COEUR D'ALENE, Idaho, April 14, 2008 (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 first quarter ended March 31, 2008.
Mr. Gustavel reported that IIB's net income for the quarter ended March 31, 2008, was $2.1 million, or $0.33 per diluted share, compared to $2.6 million, or $0.40 per diluted share, for the same period a year ago. Prior period earnings per share have been restated to reflect the 7% share dividend distributed to shareholders in December of 2007.
IIB's total assets as of March 31, 2008, decreased $22.4 million, or 3.5%, to $611.2 million from $633.6 million at March 31, 2007. Total loans, including loans held-for-sale, at March 31, 2008, increased $15.3 million, or 3.0%, to $524.0 million from $508.7 million at March 31, 2007. Total deposits and customer repurchase agreements decreased $48.7 million, or 8.8%, to $507.5 million at March 31, 2008, from $556.2 million at March 31, 2007.
For the quarter ended March 31, 2008, IIB added $300,000 to the allowance for loan losses, while net charge offs totaled $107,000. As of March 31, 2008, the allowance for loan losses account totaled $10.3 million, or 1.98% of loans, excluding loans held-for-sale. Non-performing assets totaled $853,000, or 0.14% of total assets, at March 31, 2008, compared to $2.8 million, or 0.44% of total assets, at March 31, 2007.
About IIB
IIB was established in 1993 as an Idaho state-chartered, commercial bank and currently operates branches in Boise (3), 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. 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 and the state of Idaho; 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 share data)
Three Months Ended
INCOME STATEMENT March 31,
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2008 2007
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Net interest income $ 8,036 $ 8,692
Provision for loan losses 300 330
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Net interest margin 7,736 8,362
Noninterest income 1,241 1,060
Noninterest expense 5,536 5,080
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Net income before taxes 3,441 4,342
Income taxes 1,342 1,737
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Net income $ 2,099 $ 2,605
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Earnings per share:
Basic (1) $ 0.35 $ 0.44
Diluted (1) $ 0.33 $ 0.40
BALANCE SHEET Mar. 31, Mar. 31,
2008 2007
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Loans held for sale $ 6,288 $ 2,218
Loans receivable 517,735 506,451
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Gross loans 524,023 508,669
Allowance for loan losses 10,268 10,212
Total assets 611,245 633,570
Deposits 473,160 524,290
Customer repurchase agreements 34,367 31,952
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Total deposits and repurchase agreements 507,527 556,242
Stockholders' equity 69,107 60,302
PER SHARE DATA
Common shares outstanding (1) 5,931,447 5,936,160
Book value per share (1) $ 11.65 $ 10.16
Three Months Ended
PERFORMANCE RATIOS (annualized) March 31,
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2008 2007
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Return on average assets 1.38% 1.71%
Return on average equity 12.37% 18.08%
Efficiency ratio 59.67% 52.09%
Net interest margin 5.65% 6.08%
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(1) Prior period amounts have been restated to reflect the 7% share
dividend in December 2007.