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Idaho Independent Bank Announces 2018 Second Quarter and Year-To-Date Results

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COEUR D'ALENE, Idaho, July 16, 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 second quarter and six months ending June 30, 2018.

Mr. Gustavel reported that IIB's net income for the second quarter of 2018 was $1.9 million, or $0.24 per diluted share, an increase of 58.6% when compared to the $1.2 million, or $0.15 per diluted share, earned in the same period a year ago.  "The increase was largely due to improved yields on earning assets, deposit growth, and a lower corporate income tax rate," Chairman Gustavel stated.  Net income for the six months ended June 30, 2018, was $3.3 million, or $0.43 per diluted share, compared to $2.0 million, or $0.25 per diluted share, for the first six months of 2017. 

At June 30, 2018, the Bank's total assets were $725.0 million, an increase of $63.6 million, or 9.6%, when compared to June 30, 2017.  Total loans, including loans held-for-sale, increased $8.0 million, or 2.3%, to $362.0 million; while total deposits and repurchase agreements increased $60.4 million, or 10.4%, to $638.6 million over the same timeframe.  As of June 30, 2018, the allowance for loan and lease losses was $6.3 million, or 1.8% 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 9.7%, and IIB's capital ratios exceeded the regulatory thresholds required to be considered "Well-Capitalized."  During the quarter, the Bank purchased 28,926 shares of its common stock at a cost of $373,000.  IIB may still purchase shares worth up to $400,800 under its current buyback approval.  

IIB will file its Consolidated Report of Condition and Income for the quarter ended June 30, 2018, ("Call Report") with the Federal Deposit Insurance Corporation by July 30, 2018, and 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 that currently operates branches in Boise (3), Caldwell, Coeur d'Alene, Hayden, Meridian, Mountain Home, Nampa, Star, and Sun Valley/Ketchum, Idaho.  IIB was named in a 2018 survey conducted by Populus as one of the Top Ten Best Places to Work in Idaho, is 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 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 may cause actual results to differ from expectations or our stated objectives. Factors that could cause actual results to materially differ; include, but are not limited to, declines in local 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   Six Months Ended
CONDENSED STATEMENT OF OPERATIONS June 30,   June 30,
  2018   2017   2018   2017
Net interest income  $  6,351    $  5,515    $  12,640    $  10,486
Provision for loan losses    -     -     200     -
Net interest income after provision for loan losses   6,351     5,515     12,440     10,486
Noninterest income   1,764     1,792     3,338     3,567
Noninterest expense   5,537     5,433     11,249     10,946
Income before provision for income tax expense   2,578      1,874     4,529     3,107
Provision for income tax expense   691     684     1,214     1,134
Net income  $  1,887    $  1,190    $  3,315    $  1,973
               
Earnings per share:              
  Basic  $  0.25    $  0.16    $  0.44    $  0.26
  Diluted  $  0.24    $  0.15    $  0.43    $  0.25
               
SELECTED BALANCE SHEET ACCOUNTS June 30,   June 30,        
  2018   2017        
Loans held for sale  $  4,192    $  4,903        
Loans receivable   357,857     349,058        
Gross loans   362,049     353,961        
Allowance for loan losses   6,321     6,290        
Total assets   725,016     661,431        
Deposits    609,920     553,527        
Customer repurchase agreements   28,686     24,691        
Total deposits and repurchase agreements   638,606     578,218        
Stockholders' equity   68,708     65,594        
               
PER SHARE DATA              
Common shares outstanding   7,511,869     7,564,886        
Book value per share  $  9.15    $  8.67        
               
  Three Months Ended   Six Months Ended
PERFORMANCE RATIOS (annualized) June 30,   June 30,
  2018   2017   2018   2017
Return on average assets 1.08%   0.73%   0.97%   0.61%
Return on average equity 11.22%   7.26%   9.91%   6.11%
Efficiency ratio 68.23%   74.35%   70.40%   77.89%
Net interest margin 3.90%   3.63%   3.95%   3.52%

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


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