COEUR D'ALENE, Idaho, Jan. 29, 2015 (GLOBE NEWSWIRE) -- Jack W. Gustavel, Chairman and Chief Executive Officer of Idaho Independent Bank ("IIB" or the "Bank") (OTCBB:IIBK), announced IIB's consolidated unaudited financial results for the fourth quarter and year ended December 31, 2014.
"I am pleased to report significant growth, positive earnings, and improved asset quality during 2014," Mr. Gustavel said. IIB's net income for the fourth quarter was $3.8 million, or $0.46 per diluted share, compared to net income of $1.2 million, or $0.14 per diluted share, for the same period a year ago. IIB's net income for the year ended December 31, 2014, was $5.0 million, or $0.61 per diluted share, compared to $3.0 million, or $0.37 per diluted share for 2013. Income tax expense for 2014 was offset by a reduction in the Bank's valuation allowance against net deferred tax assets. During December 2014, the valuation allowance was further reduced and income increased by $2.2 million.
At December 31, 2014, the Bank's total assets were $530.4 million, an increase of $61.4 million, or 13.1%, compared to December 31, 2013. Deposits and repurchase agreements increased $69.8 million, or 18.3%, to $452.2 million; while total loans, including loans held-for-sale, increased $24.5 million, or 10.1%, to $266.0 million over the same timeframe. The Bank had net loan loss recoveries of $0.5 million during 2014, and at December 31, 2014, the allowance for loan and lease losses totaled $6.4 million, or 2.5% of total loans, excluding loans held-for-sale. Nonperforming assets were down to only 0.4% of total assets at year end.
The Bank's capital ratios continue to exceed the thresholds required to be considered "Well-Capitalized" under regulatory guidelines. IIB's Tier One Capital Ratio and Total Risk-Based Capital Ratio were 10.8% and 16.2%, respectively, at December 31, 2014.
IIB filed its Consolidated Report of Condition and Income for the quarter ended December 31, 2014, (the "Call Report") with the Federal Deposit Insurance Corporation on January 27, 2015. The Call Report is available on the Federal Financial Institutions Examinations Council website at http://cdr.ffiec.gov/Public/.
About IIB
IIB was established in 1993 as an Idaho state-chartered, commercial bank and currently operates three branches in Boise, as well as branches in Meridian, Coeur d'Alene, Nampa, Mountain Home, Hayden, Caldwell, Star, and Sun Valley/Ketchum, Idaho. IIB has approximately 200 employees throughout the State of Idaho. 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 similar statements that are not historical facts are intended to be "forward-looking statements" as that term is defined in 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, continued declines or worsening in regional and 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 and the State of Idaho; 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. 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 | |||
| CONDENSED STATEMENT OF OPERATIONS | December 31, | December 31, | ||
| 2014 | 2013 | 2014 | 2013 | |
| Net interest income | $ 3,851 | $ 3,398 | $ 15,245 | $ 14,597 |
| Provision for loan losses | -- | -- | 4 | 265 |
| Net interest income after provision for loan losses | 3,851 | 3,398 | 15,241 | 14,332 |
| Noninterest income | 2,783 | 1,548 | 7,063 | 7,296 |
| Noninterest expense | 4,997 | 4,751 | 19,497 | 19,625 |
| Net income before taxes | 1,637 | 195 | 2,807 | 2,003 |
| Income tax expense (benefit) | (2,200) | (1,000) | (2,200) | (1,000) |
| Net income | $ 3,837 | $ 1,195 | $ 5,007 | $ 3,003 |
| Earnings per share: | ||||
| Basic | $ 0.47 | $ 0.15 | $ 0.61 | $ 0.37 |
| Diluted | $ 0.46 | $ 0.14 | $ 0.61 | $ 0.37 |
| SELECTED BALANCE SHEET ACCOUNTS | December 31, | December 31, | ||
| 2014 | 2013 | |||
| Loans held for sale | $ 3,904 | $ 4,992 | ||
| Loans receivable | 262,138 | 236,556 | ||
| Gross loans | 266,042 | 241,548 | ||
| Allowance for loan losses | 6,447 | 5,925 | ||
| Total assets | 530,358 | 468,965 | ||
| Deposits | 437,628 | 366,514 | ||
| Customer repurchase agreements | 14,593 | 15,900 | ||
| Total deposits and repurchase agreements | 452,221 | 382,414 | ||
| Stockholders' equity | 59,493 | 54,339 | ||
| PER SHARE DATA | ||||
| Common shares outstanding | 8,189,108 | 8,181,109 | ||
| Book value per share | $ 7.26 | $ 6.64 | ||
| CAPITAL RATIOS | ||||
| Tier 1 capital (to average assets) | 10.78% | 11.23% | ||
| Tier 1 capital (to risk-weighted assets) | 14.95% | 14.90% | ||
| Total risk-based capital (to risk-weighted assets) | 16.21% | 16.15% | ||
| Three Months Ended | Year Ended | |||
| PERFORMANCE RATIOS (annualized) | December 31, | December 31, | ||
| 2014 | 2013 | 2014 | 2013 | |
| Return on average assets | 2.96% | 0.85% | 1.03% | 0.52% |
| Return on average equity | 27.05% | 7.54% | 9.04% | 4.63% |
| Efficiency ratio | 75.32% | 84.00% | 87.40% | 87.77% |
| Net interest margin | 3.23% | 4.47% | 3.43% | 3.60% |