Market Overview

Idaho Independent Bank Announces 2018 First Quarter Results


COEUR D'ALENE, Idaho, April 11, 2018 (GLOBE NEWSWIRE) -- Jack W. Gustavel, Executive Chairman of Idaho Independent Bank ("IIB" or the "Bank") (OTC:IIBK), announced IIB's unaudited, consolidated financial results for the first quarter ended March 31, 2018.

Mr. Gustavel reported that IIB's net income for the quarter was $1.4 million, or $0.18 per diluted share, compared to net income of $783,000, or $0.10 per diluted share, for the same period a year ago.  "The improvement was primarily due to loan and deposit growth, improved yields on earning assets, and a lower corporate income tax rate," Chairman Gustavel stated.  Gustavel noted that the Tax Cuts and Jobs Act that was signed into law on December 22, 2017, lowered the Bank's top federal income tax rate from 35% to 21% and will be a significant benefit to IIB in 2018 and into the future. 

At March 31, 2018, the Bank's total assets were $698.8 million, an increase of $32.2 million, or 4.8%, when compared to March 31, 2017.  Total loans, including loans held-for-sale, increased $36.2 million, or 11.0%, to $365.8 million; while deposits and repurchase agreements increased $29.8 million, or 5.0%, to $614.3 million over the same timeframe.  As of March 31, 2018, the allowance for loan and lease losses was $6.2 million, or 1.7% of total loans, excluding loans held-for-sale, and nonperforming assets continued to be less than 0.3% of total assets.

As of quarter end, the Bank's stockholders' equity to average total assets was 10.0%, and IIB's capital ratios exceeded the regulatory thresholds required to be considered "Well-Capitalized."  During the quarter, the Bank purchased 3,715 shares of its common stock at a cost of $46,080.  IIB may still purchase shares worth up to $774,000 under its current buyback approval.  

IIB will file its Consolidated Report of Condition and Income for the quarter ended March 31, 2018, ("Call Report") with the Federal Deposit Insurance Corporation by April 30, 2018, and will be available on the Federal Financial Institutions Examinations Council website at

About IIB

IIB was established in 1993 as an Idaho state-chartered, commercial bank that operates branches in Boise (3), Caldwell, Coeur d'Alene, Hayden, Meridian, Mountain Home, Nampa, Star, and Sun Valley/Ketchum, Idaho.  IIB earned Top Ten Best Places to Work in Idaho through a survey conducted by Populus in 2018, was one of the 2018 Top Ranked Community Banks in the Idaho Business Review Reader Rankings, and was named among the top 1% most extraordinary banks in the U.S. by The Institute for Extraordinary BankingTM in 2016.  The Bank has approximately 200 employees throughout the State of Idaho. To learn more about IIB, visit us online at

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 may 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, and/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 there should not be undue reliance 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
    2018       2017  
Net interest income $ 6,289     $ 4,971  
Provision for loan losses   200       -  
Net interest income after provision for loan losses   6,089       4,971  
Noninterest income   1,574       1,775  
Noninterest expense   5,712       5,513  
Income before provision for income tax expense   1,951       1,233  
Provision for income tax expense   523       450  
Net income $ 1,428     $ 783  
Earnings per share:      
Basic $ 0.19     $ 0.10  
Diluted $ 0.18     $ 0.10  
    2018       2017  
Loans held for sale $ 6,307     $ 3,418  
Loans receivable   359,508       326,150  
Gross loans   365,815       329,568  
Allowance for loan losses   6,193       6,259  
Total assets   698,827       666,591  
Deposits   585,313       556,990  
Customer repurchase agreements   28,945       27,504  
Total deposits and repurchase agreements   614,258       584,494  
Stockholders' equity   67,258       64,889  
Common shares outstanding   7,516,497       7,629,190  
Book value per share $ 8.95     $ 8.51  
  Three Months Ended
PERFORMANCE RATIOS (annualized) March 31,
    2018       2016  
Return on average assets   0.86%       0.50%  
Return on average equity   8.69%       4.92%  
Efficiency ratio   72.64%       81.72%  
Net interest margin   4.03%       3.39%  

Jack W. Gustavel
1260 W. Riverstone Drive  
Coeur d'Alene, Idaho  83814
(208) 292-1902

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