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.
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.
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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.
CONTACT: Jack W. Gustavel IDAHO INDEPENDENT BANK 1260 W. Riverstone Drive Coeur d'Alene, Idaho 83814 (208) 292-1902