COEUR D'ALENE, Idaho, Jan. 18, 2008 (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 year and fourth quarter ended December 31, 2007.
Mr. Gustavel reported that IIB's net income for the year ended December 31, 2007, was $11.1 million, or $1.73 per diluted share, compared to $11.0 million, or $1.72 per diluted share for the year ended December 31, 2006. IIB's net income for the quarter ended December 31, 2007, was $2.7 million, or $0.44 per diluted share, compared to $2.8 million, or $0.44 per diluted share, for the same period a year ago. Prior period earnings per share have been restated to reflect the 7% share dividend distributed to shareholders in December 2007.
IIB's total assets as of December 31, 2007, increased $10.6 million, or 1.7%, to $625.7 million from $615.1 million at December 31, 2006. Total deposits and customer repurchase agreements decreased $13.1 million, or 2.5%, to $503.2 million at December 31, 2007, from $516.3 million at December 31, 2006. Total loans, including loans held-for-sale, at December 31, 2007, decreased $3.3 million, or less than 1.0%, to $530.0 million from $533.3 million at December 31, 2006.
For the year ended December 31, 2007, IIB added $605,000 to the allowance for loan losses, while net charge offs totaled $412,000. As of December 31, 2007, the allowance for loan losses was $10.1 million, or 1.92% of loans, excluding loans held-for-sale. Non-performing assets totaled $943,000, or 0.15% of total assets, at December 31, 2007, compared to $2.8 million, or 0.45% of total assets, at December 31, 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 230 employees throughout the state of Idaho. To learn more about IIB, visit us online at www.theidahobank.com.
The Idaho Independent Bank 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 Year Ended
INCOME STATEMENT December 31, December 31,
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2007 2006 2007 2006
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Net interest income $ 8,764 $ 9,227 $ 35,358 $ 35,229
Provision for loan losses 200 725 605 2,079
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Net interest margin 8,564 8,502 34,753 33,150
Noninterest income 1,158 1,267 4,709 4,498
Noninterest expense 5,464 4,937 21,451 19,202
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Net income before taxes 4,258 4,832 18,011 18,446
Income taxes 1,513 2,005 6,939 7,424
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Net income $ 2,745 $ 2,827 $ 11,072 $ 11,022
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Earnings per share:
Basic (1) $ 0.46 $ 0.48 $ 1.86 $ 1.88
Diluted (1) $ 0.44 $ 0.44 $ 1.73 $ 1.72
BALANCE SHEET Dec. 31, Dec. 31,
2007 2006
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Loans held for sale $ 4,756 $ 5,481
Loans receivable 525,210 527,849
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Gross loans 529,966 533,330
Allowance for loan losses 10,075 9,882
Assets 625,693 615,062
Deposits 471,330 484,611
Customer repurchase agreements 31,911 31,654
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Total deposits and repurchase
agreements 503,241 516,265
Stockholders' equity 67,184 57,269
PER SHARE DATA
Common shares outstanding (1) 5,937,624 5,867,163
Book value per share (1) $ 11.31 $ 9.76
Three Months Ended Year Ended
PERFORMANCE RATIOS (annualized) December 31, December 31,
------------------ -------- --------
2007 2006 2007 2006
-------- -------- -------- --------
Return on average assets 1.73% 1.90% 1.78% 2.00%
Return on average equity 16.45% 20.05% 17.71% 21.35%
Efficiency ratio 55.07% 47.05% 53.54% 48.33%
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(1) Prior period amounts have been restated to reflect the 7% share
dividend in December 2007.