updated 5/9/2011 6:16:26 PM ET 2011-05-09T22:16:26

COEUR D'ALENE, Idaho, May 9, 2011 (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 first quarter ended March 31, 2011.

Mr. Gustavel reported that IIB's net loss for the quarter ended March 31, 2011, was $956,000, or a loss of $0.15 per diluted share, compared to net income of $101,000, or $0.02 per diluted share, for the same period a year ago. He also stated that the Bank added $800,000 to its allowance for loan losses during the period.

"During the quarter, we made further progress in reducing non-performing assets, improving asset quality, and reducing concentrations in land, land development, and construction loans. Improved asset quality, managed growth, and reduced costs continue to be priorities in 2011," Mr. Gustavel said. IIB maintains strong capital ratios that are well above the thresholds required to be considered "Well-Capitalized" under regulatory guidelines. The Total Risk-Based Capital Ratio improved to 17.5% at March 31, 2011, compared to 16.1% at March 31, 2010.

During the quarter, total assets increased $5.9 million, or 1.3%, to $447.5 million from $441.6 million at December 31, 2010. Compared to the prior year, total assets as of March 31, 2011, decreased $37.5 million, or 7.7%, from $485.0 million at March 31, 2010. Total loans, including loans held-for-sale, at March 31, 2011, decreased $94.0 million, or 26.2%, to $265.3 million from $359.3 million at March 31, 2010. Land, land development and construction loans decreased $50.8 million, or 36.4%, to $88.7 million from $139.5 million at March 31, 2010. Total deposits and customer repurchase agreements increased $6.5 million, or 1.8%, to 375.3 million at March 31, 2011, compared to $368.8 million at December 31, 2010. Total deposits and customer repurchase agreements decreased $31.6 million, or 7.8%, compared to $406.9 million at March 31, 2010.   

As of March 31, 2011, IIB's reserve for loan losses totaled $8.7 million, or 3.3% of total loans, excluding loans held-for-sale. Non-performing assets declined 11.1% to $37.0 million, or 8.3% of total assets at March 31, 2011, compared to $41.6 million, or 9.4% of total assets as of December 31, 2010.  Non-performing assets at March 31, 2011, included $23.9 million in non-performing loans and $13.1 million in other real estate owned.

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, Eagle, and Sun Valley/Ketchum, Idaho.  IIB has approximately 200 employees throughout the State of Idaho.  To learn more about IIB, visit us online at www.theidahobank.com.

The Idaho Independent Bank company logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=1275

Statements contained herein concerning future performance, developments or events, expectations for earnings, growth and market forecasts, and any other statements that are not historical facts are forward-looking statements that are intended to be covered by the safe harbor for "forward-looking statements" provided by 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. These risks and other factors are described in greater detail  in the Bank's filings with the Federal Deposit Insurance Corporation, including, without limitation, the Item 1A Risk Factors section of the Bank's Annual Report on Form 10-K for the year ended December 31, 2010. 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 Ended
CONDENSED STATEMENT OF OPERATIONS March 31,
  2011 2010
Net interest income  $ 3,844  $ 4,885
Provision for loan losses  800  1,315
Net interest income after provision for loan losses  3,044  3,570
Noninterest income  1,173  1,087
Noninterest expense  5,173  4,494
Net income (loss) before taxes  (956)  163
Income tax expense  --  62
Net income (loss)  $ (956)  $ 101
     
Income (loss) per share:    
 Basic  $ (0.15)  $ 0.02
 Diluted  $ (0.15)  $ 0.02
     
SELECTED BALANCE SHEET ACCOUNTS March 31, March 31,
  2011 2010
Loans held for sale  $ 1,397  $ 2,771
Loans receivable  263,871  356,520
Gross loans  265,268  359,291
Allowance for loan losses  8,676  14,303
Total assets  447,517  485,031
Deposits  357,876  380,323
Customer repurchase agreements  17,395  26,536
Total deposits and repurchase agreements  375,271  406,859
Stockholders' equity  55,794  62,337
     
PER SHARE DATA    
Common shares outstanding  6,357,112  6,357,112
Book value per share  $ 8.78  $ 9.81
     
CAPITAL RATIOS    
Tier 1 capital (to average assets) 12.30% 12.77%
Tier 1 capital (to risk-weighted assets) 16.21% 14.87%
Total risk-based capital (to risk-weighted assets) 17.47% 16.14%
     
  Three Months Ended
PERFORMANCE RATIOS (annualized) March 31,
  2011 2010
Return on average assets -0.87% 0.08%
Return on average equity -6.82% 0.64%
Efficiency ratio 103.11% 75.25%
Net interest margin 3.97% 4.43%
CONTACT:  Jack W. Gustavel
          IDAHO INDEPENDENT BANK
          1260 W. Riverstone Drive
          Coeur d'Alene, Idaho 83814
          (208) 292-1902

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

Discuss:

Discussion comments

,

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 4.97%
$30K home equity loan FICO 5.23%
$75K home equity loan FICO 4.66%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.28%
13.21%
Cash Back Cards 17.73%
17.70%
Rewards Cards 17.00%
16.96%
Source: Bankrate.com