COEUR D'ALENE, Idaho, Oct. 20, 2004 (PRIMEZONE) -- Jack W. Gustavel, Chairman, President and Chief Executive Officer of Idaho Independent Bank (IIB) (OTCBB:IIBK) announced IIB's financial results for the third quarter and nine months ended September 30, 2004.
As of September 30, 2004, Total Assets increased to $387.0 million, up $26.7 million, or 7.4%, when compared to September 30, 2003. Total Deposits and Repurchase Agreements were at $344.3 million, up $21.5 million, or 6.7%, from September 30, 2003. Total Loans, including Loans Held-for-Sale, increased to $266.2 million, up $36.8 million, or 16.0%, over September 30, 2003.
IIB's Net Income for the first nine months of 2004 was $3.6 million, down $.1 million, or -2.7%, when compared to the first nine months of 2003. Fully diluted earnings per share for the period were $1.42 compared to $1.45 for the nine months ended September 30, 2003. For the quarter ended September 30, 2004, earnings were $1.2 million, or $0.47 per diluted share. This compares with earnings of $1.3 million, or $0.50 per diluted share, for last year's comparable quarter. Prior period earnings per share have been adjusted to reflect the 7% stock dividend paid in December 2003. "Given the industry-wide decline in residential real estate refinance activity this year, we are pleased with these results," Gustavel said.
Additionally, on October 15, 2004, IIB's Board of Directors declared a 7% stock dividend payable to shareholders of its common stock of record on November 8, 2004. The stock dividend will be paid on December 3, 2004, and certificates will be mailed to shareholders on that date. Cash, based on the market price of IIB's common stock on November 1, 2004, will be paid in lieu of issuance of fractional shares. Mr. Gustavel stated that the stock dividend is being paid in recognition of IIB's financial performance and growth over the past year.
About IIB
IIB, The Idaho Bank(r), was established in 1993 as an Idaho state-chartered, commercial bank and currently operates branches in Boise (2), Meridian, Coeur d'Alene, Nampa, Mountain Home, Hayden Lake, and Caldwell, Idaho with their Loan Production Office in Ketchum/Sun Valley scheduled to be converted to a full-service branch in November 2004. IIB has approximately 175 employees throughout the state of Idaho. IIB's Common Stock is traded on the OTC Bulletin Board under the symbol IIBK. To learn more about IIB, visit them online at www.theidahobank.com.
The Idaho Independent Bank logo can be found at:http://www.primezone.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 the expectations or 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 and mortgages, real estate values, competition or loan delinquency rates; changes in accounting principles, practices, policies or guidelines; changes in legislation or regulations; changes in other economic, competitive, governmental, regulatory and technological factors affecting operations, pricing, products and services; changes in the regulatory environment; changes in monetary and fiscal policy of the Federal government; 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.