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Idaho First Bank Announces 3rd Quarter 2020 Results

Written by Customer Service on . Posted in Public Companies.

MCCALL, Idaho, Oct. 29, 2020 (GLOBE NEWSWIRE) — Today Idaho First Bank (the “Bank”) (OTC: IDFB) announced unaudited financial results for the third quarter of 2020. Greg Lovell, CEO, stated, “The Q3 results continue to be influenced by the Bank’s participation in the Paycheck Protection Program (PPP) under the CARES Act.” He further stated that “Participation was based on our priority to help clients withstand uncertain and adverse economic environments due to the COVID-19 pandemic. The Bank has used the additional income generated to bolster our reserve level in response to economic uncertainty. Our commitment to building deeper and wider client relationships also led to strong non-PPP loan balance growth year over year showing why a strong community bank is key to small business.”
Chairman Mark Miller said, “The board supported and provided oversight of the Bank’s role in the Cares Act program while also providing wide ranging business oversight to management based on our diverse areas of expertise.”Total PPP loans outstanding were $624 million at September 30, 2020 with the focus now shifting to assist borrowers in the forgiveness application and calculation process as mandated by the CARES Act. In addition to providing key support to business owners through PPP the Bank saw non-PPP loan balances grow $75.6 million year over year. Todd Cooper, President and COO, commented, “The strong non-PPP loan balance growth achieved over the past 12 months while also working to help PPP borrowers reflects our commitment to providing expertise, local decision making, and a great customer experience to business owners.”At September 30, 2020, the Bank’s total assets were $917 million, an increase of $702 million, or 328% over September 30, 2019. Average loans in the third quarter of 2020 increased 442% over the third quarter of 2019, while average deposits increased 48%.The Bank’s performance was positively impacted by amortizing PPP loan net origination fees and costs of $1.9 million through interest income during the third quarter. The Bank held net unamortized origination fees and costs from PPP loans of $6.9 million at September 30, 2020, and anticipates the balance will be recognized through interest income over the course of the PPP loan forgiveness process.The Bank’s loan portfolio continues to perform during the unique economic environment, but the still uncertain economic impact of COVID and ongoing regulatory and legislative actions make ongoing credit portfolio performance uncertain. During the crisis we provided loan payment deferrals to 8.1% of our non-PPP borrowers, and as of quarter-end all deferrals are on track to resume payments. In response to the uncertain time, the allowance for loan loss was increased to $3,168 million, or 1.4% of loans, less held for sale and 100% government guaranteed loans at September 30, 2020. The Bank funded $500,000 in provision to the allowance for loan losses in the third quarter. Shannon Stoeger, Chief Credit Officer, stated, “We will continue to monitor the portfolio and economic environment to ensure that the allowance for loan losses remains adequately funded.”During the quarter the Bank received approval to convert the Loan Production Office (LPO) operating in Nampa, Idaho to a full-service bank branch expanding services in Canyon County. Additionally, the board approved opening a new Loan Production Office (LPO) in Bend, Oregon. These strategic moves highlight the Bank’s commitment to serving the communities of southwest Idaho and now Central Oregon.Shareholders’ equity at September 30, 2020, was $32.3 million, an increase of $10.9 million from September 30, 2019, as a result of the stock raise late in 2019 and the profitability of the Bank’s operations. Book value per share improved from $6.16 at September 30, 2019, to $6.62 at September 30, 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 and Boise. Idaho First Bank is a member of the FDIC and an Equal Housing Lender. For more information, visit us at www.idahofirstbank.comThis 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
Greg Lovell
CEO – Idaho First Bank
208.630.2001 – glovell@idahofirstbank.com

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