COEUR D'ALENE, Idaho, Feb. 5, 2013 (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 fourth quarter and year ended December 31, 2012.
Mr. Gustavel reported that IIB's net income for the quarter ended December 31, 2012, was $362,000, or $0.04 per diluted share, compared to a net loss of $3.7 million, or $0.46 per diluted share, for the same period a year ago. The Bank's net loss for the year ended December 31, 2012, was $5.5 million, or $0.67 per diluted share. "2012 was a time for putting nonperforming assets behind us and refocusing on profitable long-term customer relationships and growth," Mr. Gustavel said.
IIB's total assets as of December 31, 2012, increased $26.0 million, or 5.9%, to $466.8 million from $440.8 million at December 31, 2011. Deposits and repurchase agreements increased $30.4 million, or 8.3%, to $398.1 million from $367.7 million at December 31, 2011. Total loans decreased $18.2 million, or 7.4%, to $229.1 million over the same timeframe. Nonperforming assets continue to show improvement and were down 40.2% for the year ending December 31, 2012. IIB's reserve for loan losses totaled $7.1 million as of the end of the year, or 3.2% of total loans, excluding loans held-for-sale, and the Bank's capital ratios remain above the thresholds required to be considered "Well-Capitalized" under regulatory guidelines.
IIB filed its Consolidated Report of Condition and Income for the quarter ended December 31, 2012, (the "Call Report") with the Federal Deposit Insurance Corporation on January 23, 2013. The Call Report is available on the Federal Financial Institutions Examinations Council website at http://cdr.ffiec.gov/Public/.
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 180 full-time equivalent 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.globenewswire.com/newsroom/prs/?pkgid=1275
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, continued declines or worsening 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||Year Ended|
|CONDENSED STATEMENT OF OPERATIONS||December 31,||December 31,|
|Net interest income||$ 3,592||$ 3,483||$ 13,689||$ 14,599|
|Provision for loan losses||15||1,621||4,073||3,521|
|Net interest income after provision for loan losses||3,577||1,862||9,616||11,078|
|Net loss before taxes||362||(2,176)||(5,489)||(4,875)|
|Income tax expense||--||1,500||--||1,500|
|Net loss||$ 362||$ (3,676)||$ (5,489)||$ (6,375)|
|Loss per share:|
|Basic||$ 0.04||$ (0.46)||$ (0.67)||$ (0.94)|
|Diluted||$ 0.04||$ (0.46)||$ (0.67)||$ (0.94)|
|SELECTED BALANCE SHEET ACCOUNTS||December 31,||December 31,|
|Loans held for sale||$ 6,798||$ 4,184|
|Allowance for loan losses||7,137||9,474|
|Customer repurchase agreements||13,462||10,305|
|Total deposits and repurchase agreements||398,055||367,729|
|PER SHARE DATA|
|Common shares outstanding||8,181,109||8,181,109|
|Book value per share||$ 6.28||$ 6.91|
|Tier 1 capital (to average assets)||11.20%||12.02%|
|Tier 1 capital (to risk-weighted assets)||15.29%||16.16%|
|Total risk-based capital (to risk-weighted assets)||16.55%||17.42%|
|Three Months Ended||Year Ended|
|PERFORMANCE RATIOS (annualized)||December 31,||December 31,|
|Return on average assets||0.31%||-3.20%||-1.22%||-1.42%|
|Return on average equity||2.80%||-24.58%||-9.95%||-11.26%|
|Net interest margin||3.51%||3.42%||3.43%||3.70%|
CONTACT: Jack W. Gustavel IDAHO INDEPENDENT BANK 1260 W. Riverstone Drive Coeur d'Alene, Idaho 83814 (208) 292-1902
Source:Idaho Independent Bank