Chief Executive Officer
First Half 2023 vs. First Half 2022
- Net Interest Income increased 25% from
$8.87 million to$11.06 million as a result of loan and deposit growth, and improved net interest margin. - Net Income after tax increased 108% from
$1.21 million to$2.52 million which was also the result average earning asset growth combined with improved net interest margin. - Mortgage banking income decreased by 82%, from
$234 thousand to$43 thousand , due to the continued slowdown in mortgage refinance activity. - Noninterest expenses increased 2%, from
$7.42 million to$7.60 million , reflecting ongoing cost-control efforts. - Stockholder’s equity increased 13% to
$47.81 million at period end, which was the result of continued earnings held in the company.
Second Quarter 2023 vs. First Quarter 2023
- Net Interest Income declined 2% from
$5.59 million to$5.47 million , which was driven by an increase in cost of funds. - Net Income after tax decreased 5% from
$1.29 million to$1.23 million , as a decrease in noninterest expense was offset by an increase in provision for credit losses. - Noninterest expenses declined 7% from
$3.94 million to$3.66 million . - Average loans increased by 6% to
$497 million , while average deposits increased 4% to$520 million .
Chairman
Credit quality and portfolio performance both remain historically strong. A commitment to remaining credit disciplined combined with proactive credit monitoring have resulted in continued strong credit portfolio metrics. The Bank continues to fund the allowance for credit losses to support the growing loan balances. At quarter-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.
Consolidated Financial Highlights (unaudited) | |||||||||||||||||
(Dollars in thousands, except per share) | |||||||||||||||||
For the six months ended | 2023 | 2022 | Change | ||||||||||||||
Net interest income | $ | 11,061 | $ | 8,872 | $ | 2,190 | 25 | % | |||||||||
Provision for credit losses | 675 | 500 | 175 | 35 | % | ||||||||||||
Mortgage banking income | 43 | 234 | (190 | ) | -82 | % | |||||||||||
Other noninterest income | 572 | 461 | 111 | 24 | % | ||||||||||||
Noninterest expenses | 7,604 | 7,420 | 184 | 2 | % | ||||||||||||
Net income before taxes | 3,398 | 1,646 | 1,751 | 106 | % | ||||||||||||
Tax provision | 879 | 434 | 445 | 103 | % | ||||||||||||
Net income | $ | 2,519 | $ | 1,212 | $ | 1,306 | 108 | % | |||||||||
At | 2023 | 2022 | Change | ||||||||||||||
Loans | $ | 506,837 | $ | 433,409 | $ | 73,427 | 17 | % | |||||||||
Allowance for credit losses | 6,386 | 5,089 | 1,297 | 25 | % | ||||||||||||
Assets | 623,490 | 543,285 | 80,205 | 15 | % | ||||||||||||
Deposits | 547,484 | 476,738 | 70,746 | 15 | % | ||||||||||||
Stockholders' equity | 47,814 | 42,209 | 5,605 | 13 | % | ||||||||||||
Nonaccrual loans | - | - | - | ||||||||||||||
Accruing loans more than 90 days past due | - | - | - | ||||||||||||||
Other real estate owned | - | - | - | ||||||||||||||
Total nonperforming assets | - | - | - | ||||||||||||||
Book value per share | 8.93 | 7.89 | 1.04 | 13 | % | ||||||||||||
Shares outstanding | 5,353,575 | 5,350,651 | 2,924 | 0 | % | ||||||||||||
Allowance to loans | 1.26 | % | 1.17 | % | |||||||||||||
Allowance to nonperforming loans | - | - | |||||||||||||||
Nonperforming loans to total loans | 0.00 | % | 0.00 | % | |||||||||||||
Averages for the six months ended | 2023 | 2022 | Change | ||||||||||||||
Loans | $ | 483,710 | $ | 411,996 | $ | 71,714 | 17 | % | |||||||||
Earning assets | 569,010 | 526,706 | 42,303 | 8 | % | ||||||||||||
Assets | 585,124 | 543,486 | 41,638 | 8 | % | ||||||||||||
Deposits | 510,149 | 467,544 | 42,606 | 9 | % | ||||||||||||
Stockholders' equity | 48,462 | 43,333 | 5,129 | 12 | % | ||||||||||||
Loans to deposits | 95 | % | 88 | % | |||||||||||||
Net interest margin | 3.92 | % | 3.40 | % |
Quarterly Consolidated Financial Highlights (unaudited) | ||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||
Income Statement | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | |||||||||||||||||
Net interest income | $ | 5,473 | $ | 5,588 | $ | 6,139 | $ | 5,701 | $ | 4,773 | ||||||||||||
Provision for credit losses | 475 | 200 | 250 | 350 | 350 | |||||||||||||||||
Mortgage banking income | 17 | 26 | 34 | 45 | 95 | |||||||||||||||||
Other noninterest income | 304 | 268 | 298 | 292 | 237 | |||||||||||||||||
Noninterest expenses | 3,662 | 3,943 | 3,996 | 3,800 | 3,950 | |||||||||||||||||
Net income before taxes | 1,658 | 1,740 | 2,226 | 1,888 | 806 | |||||||||||||||||
Tax provision | 429 | 450 | 568 | 493 | 211 | |||||||||||||||||
Net income | $ | 1,229 | $ | 1,290 | $ | 1,658 | $ | 1,395 | $ | 595 | ||||||||||||
Period End Information | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | |||||||||||||||||
Loans | $ | 506,837 | $ | 476,466 | $ | 479,571 | $ | 458,533 | $ | 433,409 | ||||||||||||
Deposits | 547,484 | 507,312 | 497,406 | 479,734 | 476,438 | |||||||||||||||||
Allowance for credit losses | 6,386 | 5,911 | 5,711 | 5,440 | 5,089 | |||||||||||||||||
Nonperforming loans | - | - | - | 4,300 | - | |||||||||||||||||
Other real estate owned | - | - | - | - | - | |||||||||||||||||
Quarterly net charge-offs (recoveries) | - | - | (21 | ) | (1 | ) | (1 | ) | ||||||||||||||
Allowance to loans | 1.26 | % | 1.24 | % | 1.19 | % | 1.19 | % | 1.17 | % | ||||||||||||
Allowance to nonperforming loans | - | - | - | 126 | % | - | ||||||||||||||||
Nonperforming loans to loans | 0.00 | % | 0.00 | % | 0.00 | % | 0.94 | % | 0.00 | % | ||||||||||||
Average Balance Information | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | |||||||||||||||||
Loans | $ | 496,659 | $ | 470,617 | $ | 467,973 | $ | 446,137 | $ | 424,540 | ||||||||||||
Earning assets | 581,865 | 556,012 | 539,094 | 532,981 | 526,248 | |||||||||||||||||
Assets | 598,083 | 572,022 | 555,157 | 549,129 | 543,011 | |||||||||||||||||
Deposits | 520,030 | 500,159 | 488,349 | 483,480 | 469,957 | |||||||||||||||||
Stockholders' equity | 49,079 | 47,837 | 46,309 | 44,717 | 43,676 | |||||||||||||||||
Loans to deposits | 96 | % | 94 | % | 96 | % | 92 | % | 90 | % | ||||||||||||
Net interest margin | 3.77 | % | 4.08 | % | 4.52 | % | 4.24 | % | 3.64 | % |
FOR IMMEDIATE RELEASE CONTACT:
President and CEO –
208.630.2092 – tcooper@idahofirstbank.com
Source:
2023 GlobeNewswire, Inc., source