Chief Executive Officer
First Quarter 2023 vs. First Quarter 2022
- Net Interest Income increased 36% from
$4.10 million to$5.59 million as a result of both higher loan balances and improved net interest margin. - Net Income after tax increased 109% from
$617,000 to$1.29 million which was also the result primarily of increased loan balances and improved net interest margin. - Noninterest expenses increased 14% to
$3.94 million which was the result of an increase in personnel and other operating expense levels. - Customer-driven balance sheet growth continued as average loans increased 18% to
$471 million , and average deposits increased 8% to$500 million . - Stockholder’s equity increased 10% to
$46.6 million at period end, which was the result of earnings held in the company.
First Quarter 2023 vs. Fourth Quarter 2022
- Net Interest Income declined 9% from
$6.14 million to$5.59 million , the result of higher cost of funds. - Net Income after tax decreased 35% from
$1.66 million to$1.29 million driven primarily by the decrease in net interest margin. - Noninterest expenses declined 1% from
$4.00 million to$3.94 million . - Balance sheet growth slowed from previous quarters, as average loans increased by 1% to
$471 million , while average deposits increased 2% to$500 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 loan loss to support the growing loan balances. At quarter-end the allowance was
On
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 quarter ended | 2023 | 2022 | Change | |||||||||||||||
Net interest income | $ | 5,588 | $ | 4,098 | $ | 1,490 | 36 | % | ||||||||||
Provision for loan losses | 200 | 150 | 50 | 33 | % | |||||||||||||
Mortgage banking income | 26 | 138 | (112 | ) | -81 | % | ||||||||||||
Other noninterest income | 268 | 224 | 44 | 20 | % | |||||||||||||
Noninterest expenses | 3,943 | 3,470 | 473 | 14 | % | |||||||||||||
Net income before taxes | 1,740 | 840 | 899 | 107 | % | |||||||||||||
Tax provision | 450 | 223 | 227 | 102 | % | |||||||||||||
Net income | $ | 1,290 | $ | 617 | $ | 672 | 109 | % | ||||||||||
At | 2023 | 2022 | Change | |||||||||||||||
Loans | $ | 476,466 | $ | 411,475 | $ | 64,991 | 16 | % | ||||||||||
Allowance for loan losses | 5,911 | 4,738 | 1,172 | 25 | % | |||||||||||||
Assets | 580,059 | 552,373 | 27,686 | 5 | % | |||||||||||||
Deposits | 507,312 | 477,174 | 30,138 | 6 | % | |||||||||||||
Stockholders’ equity | 46,647 | 42,296 | 4,350 | 10 | % | |||||||||||||
Nonaccrual loans | - | - | - | |||||||||||||||
Accruing loans more than 90 days past due | - | - | - | |||||||||||||||
Other real estate owned | - | - | - | |||||||||||||||
Total nonperforming assets | - | - | - | |||||||||||||||
Book value per share | 8.71 | 7.90 | 0.81 | 10 | % | |||||||||||||
Shares outstanding | 5,353,575 | 5,350,651 | 2,924 | 0 | % | |||||||||||||
Allowance to loans | 1.24 | % | 1.15 | % | ||||||||||||||
Allowance to nonperforming loans | - | - | ||||||||||||||||
Nonperforming loans to total loans | 0.00 | % | 0.00 | % | ||||||||||||||
Averages for the quarter ended | 2023 | 2022 | Change | |||||||||||||||
Loans | $ | 470,617 | $ | 399,313 | $ | 71,304 | 18 | % | ||||||||||
Earning assets | 556,012 | 527,170 | 28,842 | 5 | % | |||||||||||||
Assets | 572,022 | 543,966 | 28,056 | 5 | % | |||||||||||||
Deposits | 500,159 | 465,104 | 35,056 | 8 | % | |||||||||||||
Stockholders’ equity | 47,837 | 42,986 | 4,851 | 11 | % | |||||||||||||
Loans to deposits | 94 | % | 86 | % | ||||||||||||||
Net interest margin | 4.08 | % | 3.15 | % | ||||||||||||||
Quarterly Consolidated Financial Highlights (unaudited) | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Income Statement | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | ||||||||||||||||||
Net interest income | $ | 5,588 | $ | 6,139 | $ | 5,701 | $ | 4,773 | $ | 4,098 | |||||||||||||
Provision for loan losses | 200 | 250 | 350 | 350 | 150 | ||||||||||||||||||
Mortgage banking income | 26 | 34 | 45 | 95 | 138 | ||||||||||||||||||
Other noninterest income | 268 | 298 | 292 | 237 | 224 | ||||||||||||||||||
Noninterest expenses | 3,943 | 3,996 | 3,800 | 3,950 | 3,470 | ||||||||||||||||||
Net income before taxes | 1,740 | 2,226 | 1,888 | 806 | 840 | ||||||||||||||||||
Tax provision | 450 | 568 | 493 | 211 | 223 | ||||||||||||||||||
Net income | $ | 1,290 | $ | 1,658 | $ | 1,395 | $ | 595 | $ | 617 | |||||||||||||
Period End Information | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | ||||||||||||||||||
Loans | $ | 476,466 | $ | 479,571 | $ | 458,533 | $ | 433,409 | $ | 411,475 | |||||||||||||
Deposits | 507,312 | 497,406 | 479,734 | 476,438 | 477,174 | ||||||||||||||||||
Allowance for loan losses | 5,911 | 5,711 | 5,440 | 5,089 | 4,738 | ||||||||||||||||||
Nonperforming loans | - | - | 4,300 | - | - | ||||||||||||||||||
Other real estate owned | - | - | - | - | - | ||||||||||||||||||
Quarterly net charge-offs (recoveries) | - | (21 | ) | (1 | ) | (1 | ) | (1 | ) | ||||||||||||||
Allowance to loans | 1.24 | % | 1.19 | % | 1.19 | % | 1.17 | % | 1.15 | % | |||||||||||||
Allowance to nonperforming loans | - | - | 126 | % | - | - | |||||||||||||||||
Nonperforming loans to loans | 0.00 | % | 0.00 | % | 0.94 | % | 0.00 | % | 0.00 | % | |||||||||||||
Average Balance Information | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | ||||||||||||||||||
Loans | $ | 470,617 | $ | 467,973 | $ | 446,137 | $ | 424,540 | $ | 399,313 | |||||||||||||
Earning assets | 556,012 | 539,094 | 532,981 | 526,248 | 527,170 | ||||||||||||||||||
Assets | 572,022 | 555,157 | 549,129 | 543,011 | 543,966 | ||||||||||||||||||
Deposits | 500,159 | 488,349 | 483,480 | 469,957 | 465,104 | ||||||||||||||||||
Stockholders’ equity | 47,837 | 46,309 | 44,717 | 43,676 | 42,986 | ||||||||||||||||||
Loans to deposits | 94 | % | 96 | % | 92 | % | 90 | % | 86 | % | |||||||||||||
Net interest margin | 4.08 | % | 4.52 | % | 4.24 | % | 3.64 | % | 3.15 | % |
Source:
2023 GlobeNewswire, Inc., source