Chief Executive Officer
YTD through Q3 2023 vs. YTD through Q3 2022
- Net Interest Income increased 16% from
$14.57 million to$16.93 million as a result of loan and deposit growth, and improved net interest margin. - Net Income after tax increased 59% from
$2.61 million to$4.15 million which was also the result average earning asset growth combined with improved net interest margin. - Noninterest expenses increased 2%, from
$11.22 million to$11.42 million , reflecting ongoing cost-control efforts. - Stockholder’s equity increased 14% to
$49.5 million at period end, which was the result of continued earnings held in the company.
Third Quarter 2023 vs. Second Quarter 2023
- Net Interest Income increased 7% from
$5.47 million to$5.86 million , the result of higher loan balances and an improvement in net interest margin. - Net Income after tax increased 33% from
$1.23 million to$1.63 million as net interest margin improved and provision for credit losses decreased quarter over quarter. - Noninterest expense increased 4% from
$3.66 million to$3.81 million . - Average loans increased by 4% to
$516 million , while average deposits increased 5% to$545 million .
Chairman
Credit quality and portfolio performance both remain historically strong. Continued commitment to credit discipline 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 nine months ended | 2023 | 2022 | Change | |||||||||||||
Net interest income | $ | 16,927 | $ | 14,572 | $ | 2,355 | 16 | % | ||||||||
Provision for credit losses | 825 | 850 | (25 | ) | -3 | % | ||||||||||
Mortgage banking income | 59 | 278 | (220 | ) | -79 | % | ||||||||||
Other noninterest income | 852 | 753 | 99 | 13 | % | |||||||||||
Noninterest expenses | 11,415 | 11,219 | 196 | 2 | % | |||||||||||
Net income before taxes | 5,598 | 3,534 | 2,064 | 58 | % | |||||||||||
Tax provision | 1,451 | 927 | 524 | 57 | % | |||||||||||
Net income | $ | 4,147 | $ | 2,607 | $ | 1,540 | 59 | % | ||||||||
At | 2023 | 2022 | Change | |||||||||||||
Loans | $ | 523,544 | $ | 458,533 | $ | 65,011 | 14 | % | ||||||||
Allowance for credit losses | 6,536 | 5,440 | 1,096 | 20 | % | |||||||||||
Assets | 618,425 | 542,876 | 75,549 | 14 | % | |||||||||||
Deposits | 545,850 | 479,734 | 66,117 | 14 | % | |||||||||||
Stockholders' equity | 49,499 | 43,352 | 6,147 | 14 | % | |||||||||||
Nonaccrual loans | - | 4,300 | (4,300 | ) | -100 | % | ||||||||||
Accruing loans more than 90 days past due | - | - | - | |||||||||||||
Other real estate owned | - | - | - | |||||||||||||
Total nonperforming assets | - | 4,300 | (4,300 | ) | -100 | % | ||||||||||
Book value per share | 9.22 | 8.10 | 1.12 | 14 | % | |||||||||||
Shares outstanding | 5,371,575 | 5,350,651 | 20,924 | 0 | % | |||||||||||
Allowance to loans | 1.25 | % | 1.19 | % | ||||||||||||
Allowance to nonperforming loans | - | 126 | % | |||||||||||||
Nonperforming loans to total loans | 0.00 | % | 0.94 | % | ||||||||||||
Averages for the nine months ended | 2023 | 2022 | Change | |||||||||||||
Loans | $ | 494,570 | $ | 423,501 | $ | 71,069 | 17 | % | ||||||||
Earning assets | 580,232 | 528,821 | 51,411 | 10 | % | |||||||||||
Assets | 596,593 | 545,388 | 51,205 | 9 | % | |||||||||||
Deposits | 521,930 | 472,914 | 49,016 | 10 | % | |||||||||||
Stockholders' equity | 49,165 | 43,799 | 5,366 | 12 | % | |||||||||||
Loans to deposits | 95 | % | 90 | % | ||||||||||||
Net interest margin | 3.90 | % | 3.68 | % | ||||||||||||
Quarterly Consolidated Financial Highlights (unaudited) | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Income Statement | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | |||||||||||||||
Net interest income | $ | 5,866 | $ | 5,473 | $ | 5,588 | $ | 6,139 | $ | 5,701 | ||||||||||
Provision for credit losses | 150 | 475 | 200 | 250 | 350 | |||||||||||||||
Mortgage banking income | 16 | 17 | 26 | 34 | 45 | |||||||||||||||
Other noninterest income | 280 | 304 | 268 | 298 | 292 | |||||||||||||||
Noninterest expenses | 3,811 | 3,662 | 3,943 | 3,996 | 3,800 | |||||||||||||||
Net income before taxes | 2,201 | 1,658 | 1,740 | 2,226 | 1,888 | |||||||||||||||
Tax provision | 572 | 429 | 450 | 568 | 493 | |||||||||||||||
Net income | $ | 1,629 | $ | 1,229 | $ | 1,290 | $ | 1,658 | $ | 1,395 | ||||||||||
Period End Information | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | |||||||||||||||
Loans | $ | 523,544 | $ | 506,837 | $ | 476,466 | $ | 479,571 | $ | 458,533 | ||||||||||
Deposits | 545,850 | 547,484 | 507,312 | 497,406 | 479,734 | |||||||||||||||
Allowance for credit losses | 6,536 | 6,386 | 5,911 | 5,711 | 5,440 | |||||||||||||||
Nonperforming loans | - | - | - | - | 4,300 | |||||||||||||||
Other real estate owned | - | - | - | - | - | |||||||||||||||
Quarterly net charge-offs (recoveries) | - | - | - | (21 | ) | (1 | ) | |||||||||||||
Allowance to loans | 1.25 | % | 1.26 | % | 1.24 | % | 1.19 | % | 1.19 | % | ||||||||||
Allowance to nonperforming loans | - | - | - | - | 126 | % | ||||||||||||||
Nonperforming loans to loans | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.94 | % | ||||||||||
Average Balance Information | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | |||||||||||||||
Loans | $ | 515,937 | $ | 496,659 | $ | 470,617 | $ | 467,973 | $ | 446,137 | ||||||||||
Earning assets | 602,310 | 581,865 | 556,012 | 539,094 | 532,981 | |||||||||||||||
Assets | 619,157 | 598,083 | 572,022 | 555,157 | 549,129 | |||||||||||||||
Deposits | 545,108 | 520,030 | 500,159 | 488,349 | 483,480 | |||||||||||||||
Stockholders' equity | 50,550 | 49,079 | 47,837 | 46,309 | 44,717 | |||||||||||||||
Loans to deposits | 95 | % | 96 | % | 94 | % | 96 | % | 92 | % | ||||||||||
Net interest margin | 3.86 | % | 3.77 | % | 4.08 | % | 4.52 | % | 4.24 | % | ||||||||||
CONTACT:
President and CEO –
208.630.2092 – tcooper@idahofirstbank.com
Source:
2023 GlobeNewswire, Inc., source