COEUR D'ALENE, Idaho, April 19, 2006 (PRIMEZONE) -- Jack W. Gustavel, Chairman and Chief Executive Officer of Idaho Independent Bank (IIB) (OTCBB:IIBK), announced IIB's financial results (unaudited) for the three months ended March 31, 2006.
Mr. Gustavel reported that IIB's net income for the quarter ended March 31, 2006, was $2.3 million, an increase of $0.9 million over the first quarter of 2005. After adjusting for the 7% stock dividend paid in December 2005, IIB's fully diluted earnings per share for the first quarter of 2006 were $0.78, as compared to $0.49 for the quarter ended March 31, 2005, an increase of 59.2%.
IIB's Total Assets as of March 31, 2006, were $549.0 million, an increase of $123.8 million, or 29.1%, when compared to March 31, 2005. Total Deposits and Repurchase Agreements were $485.3 million as of March 31, 2006, up $114.2 million from March 31, 2005, or 30.8%. Total Loans, including Loans Held-for-Sale, at the end of the first quarter of 2006 were $437.3 million, an increase of $113.8 million, or 35.2%, over March 31, 2005.
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 190 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, 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.
The Idaho Independent Bank company logo is available at http://www.primezone.com/newsroom/prs/?pkgid=1275
Idaho Independent Bank
Financial Highlights (unaudited)
(dollars in thousands, except per share data)
Quarter Ended
INCOME STATEMENT March 31,
2006 2005
Net interest income $ 7,949 $ 5,476
Provision for loan losses 454 300
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Net interest margin 7,495 5,176
Noninterest income 1,055 955
Noninterest expense 4,772 3,837
Net income before taxes 3,778 2,294
Income taxes 1,477 860
Net income $ 2,301 $ 1,434
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Earnings Per Share:
Basic $ 0.84 $ 0.52
Diluted $ 0.78 $ 0.49
BALANCE SHEET
Quarter Ended
March 31,
2006 2005
Loans held for sale $ 2,641 $ 4,833
Loans receivable 434,625 318,644
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Gross Loans 437,266 323,477
Allowance for loan losses 8,316 5,836
Assets 549,018 425,242
Deposits 468,182 355,455
Repurchase Agreements 17,130 15,635
Shareholders' equity 48,532 40,475
PER SHARE DATA
Common shares outstanding 2,736,890 2,733,432
Book value per share $ 17.73 $ 14.81
Quarter Ended
March 31,
PERFORMANCE RATIOS (annualized) 2006 2005
Return on Average Assets 1.71% 1.42%
Return on Average Equity 18.76% 14.39%
Efficiency Ratio 53.00% 59.66%