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MCCALL, IDAHO–(Marketwire – Apr 27, 2011)
Today Idaho First Bank (OTCQB: IDFB) reported financial results for the first quarter of 2011. The Bank reported a loss of $143,000 for the first quarter of 2011 compared to a loss of $509,000 in
the first quarter of 2010 and a loss of $391,000 in the last quarter of 2010. The quarterly loss was the smallest loss in the Bank’s history.
Mark Miller, Chairman of the Board, commented, “We have seen significant
improvement in the trends and performance of the Bank.” He further said,
“We have worked closely to reduce costs, including compensation and
incentive packages, increased oversight, and realigned Committee Charters
to help increase shareholder value and to meet our long-term profit
targets.”
The net loss for the first quarter of 2011 was $366,000 less than the loss
in the same quarter of 2010. This large improvement was primarily caused
by three favorable items; the provision for loan losses dropped from
$250,000 to $85,000, mortgage banking income increased from $68,000 to
$202,000; and noninterest expenses dropped by $117,000.
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Article source: http://www.marketwire.com/press-release/idaho-first-bank-reports-quarterly-financial-results-otcqb-idfb-1507337.htm