Idaho Independent Bank Announces 2013 First Quarter Results

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COEUR D' ALENE, Idaho, April 16, 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 first quarter ended March 31, 2013. Mr. Gustavel reported that IIB's net income for the quarter was $501,000, or $0.06 per diluted share. This compares to net income of $362,000 for the quarter ended December 31, 2012, and a net loss of $486,000 for the quarter ended March 31, 2012. "IIB has made real progress in improving asset quality, increasing earnings, and laying the groundwork for future growth," Mr. Gustavel said.

IIB's total assets as of March 31, 2013, increased $10.7 million, or 2.4%, to $462.2 million from $451.5 million at March 31, 2012. Deposits and repurchase agreements increased $14.4 million, or 3.8%, to $393.2 million from $378.8 million at March 31, 2012. Total loans decreased $11.8 million, or 5.0%, to $225.5 million over the same timeframe. To help explain the decrease in loan totals, Mr. Gustavel stated that new loan production was up but was more than offset by a planned reduction in concentrations and non-performing loans. IIB's reserve for loan losses totaled $6.0 million as of the end of the quarter, or 2.7% of total loans, excluding loans held-for-sale.

IIB's capital ratios continue to exceed thresholds required to be considered "Well-Capitalized" under regulatory guidelines. The Bank's Tier One Capital Ratio and Total Risk-Based Capital Ratio were 11.40% and 16.56%, respectively, at March 31, 2013.

IIB plans to file its Consolidated Report of Condition and Income for the quarter ended March 31, 2013, (the "Call Report") with the Federal Deposit Insurance Corporation later in April. The Call Report will be available on the Federal Financial Institutions Examinations Council website at

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 180 full-time equivalent employees throughout the State of Idaho. To learn more about IIB, visit us online at

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
2013 2012
Net interest income $ 3,184 $ 3,453
Provision for loan losses 265 383
Net interest income after provision for loan losses 2,919 3,070
Noninterest income 1,542 1,224
Noninterest expense 3,960 4,780
Net income (loss) before taxes 501 (486)
Income tax expense -- --
Net income (loss) $ 501 $ (486)
Earnings (loss) per share:
Basic $ 0.06 $ (0.06)
Diluted $ 0.06 $ (0.06)
2013 2012
Loans held for sale $ 5,541 $ 1,684
Loans receivable 219,945 235,602
Gross loans 225,486 237,286
Allowance for loan losses 6,000 6,726
Total assets 462,181 451,537
Deposits 377,832 368,438
Customer repurchase agreements 15,323 10,316
Total deposits and repurchase agreements 393,155 378,754
Stockholders' equity 51,890 56,126
Common shares outstanding 8,181,109 8,181,109
Book value per share $ 6.34 $ 6.86
Tier 1 capital (to average assets) 11.40% 12.63%
Tier 1 capital (to risk-weighted assets) 15.31% 16.72%
Total risk-based capital (to risk-weighted assets) 16.56% 17.98%
Three Months Ended
PERFORMANCE RATIOS (annualized) March 31,
2013 2012
Return on average assets 0.45% -0.44%
Return on average equity 3.93% -3.43%
Efficiency ratio 83.79% 102.20%
Net interest margin 3.19% 3.53%

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

Source:Idaho Independent Bank