COEUR D'ALENE, Idaho, July 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 quarter and six months ended June 30, 2007.
Mr. Gustavel reported that IIB's net income for the quarter ended June 30, 2007, was $3.0 million, an increase of $0.02 million, or 0.6%, over the second quarter of 2006. IIB's fully diluted earnings per share for the second quarter of 2007 were $0.50, unchanged from the $0.50 earned in the quarter ended June 30, 2006. IIB's Net Income year-to-date was $5.6 million, an increase of $0.3 million, or 6.1%, over the $5.3 million earned during the first six months of 2006. Fully diluted earnings per share for the first six months of 2007 were $0.93, compared to $0.89 for the six months ended June 30, 2006, a 4.5% increase. 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 June 30, 2007, were $620.6 million, an increase of $61.8 million, or 11.1%, compared to June 30, 2006. Total Deposits and Customer Repurchase Agreements were $541.5 million as of June 30, 2007, up $50.2 million from June 30, 2006, or 10.2%. Total Loans, including Loans Held-for-Sale, at the end of the second quarter of 2007 were $515.8 million, an increase of $41.0 million, or 8.6%, over June 30, 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, Eagle, and Sun Valley/Ketchum, Idaho. IIB has approximately 215 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.primenewswire.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 Six Months Ended
INCOME STATEMENT June 30, June 30,
2007 2006 2007 2006
Net interest income $ 9,032 $ 8,976 $17,724 $16,925
Provision for loan losses 75 450 405 904
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Net interest margin 8,957 8,526 17,319 16,021
Noninterest income 1,310 1,107 2,370 2,162
Noninterest expense 5,314 4,728 10,394 9,500
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Net income before taxes 4,953 4,905 9,295 8,683
Income taxes 1,977 1,947 3,714 3,424
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Net income $ 2,976 $ 2,958 $ 5,581 $ 5,259
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Earnings per share:
Basic $ 0.53 $ 0.54 $ 1.00 $ 0.96
Diluted $ 0.50 $ 0.50 $ 0.93 $ 0.89
BALANCE SHEET June 30, June 30,
2007 2006
Loans held for sale $ 7,107 $ 2,935
Loans receivable 508,690 471,900
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Gross loans 515,797 474,835
Allowance for loan losses 10,286 8,774
Assets 620,599 558,805
Deposits 503,021 474,927
Customer Repurchase Agreements 38,484 16,423
Shareholders' equity 63,108 51,287
PER SHARE DATA
Common shares outstanding 5,584,101 5,476,764
Book value per share $ 11.30 $ 9.36
Quarter Ended Six Months Ended
PERFORMANCE RATIOS (annualized) June 30, June 30,
2007 2006 2007 2006
Return on Average Assets 1.93% 2.22% 1.82% 2.01%
Return on Average Equity 19.34% 23.70% 18.71% 21.75%
Efficiency Ratio 51.38% 46.89% 51.74% 49.77%