COEUR D'ALENE, Idaho, Jan. 28, 2005 (PRIMEZONE) -- Jack W. Gustavel, Chairman and Chief Executive Officer of Idaho Independent Bank (IIB) (OTCBB:IIBK), announced IIB's unaudited financial results for the fourth quarter and year ended December 31, 2004.
Mr. Gustavel reported that net income after taxes for the year 2004 was $5.0 million, an increase of 8.7% over the $4.6 million earned in 2003. Earnings per diluted share for 2004 were $1.85 as compared to $1.70 for 2003. Prior period earnings per share have been restated to reflect the 7% stock dividend paid in December 2004. For the quarter ended December 31, 2004, net income after taxes was $1.4 million, an increase of 55.6% over the $0.9 million earned in the fourth quarter 2003.
As of December 31, 2004, Total Assets increased to $394.5 million, up $39.2 million, or 11.0%, when compared to December 31, 2003. Total Deposits and Repurchase Agreements were at $351.2 million, up $34.4 million, for an increase of 10.9% over the same period. Total Loans as of December 31, 2004, including loans held-for-sale, were at $295.5 million, an increase of $56.3 million, or 23.5%, over December 31, 2003.
About IIB
IIB 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, Caldwell, and Sun Valley/Ketchum, Idaho. 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 us online at www.theidahobank.com.
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 expectations or our 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 policy of the Federal Reserve Bank; changes in 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.
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