||||
Source:
2022 GlobeNewswire, Inc., source