COEUR D'ALENE, Idaho, April 19, 2005 (PRIMEZONE) -- Jack W. Gustavel, Chairman and Chief Executive Officer of Idaho Independent Bank (IIB) (OTCBB:IIBK), announced IIB's financial results (unaudited) for the three months ended March 31, 2005.
Mr. Gustavel reported that IIB's net income for the quarter ended March 31, 2005, was $1.4 million, an increase of $0.3 million from the first quarter of 2004. After adjusting for the 7% stock dividend paid in December 2004, IIB's fully diluted earnings per share for the first quarter of 2005 were $0.52, as compared to $0.40 for the quarter ended March 31, 2004, an increase of 30.0%.
IIB's Total Assets as of March 31, 2005, were $425 million, an increase of $51 million, or 13.6%, when compared to March 31, 2004. Total Deposits and Repurchase Agreements were $355 million as of March 31, 2005, up $33 million, or 10.1%, from the same period one year earlier. Total Loans, including Loans Held-for-Sale, at the end of the first quarter of 2005 were $323 million, an increase of $69 million, or 26.9%, over March 31, 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, and Ketchum/Sun Valley. In addition, a branch in Star, Idaho is scheduled to open in the second quarter of 2005. IIB has approximately 184 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.
Idaho Independent Bank
Financial Highlights (unaudited)
(dollars in thousands, except per share)
Quarter Ended
INCOME STATEMENT March 31,
2005 2004
Net interest income $5,476 $4,443
Provision for loan losses 300 300
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Net interest margin 5,176 4,143
Noninterest income 955 1,097
Noninterest expense 3,838 3,503
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Net income before taxes 2,293 1,737
Income taxes 860 637
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Net income $1,433 $1,100
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Earnings Per Share:
Basic $0.56 $0.44
Diluted $0.52 $0.40
Quarter Ended
BALANCE SHEET March 31,
2005 2004
Loans held for sale $4,833 $5,168
Loans receivable 318,644 249,569
Allowance for loan losses 5,836 5,247
Assets 425,242 374,307
Deposits and
Repurchase Agreements 355,455 322,688
Shareholders' equity 40,475 35,399
PER SHARE DATA:
Common shares outstanding 2,554,609 2,545,972
Book value per share $15.84 $13.90
Quarter Ended
PERFORMANCE RATIOS (annualized) March 31,
2005 2004
Return on Average Assets 1.42% 1.27%
Return on Average Equity 14.39% 12.75%
Efficiency Ratio 58.53% 61.92%
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