COEUR D'ALENE, Idaho, Oct. 15, 2007 (PRIME NEWSWIRE) -- Jack W. Gustavel, Chairman and Chief Executive Officer of Idaho Independent Bank ("IIB") (OTCBB:IIBK), announced IIB's unaudited financial results for the quarter and nine months ended September 30, 2007.
Mr. Gustavel reported that IIB's net income for the quarter ended September 30, 2007, was $2.7 million, or $0.46 per diluted share, compared to $2.9 million, or $0.49 per diluted share for the same period a year ago. IIB's net income for the nine months ended September 30, 2007, was $8.3 million, or $1.39 per diluted share, compared to $8.2 million, or $1.38 per diluted share for the same nine-month period a year ago. Prior period earnings per share have been restated to reflect the 2-for-1 stock split distributed in November 2006.
IIB's total assets as of September 30, 2007, increased $59.5 million, or 10.4%, to $630.0 million from $570.5 million at September 30, 2006. Total deposits and customer repurchase agreements increased $48.2 million, or 9.7%, to $547.3 million at September 30, 2007, from $499.1 million at September 30, 2006. Total loans, including loans held-for-sale, at the end of the third quarter of 2007 increased $25.7 million, or 5.2%, to $517.6 million from $491.9 million at September 30, 2006.
About IIB
IIB was established in 1993 as an Idaho state-chartered, commercial bank and currently operates branches in Boise (3), Meridian, Coeur d'Alene, Nampa, Mountain Home, Hayden Lake, Caldwell, Star, Eagle, and Sun Valley/Ketchum, Idaho. IIB has approximately 215 employees throughout the state of Idaho. To learn more about IIB, visit us online at www.theidahobank.com.
The Idaho Independent Bank company logo is available at http://www.primenewswire.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 share data)
Three Months Ended Nine Months Ended
INCOME STATEMENT September 30, September 30,
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2007 2006 2007 2006
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Net interest income $ 8,870 $ 9,077 $ 26,594 $ 26,002
Provision for loan losses -- 450 405 1,354
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Net interest margin 8,870 8,627 26,189 24,648
Noninterest income 1,181 1,068 3,551 3,231
Noninterest expense 5,593 4,764 15,987 14,265
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Net income before taxes 4,458 4,931 13,753 13,614
Income taxes 1,712 1,995 5,426 5,419
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Net income $ 2,746 $ 2,936 $ 8,327 $ 8,195
========= ========= ========= =========
Earnings per share:
Basic (1) $ 0.49 $ 0.54 $ 1.50 $ 1.50
Diluted (1) $ 0.46 $ 0.49 $ 1.39 $ 1.38
BALANCE SHEET Sept. 30, Sept. 30,
2007 2006
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Loans held for sale $ 2,847 $ 2,722
Loans receivable 514,798 489,189
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Gross loans 517,645 491,911
Allowance for loan losses 10,283 9,095
Assets 630,043 570,504
Deposits 513,295 482,064
Customer repurchase
agreements 33,993 17,008
Stockholders' equity 64,602 54,346
PER SHARE DATA
Common shares
outstanding (1) 5,536,630 5,475,264
Book value per share (1) $ 11.67 $ 9.93
PERFORMANCE RATIOS Three Months Ended Nine Months Ended
(annualized) September 30, September 30,
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2007 2006 2007 2006
--------- -------- --------- ---------
Return on average assets 1.76% 2.09% 1.80% 2.04%
Return on average equity 17.10% 22.02% 18.17% 21.84%
Efficiency ratio 55.65% 46.96% 53.03% 48.80%
(1) Prior period amounts have been restated to reflect the 2-for-1
stock split distributed in November 2006.