COEUR D'ALENE, Idaho, Jan. 23, 2007 (PRIME NEWSWIRE) -- Jack W. Gustavel, Chairman and Chief Executive Officer of Idaho Independent Bank ("IIB") (OTCBB:IIBK), today announced IIB's unaudited financial results for the year and fourth quarter ended December 31, 2006.
Mr. Gustavel reported that net income after taxes for the year 2006 was $11.0 million, an increase of 48.6% over the $7.4 million earned in 2005. Earnings per diluted share for 2006 were $1.84 as compared to $1.25 for 2005. For the quarter ended December 31, 2006, net income after taxes was $2.8 million, an increase of 27.3% over the $2.2 million earned in the fourth quarter of 2005. Earnings per diluted share for the quarter ended December 31, 2006, were $0.47, an increase of 30.6% over the earnings per diluted share of $0.36 for the fourth quarter of 2005. Prior period earnings per share have been restated to reflect the 2-for-1 stock split distributed in November 2006.
As of December 31, 2006, Total Assets increased to $615.1 million, up $104.8 million, or 20.5%, when compared to December 31, 2005. Total Deposits and Customer Repurchase Agreements were at $516.3 million, up $67.3 million over December 31, 2005, an increase of 15.0%. Total Loans as of December 31, 2006, including loans held-for-sale, were at $533.3 million, an increase of $111.1 million, or 26.3%, over December 31, 2005.
About IIB
IIB was established in 1993 as an Idaho state-chartered, commercial bank and currently operates branches in Boise (2), Meridian, Coeur d'Alene, Nampa, Mountain Home, Hayden Lake, Caldwell, Star, and Sun Valley/Ketchum, Idaho. IIB has approximately 200 employees throughout the state of Idaho. IIB's Common Stock is traded on the OTC Bulletin Board under the symbol IIBK. To learn more about IIB, visit us online at www.theidahobank.com.
The Idaho Independent Bank company logo is available at http://www.primezone.com/newsroom/prs/?pkgid=1275
Idaho Independent Bank
Financial Highlights (unaudited)
(dollars in thousands, except per share)
Quarter Ended Twelve Months Ended
INCOME STATEMENT December 31, December 31,
2006 2005 2006 2005
Net interest income $ 9,227 $ 7,690 $ 35,229 $ 26,040
Provision for loan
losses 725 1,233 2,079 2,163
-------- -------- -------- ---------
Net interest margin 8,502 6,457 33,150 23,877
Noninterest income 1,267 1,130 4,498 4,525
Noninterest expense 4,937 4,318 19,202 16,705
-------- -------- -------- ---------
Net income before
taxes 4,832 3,269 18,446 11,697
Income taxes 2,005 1,089 7,424 4,288
-------- -------- -------- ---------
Net income $ 2,827 $ 2,180 $ 11,022 $ 7,409
======== ======== ======== =========
Earnings Per Share:
Basic $ 0.52 $ 0.40 $ 2.01 $ 1.36
Diluted $ 0.47 $ 0.36 $ 1.84 $ 1.25
BALANCE SHEET December 31,
2006 2005
Loans held for sale $ 5,481 $ 2,221
Loans receivable 527,849 420,003
----------- ----------
Gross Loans 533,330 422,224
Allowance for loan
losses 9,882 7,854
Assets 615,061 510,270
Deposits 484,611 426,131
Customer
Repurchase
Agreements 31,654 22,826
Shareholders'
equity 57,268 46,301
PER SHARE DATA
Common shares
outstanding 5,483,330 5,474,822
Book value per
share $ 10.44 $ 8.46
Quarter Twelve Months
PERFORMANCE RATIOS Ended Ended
(annualized) December 31, December 31,
2006 2005 2006 2005
Return on average
assets 1.90% 1.71% 2.00% 1.63%
Return on average
equity 20.05% 19.13% 21.35% 17.47%
Efficiency ratio 47.05% 48.96% 48.33% 54.65%