COEUR D'ALENE, Idaho, April 13, 2007 (PRIME NEWSWIRE) -- Jack W. Gustavel, Chairman and Chief Executive Officer of Idaho Independent Bank ("IIB") (OTCBB:IIBK), announced IIB's unaudited financial results for the three months ended March 31, 2007.
Mr. Gustavel reported that IIB's net income for the quarter ended March 31, 2007, was $2.6 million, an increase of $0.3 million, or 13.0%, over the first quarter of 2006. IIB's fully diluted earnings per share for the first quarter of 2007 were $0.43, as compared to $0.39 for the quarter ended March 31, 2006. Prior period earnings per share have been restated to reflect the 2-for-1 stock split distributed in November 2006.
IIB's Total Assets as of March 31, 2007, were $633.6 million, an increase of $84.6 million, or 15.4%, when compared to March 31, 2006. Total Deposits and Customer Repurchase Agreements were $556.2 million as of March 31, 2007, up $70.9 million from March 31, 2006, or 14.6%. Total Loans, including Loans Held-for-Sale, at the end of the first quarter of 2007 were $508.7 million, an increase of $71.4 million, or 16.3%, over March 31, 2006.
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, Mountain Home, Hayden Lake, Caldwell, Star, and Sun Valley/Ketchum, Idaho. IIB has approximately 205 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
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,
2007 2006
Net interest income $ 8,691 $ 7,949
Provision for loan losses 330 454
---------- ----------
Net interest margin 8,361 7,495
Noninterest income 1,060 1,055
Noninterest expense 5,079 4,772
---------- ----------
Net income before taxes 4,342 3,778
Income taxes 1,737 1,477
Net income $ 2,605 $ 2,301
========== ==========
Earnings Per Share:
Basic $ 0.47 $ 0.42
Diluted $ 0.43 $ 0.39
BALANCE SHEET
Quarter Ended
March 31,
2007 2006
Loans held for sale $ 2,218 $ 2,641
Loans receivable 506,451 434,625
---------- ----------
Gross Loans 508,669 437,266
Allowance for loan losses 10,212 8,316
Assets 633,570 549,018
Deposits 524,290 468,182
Customer Repurchase Agreements 31,953 17,130
Shareholders' equity 60,302 48,532
PER SHARE DATA
Common shares outstanding 5,547,813 5,473,780
Book value per share $ 10.87 $ 8.87
Quarter Ended
PERFORMANCE RATIOS (annualized) March 31,
2007 2006
Return on Average Assets 1.71% 1.71%
Return on Average Equity 18.08% 18.76%
Efficiency Ratio 52.09% 53.00%
Note: Per share amounts and shares outstanding have been restated to
reflect the 2-for-1 stock split distributed in November 2006.