COEUR D'ALENE, Idaho, July 19, 2005 (PRIMEZONE) -- Jack W. Gustavel, Chairman and Chief Executive Officer of Idaho Independent Bank (IIB), announced IIB's financial results (unaudited) for the quarter and six months ended June 30, 2005.
Mr. Gustavel reported that IIB's Net Income for the first half of 2005 was $3.1 million, an increase of $0.7 million over the first half of 2004. IIB's fully diluted earnings per share for the first six months of 2005 were $1.13, as compared to $0.89 for the six months ended June 30, 2004, a 27.0% increase. For the quarter ended June 30, 2005, net income after taxes was $1.7 million, an increase of 30.8% over the $1.3 million earned in the second quarter of 2004. Prior period earnings have been restated to reflect the 7% stock dividend paid in December 2004.
As of June 30, 2005, Total Assets increased to $445.3 million, up $56.4 million, or 14.5%, compared to June 30, 2004. Total Deposits and Repurchase Agreements grew to $389.4 million as of June 30, 2005, up $42.3 million, an increase of 12.2% compared to June 30, 2004. Total Loans, including Loans-Held-for-Sale, were $347.0 million, up $86.2 million, or 33.1%, from June 30, 2004. IIB's Reserve for Loan Loss Account was $6.3 million as of June 30, 2005, or 1.8% of Total Loans, an increase of $0.7 million during the six-month period, including $0.1 million in net recoveries.
Mr. Gustavel reported that IIB's Ketchum/Sun Valley Branch, which it opened in late 2004, has already experienced significant growth under the direction of Sam Yost, Vice President and Manager. Mr. Gustavel also announced that, within the next few weeks, IIB plans to open its tenth branch, which will be located in Star, Idaho, a growing community 18 miles west of Boise.
About IIB
IIB was established in 1993 as an Idaho state-chartered, commercial bank and currently operates branches in Boise (2), Meridian, Coeur d'Alene, Nampa, Hayden, Mountain Home, Caldwell, and Ketchum/SunValley, Idaho. IIB has approximately 180 employees throughout the state of Idaho. IIB's Common Stock is traded on the OTC Bulletin Board under the symbol IIBK. To learn more about IIB, visit us online at www.theidahobank.com.
Forward Looking Statement
Statements contained herein concerning future performance, developments or events, expectations for earnings, growth and market forecasts, and any other guidance for future periods constitute forward-looking statements within the meaning of the Private Securities 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: changes in regional or 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; 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; and other risks detailed from time to time in the Bank's filings with the Federal Deposit Insurance Corporation. 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.
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Idaho Independent Bank
Financial Highlights
(unaudited)
(dollars in thousands, except per share data)
INCOME STATEMENT Quarter Ended Six Months Ended
June 30, June 30,
2005 2004 2005 2004
Net interest
income $ 6,051 $ 4,508 $ 11,526 $ 8,950
Provision for
loan losses 310 210 610 510
-------- -------- -------- --------
Net interest
margin 5,741 4,298 10,916 8,440
Noninterest
income 1,121 1,380 2,076 2,426
Noninterest
expense 4,112 3,594 7,948 7,045
-------- -------- -------- --------
Net income
before taxes 2,750 2,084 5,044 3,821
Income taxes 1,035 761 1,895 1,398
-------- -------- -------- --------
Net income $ 1,715 $ 1,323 $ 3,149 $ 2,423
======== ======== ======== ========
Earnings per share:
Basic $0.67 $0.52 $1.23 $0.95
Diluted $0.62 $0.49 $1.13 $0.89
BALANCE SHEET June 30, June 30,
2005 2004
Loans held for sale $ 4,364 $ 4,634
Loans receivable 342,676 256,184
Gross loans 347,040 260,818
Allowance for loan
losses 6,311 5,475
Assets 445,339 388,919
Deposits and
repurchase
agreements 389,354 347,020
Shareholders'
equity 41,951 36,771
PER SHARE DATA
Common shares
outstanding 2,547,482 2,550,799
Book value per share $ 16.47 $ 14.42
Quarter Ended Six Months Ended
PERFORMANCE RATIOS June 30, June 30,
(annualized) 2005 2004 2005 2004
Return on
Average Assets 1.61% 1.39% 1.52% 1.36%
Return on
Average Equity 16.76% 13.97% 15.59% 13.74%
Efficiency
Ratio 56.70% 59.42% 57.57% 60.97%