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Idaho Independent Bank Announces 2015 First Quarter Results

COEUR D'ALENE, Idaho, April 10, 2015 (GLOBE NEWSWIRE) -- Jack W. Gustavel, Chairman and Chief Executive Officer of Idaho Independent Bank ("IIB" or the "Bank") (OTCBB:IIBK), announced IIB's consolidated unaudited financial results for the quarter ended March 31, 2015.

"I am pleased to report improved core earnings and excellent loan and deposit growth during the past twelve months," Mr. Gustavel said. IIB's net income for the quarter was $358,000, or $0.04 per diluted share, compared to net income of $458,000, or $0.06 per diluted share, for the same period a year ago. It should be noted that income for the first quarter of 2014 included $858,000 in non-recurring interest received during that quarter. Also, income tax expense for the first quarter of each year was offset by a reduction in the Bank's valuation allowance against net deferred tax assets.

At March 31, 2015, the Bank's total assets were $533.5 million, an increase of $60.8 million, or 12.9%, compared to March 31, 2014. Deposits and repurchase agreements increased $52.6 million, or 13.2%, to $452.3 million; while total loans, including loans held-for-sale, increased $40.7 million, or 17.6%, to $272.5 million over the same timeframe. The Bank had net loan loss recoveries of $47,000 during the current quarter, and at March 31, 2015, the allowance for loan and lease losses totaled $6.5 million, or 2.5% of total loans, excluding loans held-for-sale. Nonperforming assets were less than 0.4% of total assets at March 31, 2015.

As of March 31, 2015, the Bank's Stockholders' Equity to Average Total Assets Ratio was 11.1% and IIB estimates its capital ratios exceeded the regulatory thresholds required to be considered "Well-Capitalized" by a significant margin.

IIB will file its Consolidated Report of Condition and Income for the quarter ended March 31, 2015, ("Call Report") with the Federal Deposit Insurance Corporation by April 30, 2015, and it will be available on the Federal Financial Institutions Examinations Council website at http://cdr.ffiec.gov/Public/.

About IIB

IIB was established in 1993 as an Idaho state-chartered, commercial bank and currently operates three branches in Boise, as well as branches in Meridian, Coeur d'Alene, Nampa, Mountain Home, Hayden, Caldwell, Star, and Sun Valley/Ketchum, Idaho. IIB has approximately 200 employees throughout the State of Idaho. To learn more about IIB, visit us online at www.theidahobank.com.

Statements contained herein concerning future performance, developments or events, expectations for earnings, growth and market forecasts, and similar statements that are not historical facts are intended to be "forward-looking statements" as that term is defined in the Private Securities Litigation 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, declines in regional and 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. 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
CONDENSED STATEMENT OF OPERATIONS March 31,
2015 2014
Net interest income $ 3,772 $ 4,185
Provision for loan losses -- --
Net interest income after provision for loan losses 3,772 4,185
Noninterest income 1,404 1,287
Noninterest expense 4,818 5,014
Net income before taxes 358 458
Income tax expense (benefit) -- --
Net income $ 358 $ 458
Earnings per share:
Basic $ 0.04 $ 0.06
Diluted $ 0.04 $ 0.06
SELECTED BALANCE SHEET ACCOUNTS March 31, March 31,
2015 2014
Loans held for sale $ 7,885 $ 1,690
Loans receivable 264,592 230,146
Gross loans 272,477 231,836
Allowance for loan losses 6,492 6,156
Total assets 533,471 472,694
Deposits 430,936 389,248
Customer repurchase agreements 21,339 10,450
Total deposits and repurchase agreements 452,275 399,698
Stockholders' equity 60,022 54,822
PER SHARE DATA
Common shares outstanding 8,205,838 8,181,949
Book value per share $ 7.31 $ 6.70
Three Months Ended
PERFORMANCE RATIOS (annualized) March 31,
2015 2014
Return on average assets 0.27% 0.40%
Return on average equity 2.43% 3.39%
Efficiency ratio 93.08% 91.63%
Net interest margin 3.06% 4.04%

CONTACT: Jack W. Gustavel IDAHO INDEPENDENT BANK 1260 W. Riverstone Drive Coeur d'Alene, Idaho 83814 (208) 292-1902Source:Idaho Independent Bank