Skip to main content

Idaho First Bank Announces 4th Quarter 2020 Results

Written by Customer Service on . Posted in Public Companies.

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.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 

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.