Idaho Independent Bank Announces 2015 Third Quarter and Year-to-Date Results

COEUR D’ALENE, Idaho, Oct. 14, 2015 (GLOBE NEWSWIRE) -- Jack W. Gustavel, Chairman and Chief Executive Officer of Idaho Independent Bank (“IIB” or the “Bank”) (OTCBB:IIBK), announced IIB’s unaudited, consolidated financial results for the third quarter and nine months ended September 30, 2015. 

“IIB’s profitability has shown steady improvement over the past twelve months,” Mr. Gustavel said. Net income for the third quarter of 2015 was $932,000, or $0.11 per diluted share, compared to $405,000, or $0.05 per diluted share, for the same period a year ago.  Net income for the nine months ended September 30, 2015, was $2,534,000, or $0.31 per diluted share, compared to $1,170,000, or $0.14 per diluted share, for the first nine months of 2014.  Revenue during those first nine months included $833,000 of non-recurring interest income related to a resolved problem loan, while similar non-recurring revenue during the first nine months of 2014 was about the same at $858,000.  Mr. Gustavel explained that “profitability was positively impacted by strong loan and deposit growth and improved non-interest income, while non-interest expense was held relatively constant.”  Income tax expenses for each year were offset by reductions to the Bank’s valuation allowance against net deferred tax assets (“Tax Valuation Allowance”).  As of September 30, 2015, IIB was carrying a Tax Valuation Allowance of about $3,300,000 that may be used to reduce future tax expense. 

At September 30, 2015, the Bank's total assets were $559.1 million, an increase of $58.3 million, or 11.6%, when compared to September 30, 2014.  Deposits and repurchase agreements increased $57.0 million, or 13.4%, to $483.5 million; while total loans, including loans held-for-sale, increased $35.5 million, or 14.0%, to $289.9 million over the same timeframe.  At September 30, 2015, the allowance for loan and lease losses totaled $6.0 million, or 2.1% of total loans, excluding loans held-for-sale.  Nonperforming assets were less than 0.3% of total assets at September 30, 2015.

As of September 30, 2015, the Bank’s Stockholders' Equity to Average Total Assets Ratio was 11.0%, and IIB estimates its capital ratios exceeded the regulatory thresholds required to be considered “Well-Capitalized.”  As of September 30, 2015, the Bank had purchased 57,866 shares of its common stock at a total cost of $467,000 under the Bank’s previously announced $2,000,000 stock buyback plan.   

IIB will file its Consolidated Report of Condition and Income for the quarter ended September 30, 2015, ("Call Report") with the Federal Deposit Insurance Corporation by October 30, 2015.  It will be 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, declines 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.



CONTACT:
Jack W. Gustavel
IDAHO INDEPENDENT BANK
1260 W. Riverstone Drive
Coeur d’Alene, Idaho  83814
(208) 292-1902