7-29-13 8:00 AM EDT | Email Article

COEUR D'ALENE, Idaho, July 29, 2013 (GLOBE NEWSWIRE) -- Jack W. Gustavel, Chairman and Chief Executive Officer of Idaho Independent Bank ("IIB" or the "Bank") (OTCBB:IIBK), announced IIB's consolidated unaudited financial results for the second quarter and six months ended June 30, 2013.

"IIB's asset quality and earnings continued to improve during the first half of 2013," Mr. Gustavel said. IIB's net income for the quarter was $304,000, or $0.04 per diluted share, compared to a net loss of $389,000, or $(0.05) per diluted share, for the same period a year ago. IIB's net income for the six months ended June 30, 2013, was $805,000, or $0.10 per diluted share, compared to a net loss of $875,000, or $(0.11) per diluted share, for the same six-month period a year ago.

Growth was also positive. The Bank's total assets as of June 30, 2013, increased $14.5 million, or 3.2%, to $473.1 million from $458.6 million at June 30, 2012. Deposits and repurchase agreements increased $17.1 million, or 4.4%, to $403.4 million from $386.3 million at June 30, 2012. Total loans decreased $4.4 million during the period, but nonperforming assets, which include the combination of nonperforming loans and other real estate owned, declined by $18.8 million, or 57.0%, to $14.2 million at June 30, 2013. IIB's reserve for loan losses remains high at $5.8 million as of the end of the quarter, or 2.5% of total loans, excluding loans held-for-sale. 

In addition, IIB's capital ratios exceed the thresholds required to be considered "Well-Capitalized" under regulatory guidelines. The Bank's Tier One Capital Ratio and Total Risk-Based Capital Ratio were 11.3% and 16.2%, respectively, at June 30, 2013. 

IIB filed its Consolidated Report of Condition and Income for the quarter ended June 30, 2013, (the "Call Report") with the Federal Deposit Insurance Corporation on July 24. The Call Report is available on the Federal Financial Institutions Examinations Council website at http://cdr.ffiec.gov/Public/.

About IIB

IIB was established in 1993 as an Idaho state-chartered, commercial bank and currently operates three branches in Boise, as well as branches in Meridian, Coeur d'Alene, Nampa, Mountain Home, Hayden, Caldwell, Star, and Sun Valley/Ketchum, Idaho.  IIB has approximately 190 employees throughout the State of Idaho.  To learn more about IIB, visit us online at www.theidahobank.com.

Statements contained herein concerning future performance, developments or events, expectations for earnings, growth and market forecasts, and similar statements that are not historical facts are intended to be "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995, and as such, are subject to a number of risks and uncertainties that might cause actual results to differ materially from expectations or our stated objectives. Factors that could cause actual results to differ materially, include, but are not limited to, continued declines or worsening in regional and general economic conditions; changes in interest rates, deposit flows, demand for loans, real estate values, competition, or loan delinquency rates; changes in accounting principles, practices, policies, or guidelines; changes in legislation or regulations; changes in the regulatory environment; changes in monetary policy of the Federal Reserve Bank; changes in fiscal policy of the Federal government and the State of Idaho; changes in other economic, competitive, governmental, regulatory and technological factors affecting operations, pricing, products, and services; material unforeseen changes in the liquidity, results of operations, or financial condition of the Bank's customers . Accordingly, these factors should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. The Bank undertakes no responsibility to update or revise any forward-looking statements.

Idaho Independent Bank
Financial Highlights (unaudited)
(dollars in thousands, except share data)
         
 Three Months EndedSix Months Ended
CONDENSED STATEMENT OF OPERATIONSJune 30,June 30,
 2013201220132012
Net interest income  $ 3,265  $ 3,213  $ 6,449  $ 6,666
Provision for loan losses  --  475  265  858
Net interest income after provision for loan losses  3,265  2,738  6,184  5,808
Noninterest income  1,628  830  3,170  2,054
Noninterest expense  4,589  3,957  8,549  8,737
Net income (loss) before taxes  304  (389)  805  (875)
Income tax expense  --  --  --  --
Net income (loss)  $ 304  $ (389)  $ 805  $ (875)
         
Earnings (loss) per share:        
 Basic  $ 0.04  $ (0.05)  $ 0.10  $ (0.11)
 Diluted  $ 0.04  $ (0.05)  $ 0.10  $ (0.11)
         
SELECTED BALANCE SHEET ACCOUNTSJune 30,June 30,    
 20132012    
Loans held for sale  $ 5,941  $ 3,979    
Loans receivable  230,279  236,623    
Gross loans  236,220  240,602    
Allowance for loan losses  5,826  6,426    
Total assets  473,052  458,622    
Deposits  384,457  376,868    
Customer repurchase agreements  18,987  9,460    
Total deposits and repurchase agreements  403,444  386,328    
Stockholders' equity  51,883  55,757    
         
PER SHARE DATA        
Common shares outstanding  8,181,109  8,181,109    
Book value per share  $ 6.34  $ 6.82    
         
CAPITAL RATIOS        
Tier 1 capital (to average assets) 11.27% 12.38%    
Tier 1 capital (to risk-weighted assets) 14.98% 16.33%    
Total risk-based capital (to risk-weighted assets) 16.24% 17.58%    
         
 Three Months EndedSix Months Ended
PERFORMANCE RATIOS (annualized)June 30,June 30,
 2013201220132012
Return on average assets 0.27% -0.35% 0.36% -0.39%
Return on average equity 2.34% -2.77% 3.13% -3.10%
Efficiency ratio 93.79% 97.87% 88.88% 100.19%
Net interest margin 3.17% 3.25% 3.18% 3.39%
         
CONTACT: Jack W. Gustavel
         IDAHO INDEPENDENT BANK
         1260 W. Riverstone Drive
         Coeur d'Alene, Idaho  83814
         (208) 292-1902

Idaho Independent Bank Logo

GlobeNewswire, Inc. 2013
Add a Comment

News   More...

Securities related to this article
Idaho Independent Bank View iibk Stock Quote
 
Start Premium Trial Register For Free

P F Fund Financial Data (13,000+ funds)
P F Stock Financial Data (7,000+ stocks)
P F Stock and Fund Screeners (basic)
P F Investing Articles and Market Commentary
P F Articles Archive (>30 days)
P F Discuss (dozens of stock, fund, bond, and general bulletin boards)
P F Portfolio Manager (basic)
P F Morningstar Investment Classroom
P F Access Your Portfolio Anytime, Anywhere via Your Mobile Device
P   Morningstar Fund Analyst Reports (full research on 1,700 funds, ETFs, and CEFs)
P   Morningstar Stock Analyst Reports (full research on more than 1,100 stocks)
P   Portfolio Manager (advanced with 10 X-Ray analyses, including recommendations)
P   Portfolio Monitor (monthly and on-demand personalized portfolio statements)
P   Morningstar Proprietary Stock Information (stock star ratings, buy/sell prices, economic moat ratings, and more)
P   Morningstar 5-Star Stock and Fund Favorites & Red Flags eNewsletters
P   Premium Stock and Fund Screeners (advanced with nearly infinite ways to find the best securities for you)
P   Discounts on Morningstar newsletters, books, seminars, and more

Sign-up to Morningstar


Basic Access

Articles and Videos
Morningstar video reports, articles, data, and tools. Dig into our lineup of e-newsletters and investing classroom courses outlining sensible strategies for maximizing your investments.
Morningstar Discuss
Follow the buzz on individual stocks or fund families. Plus, read the latest posts from Morningstar members and analysts.
Portfolio Manager
Track your investments and watch lists with our Portfolio Manager. Customize your view with our comprehensive stock, fund, and ETF data.

Access these features and more when you sign up for Free Membership.
Join Morningstar today. It's Free.

Unlimited Access

Analyst Research
Gather in-depth, actionable insight on over 3,700 stock and mutual funds covered by Morningstar analysts. View our mutual fund Analyst Reports favored by professionals, savvy experienced investors, and new investors researching options for retirement savings, college plans, or other investment needs.
Portfolio X-Ray®
Ensure your portfolio is positioned exactly how you want with Morningstar's X-Ray Interpreter and Stock Intersection tools. A Barron's "Best of the Web" award winner for five years running, X-Ray Interpreter goes under the hood of your portfolio to provide a useful allocation, sector, and geographic analysis. And you can discover how much of a stock you really own, individually and through mutual funds, with Stock Intersection.
Investment Picks
Find new 5-star stocks (greatly undervalued companies) to consider daily. Our 5-star stock rating is a proven winner, consistently beating benchmarks like the S&P 500. Plus, browse our Fund Analyst Picks and Stewardship Grades to find shareholder-friendly mutual funds that are poised for outperformance.
Portfolio Monitor
Get a clear view of your investments with personalized reports about your portfolio. Receive monthly statements and generate reports on-demand to help you stay on track to meet your investment goals.

Access these features and more when you sign up for Premium Membership.
Start your free 14-day trial today online
Your subscription may be tax deductible. Please contact your tax advisor.

Content Partners
Morningstar - - Idaho Independent Bank Announces 2013 Second Quarter and Year-to-Date Results
Name |  Ticker |  Star Rating |  Market Cap |  Stock Type |  Sector |  Industry Star Rating |  Investment Style |  Total Assets |  Category |  Top Holdings |  Top Sectors |  Symbol |  Title Star Rating |  Category |  Total Assets |  Top Holdings |  Top Sectors |  Symbol |  Name Topic |  Sector |  Key Indicators |  User Interest |  Market Cap |  Industry Name |  Ticker |  Star Rating |  Market Cap |  Stock Type |  Sector |  Industry Star Rating |  Investment Style |  Total Assets |  Category |  Top Holdings |  Top Sectors |  Symbol / Ticker |  Title Star Rating |  Category |  Total Assets |  Symbol / Ticker |  Name Title |  Date |  Author |  Collection |  Popularity |  Interest Title |  Date |  Company |  Symbol |  Interest |  Popularity Title |  Date |  Company |  Symbol |  Interest |  Popularity Title |  Date |  Author |  Collection |  Interest |  Popularity

Previous: Idaho Independent Bank Announces 2013 Fourth Quarter and Year-End Results  |  Next: Idaho North Resources Receives Clearance to List on the OTCBB Market under the Symbol “IDAH”