COEUR D'ALENE, Idaho, Oct. 18, 2006 (PRIMEZONE) -- Jack W. Gustavel, Chairman and Chief Executive Officer of Idaho Independent Bank (OTCBB:IIBK) (IIB), announced IIB's financial results (unaudited) for the quarter and nine months ended September 30, 2006.
Mr. Gustavel reported that IIB's Net Income for the quarter ended September 30, 2006, was $2.94 million, an increase of $0.86 million, or 41.2%, from the third quarter of 2005. After adjusting 2005 results for the 7% stock dividend paid in December 2005, IIB's fully diluted earnings per share for the third quarter of 2006 were $0.98, compared to $0.69 for the quarter ended September 30, 2005, an increase of 42.0%. IIB's Net Income year-to-date was $8.20 million, an increase of $2.97 million, or 56.8%, over the $5.23 million earned during the first nine months of 2005. Fully diluted earnings per share for the first nine months of 2006 were $2.75 compared to $1.75 (adjusted) for the nine months ended September 30, 2005, a 57.1% increase.
IIB's Total Assets as of September 30, 2006, were $570.5 million, an increase of $60.5 million, or 11.9%, compared to September 30, 2005. Total Deposits and Repurchase Agreements were $499.1 million as of September 30, 2006, up $50.6 million, or 11.3%, from the same period one year earlier. Total Loans, including Loans Held-for-Sale, at the end of the third quarter of 2006 were $491.9 million, an increase of $123.7 million, or 33.6%, over September 30, 2005.
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 200 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.
The Idaho Independent Bank company logo is available at http://www.primezone.com/newsroom/prs/?pkgid=1275
Idaho Independent Bank
Financial Highlights (unaudited)
(dollars in thousands, except per share)
Quarter Ended Nine Months Ended
INCOME STATEMENT September 30, September 30,
2006 2005 2006 2005
Net interest income $ 9,077 $ 6,823 $ 26,002 $ 18,349
Provision for loan
losses 450 320 1,354 930
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Net interest margin 8,627 6,503 24,648 17,419
Noninterest income 1,069 1,319 3,231 3,395
Noninterest expense 4,765 4,438 14,265 12,386
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Net income before taxes 4,931 3,384 13,614 8,428
Income taxes 1,995 1,304 5,419 3,199
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Net income $ 2,936 $ 2,080 $ 8,195 $ 5,229
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Earnings Per Share:
Basic $ 1.07 $ 0.77 $ 2.99 $ 1.92
Diluted $ 0.98 $ 0.69 $ 2.75 $ 1.75
BALANCE SHEET
Loans held for sale $ 2,722 $ 4,020
Loans receivable 489,189 364,131
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Gross Loans 491,911 368,151
Allowance for loan
losses 9,095 6,628
Assets 570,504 509,964
Deposits 482,063 432,151
Customer Repurchase
Agreements 17,008 16,364
Shareholders' equity 54,346 43,912
PER SHARE DATA
Common shares
outstanding 2,737,632 2,730,161
Book value per share $ 19.85 $ 16.08
PERFORMANCE RATIOS Quarter Ended Nine Months Ended
(annualized) September 30, September 30,
2006 2005 2006 2005
Return on Average Assets 2.09% 1.73% 2.04% 1.59%
Return on Average Equity 22.02% 19.28% 21.84% 16.87%
Efficiency Ratio 46.96% 54.51% 48.80% 56.96%
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.