COEUR D'ALENE, Idaho, Oct. 17, 2005 (PRIMEZONE) -- Jack W. Gustavel, Chairman and Chief Executive Officer of Idaho Independent Bank (OTCBB:IIBK), announced IIB's financial results (unaudited) for the quarter and nine months ended September 30, 2005.
Mr. Gustavel reported that IIB's Net Income for the quarter ended September 30, 2005, was $2.08 million, an increase of $0.89 million from the third quarter of 2004. After adjusting 2004 results for the 7% stock dividend paid in December 2004, IIB's fully diluted earnings per share for the third quarter of 2005 were $0.75, as compared to $0.44 for the quarter ended September 30, 2004, an increase of 70.5%. IIB's Net Income year-to-date was $5.23 million, an increase of $1.61 million, or 44.5%, over the $3.62 million earned during the first nine months of 2004. Fully diluted earnings per share for the first nine months of 2005 were $1.87 as compared to $1.33, adjusting for the 7% stock dividend, for the nine months ended September 30, 2004, a 40.6% increase.
IIB's Total Assets as of September 30, 2005, were $510.0 million, an increase of $123.0 million, or 31.8%, when compared to September 30, 2004. Total Deposits and Repurchase Agreements were $448.5 million as of September 30, 2005, up $104.2 million, or 30.3%, from the same period one year earlier. Total Loans, including Loans Held-for-Sale, at the end of the third quarter of 2005 were $368.2 million, an increase of $102.0 million, or 38.3%, over September 30, 2004.
About IIB
IIB, The Idaho Bank(R), was established in 1993 as an Idaho state-chartered, commercial bank and currently operates branches in Boise (2), Meridian, Coeur d'Alene, Nampa, Mountain Home, Hayden Lake, Caldwell, Star, and Ketchum/Sun Valley. 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.
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.
Idaho Independent Bank
Financial Highlights (unaudited)
(dollars in thousands, except per share)
INCOME STATEMENT
Quarter Ended Nine Months Ended
September 30, September 30,
2005 2004 2005 2004
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Net interest income $ 6,823 $ 4,644 $18,349 $13,594
Provision for loan losses 320 50 930 560
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Net interest margin 6,503 4,594 17,419 13,034
Noninterest income 1,319 1,088 3,395 3,464
Noninterest expense 4,438 3,803 12,386 10,797
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Net income before taxes 3,384 1,879 8,428 5,701
Income taxes 1,304 686 3,199 2,085
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Net income $ 2,080 $ 1,193 $ 5,229 $ 3,616
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Earnings Per Share:
Basic $ 0.82 $ 0.47 $ 2.05 $ 1.42
Diluted $ 0.75 $ 0.44 $ 1.87 $ 1.33
BALANCE SHEET
September 30, September 30,
2005 2004
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Loans held for sale $ 4,020 $ 4,118
Loans receivable 364,131 262,100
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Gross Loans 368,151 266,218
Allowance for loan losses 6,628 5,456
Assets 509,964 387,005
Deposits and Repurchase Agreements 448,515 344,278
Shareholders' equity 43,912 38,121
PER SHARE DATA
Common shares outstanding 2,551,552 2,556,434
Book value per share $ 17.21 $ 14.91
Quarter Ended Nine Months Ended
September 30, September 30,
PERFORMANCE RATIOS
(annualized) 2005 2004 2005 2004
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Return on Average Assets 1.73% 1.28% 1.59% 1.33%
Return on Average Equity 19.28% 12.69% 16.87% 13.37%
Efficiency Ratio 54.51% 66.35% 56.96% 63.30%
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