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Intermountain Community Bancorp Reports First Quarter Earnings

Intermountain Community Bancorp Logo

SANDPOINT, Idaho, April 23, 2013 (GLOBE NEWSWIRE) -- Intermountain Community Bancorp (Nasdaq:IMCB), the holding company for Panhandle State Bank, reported $1.1 million, or $0.16 per diluted share, in net income applicable to common shareholders for the first quarter 2013, as compared to net income of $910,000, or $0.14 per share, and $335,000, or $0.08 per share, in the fourth and first quarters of 2012, respectively. Lower operating expenses and loan loss provisions drove the improvements over both prior quarters and offset lower net interest income.

"These results show steady improvement in lowering credit costs and operating expenses amidst a very challenging interest rate environment," said Chief Executive Officer Curt Hecker. "Our local markets continue to improve, and we anticipate that seasonal activity will pick up over the next couple quarters," he added.

First Quarter 2013 Highlights (at or for the period ended March 31, 2013, compared to December 31, 2012, and March 31, 2012)

  • Loan loss provision dropped to $179,000 during the first quarter, down from $619,000 and $959,000 in the fourth and first quarters of 2012, respectively, as the credit portfolio continued to improve.
  • Operating expenses were down $493,000 from the sequential quarter and $120,000 from the first quarter last year as the Company's expense reduction initiatives continued to pay off.
  • Interest expense continued to decline, totaling $985,000 for the first quarter, compared to $1.0 million in the fourth quarter of 2012 and $1.5 million in the first quarter of 2012. The Company's cost of interest bearing liabilities totaled 0.49% for the quarter, compared to 0.49% in the fourth quarter and 0.72% in the first quarter of 2012.
  • Nonperforming assets (NPAs) dropped to 1.05% of total assets at March 31, 2013 from 1.18% at December 31, 2012 and 1.56% at March 31, 2012, as the Company continued to reduce problem assets.
  • Loan delinquencies (30 days past due and over) continue to remain very low, at 0.14% of total loans compared to 0.13% in the fourth quarter and 0.19% in the first quarter of 2012.
  • The Company received GoBankingRates.com's first National Financial Institution award for its community involvement, customer service and client benefits.

Assets and Loan Portfolio Summary

Assets totaled $933.9 million at March 31, 2013, down from $972.1 million and $949.1 million at December 31, 2012 and March 31, 2012, respectively. The reduction from year-end 2012 reflects lower seasonal loan balances and the use of cash to pay down non-core liabilities, including brokered Certificates of Deposit ("CDs") and non-local secured savings accounts. The decrease from March 31, 2012 also largely reflects the use of cash to pay down non-core liabilities, including brokered CDs and Federal Home Loan Bank advances.

Net loans receivable decreased by $22.0 million during the quarter, largely as a result of seasonal factors, including pay downs on the Company's agricultural and commercial credit lines, and the payoff of one larger municipal credit. Investments available for sale increased by $2.6 million during the quarter, as the Company continued to reinvest cash into fixed income investments.

The following tables summarize the Company's loan portfolio by type and geographic region, and provide trending information over the prior year.

LOANS BY CATEGORIES
(Dollars in thousands) 3/31/2013 % of total 12/31/2012 % of total 3/31/2012 % of total
Commercial loans $111,968 22.1% $121,307 23.0% $114,460 22.7%
Commercial real estate 183,796 36.3% 186,844 35.4% 172,508 34.2%
Commercial construction 8,068 1.6% 3,832 0.7% 6,405 1.3%
Land and land development 31,673 6.2% 31,278 5.9% 34,258 6.8%
Agriculture 80,854 16.0% 85,967 16.3% 75,749 15.0%
Multifamily 15,946 3.1% 16,544 3.1% 16,949 3.4%
Residential real estate 57,645 11.4% 60,020 11.3% 57,879 11.5%
Residential construction 1,318 0.3% 940 0.2% 2,554 0.5%
Consumer 8,909 1.8% 9,626 1.8% 9,866 2.0%
Municipal 6,151 1.2% 12,267 2.3% 13,369 2.6%
Total loans receivable $506,328 100.0% $528,625 100.0% $503,997 100.0%
Allowance for loan losses (7,678) (7,943) (11,372)
Net deferred origination costs 104 86 358
Loans receivable, net $498,754 $520,768 $492,983
LOAN PORTFOLIO BY LOCATION
March 31, 2013
(Dollars in thousands) North Idaho -
Eastern
Washington

Magic Valley
Idaho

Greater Boise
Area
E. Oregon, SW
Idaho,
excluding Boise


Other


Total
% of Loan
type to
total loans
Commercial loans $79,554 $4,785 $9,149 $14,114 $4,366 $111,968 22.1%
Commercial real estate 122,103 11,318 9,530 18,632 22,213 183,796 36.3%
Commercial construction 3,473 4,085 510 8,068 1.6%
Land and land development 21,435 1,695 6,216 1,450 877 31,673 6.2%
Agriculture 2,387 2,396 15,054 56,561 4,456 80,854 16.0%
Multifamily 10,147 151 5,597 31 20 15,946 3.1%
Residential real estate 40,960 3,187 3,686 6,978 2,834 57,645 11.4%
Residential construction 958 10 350 1,318 0.3%
Consumer 5,202 999 480 1,978 250 8,909 1.8%
Municipal 4,784 1,367 6,151 1.2%
Total $291,003 $25,898 $53,807 $100,094 $35,526 $506,328 100.0%
Percent of total loans in geographic area 57.5% 5.1% 10.6% 19.8% 7% 100.0%

Asset Quality

Nonperforming loans totaled $5.1 million at March 31, 2013, down from $6.5 million at December 31, 2012 and $8.0 million at the end of the same period last year. The allowance for loan loss coverage of non-performing loans increased to 149.5% in the first quarter, up from 121.7% at December 31, 2012 and 142.2% at March 31, 2012, respectively.

Total nonperforming assets (NPAs) were $9.8 million at quarter end, compared to $11.5 million at December 31, 2012, and $14.9 million at March 31, 2012. Troubled debt restructured loans totaled $7.8 million, up from $6.7 million at December 31, 2012 and $6.5 million at March 31, 2012.

Classified loans totaled $25.3 million at quarter end, up slightly from $24.9 million at year end and down significantly from $49.5 million at March 31, 2012. Classified loans are loans in which the Company anticipates potential problems in obtaining repayment of principal and interest per the contractual terms, but does not necessarily believe that losses will occur.

The following table summarizes nonperforming assets by type and provides trending information over the prior year.

NPA BY CATEGORY
(Dollars in thousands) 3/31/2013 % of total 12/31/2012 % of total 3/31/2012 % of total
Commercial loans $1,573 16.0% $4,042 35.2% $4,040 27.2%
Commercial real estate 2,910 29.7% 1,716 14.9% 1,252 8.4%
Commercial construction —% —% 43 0.3%
Land and land development 4,852 49.5% 5,118 44.6% 8,262 55.7%
Agriculture 276 2.8% 98 0.9% 123 0.8%
Multifamily —% —% —%
Residential real estate 186 1.9% 502 4.4% 1,106 7.4%
Residential construction —% —% 2 —%
Consumer 4 0.1% 4 —% 24 0.2%
Total NPA by Categories $9,801 100.0% $11,480 100.0% $14,852 100.0%

The Company's delinquent, non-performing and classified loan totals continue to trend down from prior periods in most segments. Although land and land development loans still comprise the greatest proportion of NPA totals, the remaining exposure is substantially reduced. One large relationship continues to comprise the majority of the remaining balance in this category. Commercial real estate NPAs increased modestly in the first quarter, as one larger loan was placed in non-accrual status but is expected to be resolved in the next quarter. The majority of NPAs are in the North Idaho/Eastern Washington region, reflecting the Company's higher loan totals in these areas.

OREO balances totaled $4.7 million at March 31, 2013, compared to $5.0 million at December 31, 2012 and $6.9 million at March 31, 2012. The Company sold 3 properties totaling $656,000 in the first quarter, had net valuation adjustments of $26,000 and added 2 properties totaling $394,000. A total of 5 properties remained in the OREO portfolio at quarter end, consisting of $4.6 million in land and land development and $16,000 in commercial real estate.

Investment Portfolio, Deposit, Borrowings and Equity Summary

Investments available for sale increased by $2.6 million during the quarter, as new investment purchases were largely offset by rapid prepayments of the Company's mortgage-backed securities. The $18.5 million increase from March 31, 2012 reflects the investment of funds raised in the Company's 2012 capital offerings.

Deposits totaled $719.5 million at March 31, 2013, compared to $748.9 million at December 31, 2012 and $722.0 million at the end of the first quarter last year. The decrease from the fourth quarter reflects additional reductions in higher-cost brokered and retail CDs, the release of savings balances from the termination of a contract to maintain savings balances securing credit cards held by another company, and tax and operating payments made by clients. The table below provides information on both current composition and trends in the deposit portfolio.

DEPOSITS
(Dollars in thousands) 3/31/2013 % of total 12/31/2012 % of total 3/31/2012 % of total
Non-interest bearing demand accounts $236,250 32.8% $254,979 34% $188,249 26.2%
Interest bearing demand accounts 104,294 14.5% 99,623 13.3% —%
NOW —% —% 109,209 15.1%
Money market accounts 220,119 30.6% 213,155 28.5% 210,416 29.1%
Savings & IRA accounts 66,668 9.3% 75,788 10.1% 72,839 10.1%
Certificates of deposit (CDs) 39,087 5.4% 43,535 5.8% 55,854 7.7%
Jumbo CDs 52,898 7.4% 56,228 7.5% 57,275 7.9%
Brokered CDs —% 5,200 0.7% 26,667 3.7%
CDARS CDs to local customers 151 —% 426 0.1% 1,449 0.2%
Total Deposits $719,467 100.0% $748,934 100.0% $721,958 100.0%

Non-interest bearing demand deposits now comprise 32.8% of the deposit portfolio, as compared to 26.2% a year ago. Overall, low-cost transaction deposits represent 77.9% of the deposit portfolio, up from 70.3% at March 31, 2012. The Company has no remaining brokered CDs outstanding.

Stockholders' equity totaled $115.9 million at March 31, 2013, compared to $114.4 million at December 31, 2012 and $102.9 million at March 31, 2012. The increase from the sequential quarter reflects earnings and improvements in the unrealized gain on the Company's securities portfolio. The increase over last year is a result of the Company's successful rights offering, earnings improvement, and larger unrealized gains on the securities portfolio. Tangible book value per common share totaled $13.85 at March 31, 2013, compared to $13.64 at December 31, 2012 and $23.10 at March 31, 2012. The March 31, 2012 numbers have been adjusted for a 1-for-10 reverse stock split implemented by the Company in the fourth quarter of 2012.

Tangible stockholders' equity to tangible assets was 12.4%, compared to 11.8% at December 31, 2012 and 10.9% at the end of March last year. Tangible common equity to tangible assets was 9.6%, compared to 9.0% at December 31, 2012 and 5.0% at March 31, 2012.

Income Statement Summary

Net income applicable to common shareholders for the first quarter totaled $1.1 million, or $0.16 per common diluted share, compared to a net income applicable to common shareholders of $910,000, or $0.14 per common diluted share in the fourth quarter of 2012, and $335,000, or $0.08 per common diluted share in the first quarter of 2012. Per share results for March 31, 2012 have been adjusted for the impact of the 1-for-10 reverse stock split, which became effective in October, 2012.

First quarter 2013 net interest income before provision totaled $7.3 million, down from $7.6 million in both the fourth and first quarters of 2012. The decrease from both quarters reflects continued pressure on the Company's loan and investment yields, as market rates, particularly for fixed income securities, continued to trend down, and prepayments in the investment portfolio remained very high. Net interest margin declined to 3.44% from 3.53% and 3.56% in the fourth and first quarters of 2012, respectively, as decreases in the earning asset yield more than offset reductions in the cost of interest-bearing liabilities. "Mortgage application activity appeared to slow down in the first quarter, but prepayments on the Company's mortgage-backed securities remained at very high levels," said Chief Financial Officer Doug Wright.

Intermountain recorded a $179,000 provision for loan losses in the first quarter, down from the $619,000 expense recorded in the fourth quarter of 2012, and the $959,000 provision recorded in the comparable period last year. Net chargeoffs totaled $444,000 during the quarter, compared to $1.8 million in the sequential quarter and $2.3 million in the first quarter of 2012. "The lower provision and net chargeoff levels reflect the hard work performed by our team in prior years to aggressively reduce problem assets," Hecker said.

The table below provides information on other income for the current three-month period in comparison to prior periods.

Three Months Ended 3/31/2013 % of Total 12/31/2012 % of Total 3/31/2012 % of Total
(Dollars in thousands)
Fees and service charges $1,675 66% $1,684 55% $1,602 66%
Loan related fee income 567 22% 839 27% 605 24%
Net gain on sale of securities 40 2% 208 7% 585 24%
Net gain (loss) on sale of other assets 4 —% 4 —% 4 —%
Other-than-temporary credit impairment on investment securities (42) (2)% —% (271) (11)%
BOLI income 84 3% 86 3% 87 4%
Hedge fair value adjustment 67 3% (26) (1)% (384) (16)%
Unexercised warrant liability fair value 56 2% 71 2% —%
Other income 113 4% 204 7% 208 9%
Total $2,564 100% $3,070 100% $2,436 100.0%

Other income in the first quarter was $2.6 million, down from $3.1 million in the fourth quarter of 2012 and up from $2.4 million in the same period last year. Lower mortgage origination income and security gains were the primary factors in the change from the fourth quarter, while positive fair value adjustments offset lower security gains in driving the increase over first quarter 2012 results.

The table below provides information on operating expenses for the current three-month period in comparison to prior periods.

Three Months Ended 3/31/2013 % of Total 12/31/2012 % of Total 3/31/2102 % of Total
(Dollars in thousands)
Salaries and employee benefits $4,175 51% $4,181 48% $4,136 50%
Occupancy expense 1,524 19% 1,615 20% 1,684 20%
Advertising 114 1% 174 2% 112 1%
Fees and service charges 617 8% 620 7% 622 7%
Printing, postage and supplies 217 3% 208 2% 300 4%
Legal and accounting 340 4% 483 6% 350 5%
FDIC assessment 186 2% 97 1% 313 4%
OREO operations 111 1% 390 4% 104 1%
Other expense 894 11% 903 10% 677 8%
Total $8,178 100% $8,671 100% $8,298 100%

Operating expenses totaled $8.2 million in the first quarter of 2013, compared to $8.7 million in the sequential quarter and $8.3 million in the first quarter of last year. Decreases in occupancy, advertising, legal, and OREO expenses offset higher operating losses and FDIC assessment expenses from the fourth quarter, 2012. The lower fourth quarter FDIC assessment expense reflected adjustments made to revise prior quarters' estimated expense. The drop in operating expenses from the first quarter of last year primarily reflects reductions in occupancy, printing, and FDIC assessments, which offset higher operating losses. "While some expense categories have now stabilized after significant decreases in the past couple years, we are implementing additional cost reduction plans in other areas, including data processing and occupancy expense," said Wright. "We expect that these new efforts will result in additional cost savings in future periods."

The Company did not record any income tax provision or benefit during the quarter as it offset taxable income with net operating losses that it has carried forward from prior years. The Company maintains an $8.1 million tax valuation allowance, resulting in a net deferred tax asset of $12.1 million.

About Intermountain Community Bancorp:

Intermountain is headquartered in Sandpoint, Idaho, and operates as four separate divisions with nineteen banking locations in three states. Its banking subsidiary, Panhandle State Bank, offers financial services through northern Idaho offices in Sandpoint, Ponderay, Bonners Ferry, Priest River, Coeur d'Alene, Post Falls, Rathdrum and Kellogg. Intermountain Community Bank, a division of Panhandle State Bank, operates branches in southwest Idaho in Weiser, Payette, Nampa, Caldwell and Fruitland, as well as in Ontario, Oregon. Intermountain Community Bank Washington, a division of Panhandle State Bank, operates branches in downtown Spokane and Spokane Valley, Washington. Magic Valley Bank, a division of Panhandle State Bank, operates branches in Twin Falls and Gooding, Idaho.

All data contained in this report have been prepared on a consolidated basis for Intermountain Community Bancorp. IMCB's shares are quoted on the NASDAQ, ticker symbol IMCB. Additional information on Intermountain Community Bancorp, and its internet banking services, can be found at www.intermountainbank.com.

Forward Looking Statements

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may include but are not limited to statements about the Company's plans, objectives, expectations and intentions and other statements contained in this report that are not historical facts. These forward-looking statements are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company's control. Actual results may differ materially from the results discussed in these forward-looking statements because of numerous possible risks and uncertainties. These include but are not limited to the following and the other risks described in the "Risk Factors," "Business," and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections, as applicable, of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2012; the possibility of adverse economic developments that may, among other things, increase default and delinquency risks in the Company's loan portfolio; shifts in interest rates that may result in lower interest rate margins; shifts in the demand for the Company's loan and other products; declines in the housing and real estate market; increases in unemployment or sustained high levels of unemployment; changes in accounting policies; changes in the monetary and fiscal policies of the federal government; and changes in laws, regulations and the competitive environment. Readers are cautioned that forward-looking statements in this release speak only as of the date of this release. The Company does not undertake any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

INTERMOUNTAIN COMMUNITY BANCORP
CONSOLIDATED BALANCE SHEETS
(Unaudited)
3/31/2013 12/31/2012 3/31/2012
(Dollars in thousands, except per share amounts)
ASSETS
Cash and cash equivalents:
Interest-bearing $45,897 $53,403 $76,316
Non-interest bearing and vault 4,074 13,536 4,408
Restricted cash 12,279 13,146 12,561
Available-for-sale securities, at fair value 282,769 280,169 264,313
Held-to-maturity securities, at amortized cost 14,795 14,826 15,024
Federal Home Loan Bank of Seattle stock, at cost 2,249 2,269 2,310
Loans held for sale 2,023 1,684 4,172
Loans receivable, net 498,754 520,768 492,983
Accrued interest receivable 4,051 4,320 4,108
Office properties and equipment, net 35,231 35,453 37,155
Bank-owned life insurance 9,556 9,472 9,214
Other real estate owned ("OREO") 4,664 4,951 6,852
Prepaid expenses and other assets 17,538 18,142 19,715
Total assets $933,880 $972,139 $949,131
LIABILITIES
Deposits $719,467 $748,934 $721,958
Securities sold subject to repurchase agreements 66,157 76,738 63,635
Advances from Federal Home Loan Bank 4,000 4,000 29,000
Unexercised stock warrant liability 772 828 1,007
Cashier checks issued and payable 2,767 2,024 355
Accrued interest payable 337 1,185 1,821
Other borrowings 16,527 16,527 16,527
Accrued expenses and other liabilities 7,942 7,469 11,879
Total liabilities 817,969 857,705 846,182
STOCKHOLDERS' EQUITY
Common stock - voting shares 96,358 96,368 91,511
Common stock - non-voting shares 31,941 31,941
Preferred stock, Series A 26,648 26,527 26,241
Preferred stock, Series B 28,735
Accumulated other comprehensive income (1) 3,829 3,529 2,064
Accumulated deficit (42,865) (43,931) (45,602)
Total stockholders' equity 115,911 114,434 102,949
Total liabilities and stockholders' equity $933,880 $972,139 $949,131
Book value per common share, excluding preferred stock $13.85 $13.64 $23.10
Tangible book value per common share, excluding preferred stock (2) $13.85 $13.63 $23.02
Shares outstanding at end of period (3) 6,443,294 6,442,820 2,077,021
Stockholders' Equity to Total Assets 12.41% 11.77% 10.85%
Tangible Common Equity to Tangible Assets 9.55% 9.04% 5.04%
(1) Net of deferred income taxes.
(2) Amount represents common stockholders' equity less other intangible assets divided by total common shares outstanding.
(3) Share numbers for March 31, 2012 have been adjusted to reflect the impact of a 1-for-10 reverse stock split, effective, October 5, 2012.
INTERMOUNTAIN COMMUNITY BANCORP
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
3/31/2013 12/31/2012 3/31/2012
(Dollars in thousands, except per share amounts)
Interest income:
Loans $6,710 $6,906 $7,071
Investments 1,593 1,689 2,049
Total interest income 8,303 8,595 9,120
Interest expense:
Deposits 561 700 822
Borrowings 424 312 676
Total interest expense 985 1,012 1,498
Net interest income 7,318 7,583 7,622
Provision for losses on loans (179) (619) (959)
Net interest income after provision for losses on loans 7,139 6,964 6,663
Other income (expense):
Fees and service charges 1,675 1,684 1,602
Loan related fee income 567 839 605
Net gain on sale of securities 40 208 585
Net gain on sale of other assets 4 4 4
Other-than-temporary impairment on investments (42) (271)
Bank-owned life insurance 84 86 87
Fair value adjustment on cash flow hedge 67 (26) (384)
Unexercised warrant liability fair value adjustment 56 71
Other income 113 204 208
Total other income, net 2,564 3,070 2,436
Operating expenses:
Salaries and employee benefits 4,175 4,181 4,136
Occupancy expense 1,524 1,615 1,684
FDIC assessment 186 97 313
OREO operations 111 390 104
Other expenses 2,182 2,388 2,061
Total operating expenses 8,178 8,671 8,298
Income before income tax benefit 1,525 1,363 801
Income tax benefit 8
Net income 1,525 1,371 801
Preferred stock dividend 458 461 466
Net Income applicable to common stockholders $1,067 $910 $335
Income per share - basic (1) 0.17 0.14 0.08
Income per share - diluted (1) 0.16 0.14 0.08
Weighted-average common shares outstanding - basic (1) 6,442,988 6,442,729 4,427,831
Weighted-average common shares outstanding - diluted (1) 6,480,024 6,470,944 4,442,673
(1) Share numbers for March 31, 2012 have been adjusted to reflect the impact of a 1-for-10 reverse stock split, effective, October 5, 2012.
INTERMOUNTAIN COMMUNITY BANCORP
KEY PERFORMANCE RATIOS
Three Months Ended
3/31/2013 12/31/2012 3/31/2012
Net Interest Spread:
Yield on Loan Portfolio 5.25% 5.28% 5.57%
Yield on Investments & Cash 1.87% 2.01% 2.35%
Yield on Interest-Earning Assets 3.90% 4.00% 4.26%
Cost of Deposits 0.32% 0.38% 0.45%
Cost of Advances 3.14% 3.08% 2.21%
Cost of Borrowings 1.70% 1.50% 2.39%
Cost of Interest-Bearing Liabilities 0.49% 0.49% 0.72%
Net Interest Spread 3.41% 3.50% 3.54%
Net Interest Margin 3.44% 3.53% 3.56%
Performance Ratios:
Return on Average Assets 0.65% 0.57% 0.34%
Return on Average Common Stockholders' Equity 4.88% 4.14% 3.23%
Return on Average Common Tangible Equity (1) 4.89% 4.14% 3.24%
Operating Efficiency 82.76% 81.39% 82.50%
Noninterest Expense to Average Assets 3.48% 3.60% 3.53%
(1) Average common tangible equity is average common stockholders' equity less average other intangible assets.
INTERMOUNTAIN COMMUNITY BANCORP
LOAN AND REGULATORY CAPITAL DATA
3/31/2013 12/31/2012 3/31/2012
(Dollars in thousands)
Loan Data
Net Charge-Offs to Average Net Loans (QTD Annualized) 0.35% 1.37% 1.84%
Loan Loss Allowance to Total Loans 1.52% 1.50% 2.25%
Nonperforming Assets:
Accruing Loans-90 Days Past Due $— $— $—
Nonaccrual Loans 5,137 6,529 8,000
Total Nonperforming Loans 5,137 6,529 8,000
OREO 4,664 4,951 6,852
Total Nonperforming Assets ("NPA") $9,801 $11,480 $14,852
Troubled Debt Restructured Loans 7,827 6,719 6,462
NPA to Total Assets 1.05% 1.18% 1.56%
NPA to Net Loans Receivable 1.97% 2.20% 3.01%
NPA to Estimated Risk Based Capital 7.90% 9.25% 12.76%
NPA to Tangible Equity + Allowance for Loan Loss 7.93% 9.39% 13.01%
Loan Delinquency Ratio (30 days and over) 0.14% 0.13% 0.19%
3/31/2013 12/31/2012 3/31/2012
Allowance for Loan Loss by Loan Type (Dollars in thousands)
Commercial loans $1,763 $2,156 $2,577
Commercial real estate loans 2,814 2,762 3,953
Commercial construction loans 217 101 474
Land and land development loans 1,210 1,197 2,210
Agriculture loans 241 228 138
Multifamily loans 55 51 77
Residential real estate loans 1,103 1,144 1,575
Residential construction loans 35 24 62
Consumer loans 206 202 258
Municipal loans 34 78 48
Totals $7,678 $7,943 $11,372
Regulatory Capital (Estimated)
Total capital (to risk-weighted assets):
The Company 21.44% 20.51% 19.53%
Panhandle State Bank 20.08% 19.07% 19.00%
Tier 1 capital (to risk-weighted assets):
The Company 20.19% 19.26% 18.28%
Panhandle State Bank 18.83% 17.82% 17.75%
Tier 1 capital (to average assets):
The Company 12.58% 12.54% 11.48%
Panhandle State Bank 11.74% 11.60% 11.28%

CONTACT: Curt Hecker, CEO Intermountain Community Bancorp (208) 263-0505 curt.hecker@panhandlebank.com Doug Wright, Executive Vice President & CFO Intermountain Community Bancorp (509) 363-2635 doug.wright@intermountainbank.com

Source:Intermountain Community Bancorp