COEUR D'ALENE, Idaho, July 20, 2006 (PRIMEZONE) -- Jack W. Gustavel, Chairman and Chief Executive Officer of Idaho Independent Bank (OTCBB:IIBK) (IIB), announced IIB's financial results (unaudited) for the quarter and six months ended June 30, 2006.
Mr. Gustavel reported that IIB's Net Income for the first half of 2006 was $5.3 million, an increase of $2.2 million over the first half of 2005. IIB's fully diluted earnings per share for the first six months of 2006 were $1.77, compared to $1.06 for the six months ended June 30, 2005, a 67% increase.
For the quarter ended June 30, 2006, net income after taxes was $3.0 million, an increase of 76% over the $1.7 million earned in the second quarter of 2005. IIB's fully diluted earnings per share for the second quarter of 2006 were $0.99, compared to the adjusted $0.58 for the quarter ended June 30, 2005, a 71% increase. All prior period earnings per share figures have been restated to reflect the 7% stock dividend paid in December 2005.
As of June 30, 2006, Total Assets increased to $558.8 million, up $113.5 million, or 25%, compared to June 30, 2005. Total Deposits and Repurchase Agreements grew to $491.3 million as of June 30, 2006, up $102.0 million, an increase of 26% compared to June 30, 2005. Total Loans, including Loans-Held-for-Sale, were $474.8 million, up $127.8 million, or 37%, from June 30, 2005. IIB's Reserve for Loan Loss Account was $8.8 million as of June 30, 2006, or 1.85% of Total Loans, an increase of $0.9 million during the six-month period.
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 http://www.theidahobank.com.
The Idaho Independent Bank company logo is available 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 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 Six Months Ended
INCOME STATEMENT June 30, June 30,
2006 2005 2006 2005
Net interest income $ 8,976 $ 6,052 $ 16,925 $ 11,526
Provision for loan
losses 450 310 904 610
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Net interest margin 8,526 5,742 16,021 10,916
Noninterest income 1,107 1,121 2,162 2,076
Noninterest expense 4,728 4,112 9,500 7,948
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Net income before
taxes 4,905 2,751 8,683 5,044
Income taxes 1,947 1,035 3,424 1,895
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Net income $ 2,958 $ 1,715 $ 5,259 $ 3,149
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Earnings per share:
Basic $ 1.08 $ 0.63 $ 1.92 $ 1.15
Diluted $ 0.99 $ 0.58 $ 1.77 $ 1.06
BALANCE SHEET June 30, June 30,
2006 2005
Loans held for sale $ 2,935 $ 4,364
Loans receivable 471,900 342,676
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Gross loans 474,835 347,040
Allowance for loan
losses 8,774 6,311
Assets 558,805 445,339
Deposits 474,927 380,024
Customer Repurchase
Agreements 16,423 9,330
Shareholders'
equity 51,287 41,951
PER SHARE DATA
Common shares
outstanding 2,738,382 2,725,806
Book value per share $ 18.73 $ 15.39
Quarter Ended Six Months Ended
PERFORMANCE RATIOS June 30, June 30,
(annualized) 2006 2005 2006 2005
Return on Average Assets 2.22% 1.61% 2.01% 1.52%
Return on Average Equity 23.70% 16.76% 21.75% 15.59%
Efficiency Ratio 46.90% 57.33% 49.77% 58.43%