COEUR D'ALENE, Idaho, Jan. 23, 2006 (PRIMEZONE) -- Jack W. Gustavel, Chairman and Chief Executive Officer of Idaho Independent Bank (IIB) (OTCBB:IIBK), announced IIB's unaudited financial results for the year and fourth quarter ended December 31, 2005.
Mr. Gustavel reported that net income after taxes for the year 2005 was $7.4 million, an increase of 48.0% over the $5.0 million earned in 2004. Earnings per diluted share for 2005 were $2.50 as compared to $1.73 for 2004. For the quarter ended December 31, 2005, net income after taxes was $2.2 million, an increase of 57.1% over the $1.4 million earned in the fourth quarter of 2004. Earnings per diluted share for the quarter ended December 31, 2005, were $0.73, an increase of 49.0% over the earnings per diluted share of $0.49 for the fourth quarter of 2004. Prior period earnings per share have been restated to reflect the 7% stock dividend paid in December 2005.
As of December 31, 2005, Total Assets increased to $509.8 million, up $115.1 million, or 29.2%, when compared to December 31, 2004. Total Deposits and Repurchase Agreements were at $449.0 million, up $97.8 million over December 31, 2004, an increase of 27.8%. Total Loans as of December 31, 2005, including loans held-for-sale, were at $422.2 million, an increase of $126.7 million, or 42.9%, over December 31, 2004.
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, Star, and Sun Valley/Ketchum, Idaho. IIB has approximately 200 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.
The Idaho Independent Bank company 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 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: changes in regional or 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; 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; 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.
Idaho Independent Bank
Financial Highlights (unaudited)
(dollars in thousands, except per share)
Quarter Ended Twelve Months Ended
INCOME STATEMENT December 31, December 31,
2005 2004 2005 2004
Net interest income $ 7,690 $ 4,982 $26,040 $18,577
Provision for loan losses 1,233 165 2,163 725
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Net interest margin 6,457 4,817 23,878 17,852
Noninterest income 1,130 1,030 4,525 4,494
Noninterest expense 4,318 3,584 16,705 14,383
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Net income before taxes 3,269 2,263 11,698 7,963
Income taxes 1,089 867 4,288 2,951
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Net income $ 2,180 $ 1,396 $ 7,409 $ 5,012
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Earnings Per Share:
Basic $ 0.79 $ 0.50 $ 2.71 $ 1.84
Diluted $ 0.73 $ 0.49 $ 2.50 $ 1.73
BALANCE SHEET December 31, December 31,
2005 2004
Loans held for sale $ 2,221 $ 4,764
Loans receivable 420,003 290,701
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Total Loans (Gross) 422,224 295,465
Allowance for loan losses 7,854 5,613
Assets 509,821 394,692
Deposits and repurchase
agreements 448,957 351,177
Shareholders' equity 46,301 39,314
PER SHARE DATA
Common shares
outstanding 2,737,411 2,737,547
Book value per share $ 16.91 $ 14.36
PERFORMANCE RATIOS
(annualized)
Quarter Ended Twelve Months Ended
December 31, December 31,
2005 2004 2005 2004
Return on average assets 1.71% 1.42% 1.63% 1.35%
Return on average equity 19.13% 14.29% 17.47% 13.62%
Efficiency ratio 48.96% 58.92% 54.65% 62.34%