Panhandle State Bank parent posts jump in net
Earnings reportOctober 24th, 2013
Intermountain Community Bancorp, the Sandpoint-based holding company for Intermountain Community Bank and Panhandle State Bank, reported this morning third-quarter net income of $1.5 million, or 23 cents per diluted share, up from income of $343,000, or 5 cents a share, in the year-earlier quarter.
The bank company said in its earnings report that reductions in interest, operating, and loan-loss provision expenses drove the year-over-year improvement.
Intermountain CEO Curt Hecker said in the release, "We continue to see steady growth in our regional markets despite uneven economic growth and external volatility."
As of Sept. 30, Intermountain reported net loans of $520.2 million, up from $502.9 million a year earlier. Total deposits, however, fell to $711.1 million as of Sept. 30 from $722.1 million a year earlier. Total assets decreased to $923.8 million at the end of the quarter, compared with total assets of $953.3 million a year earlier.
Intermountain Community Bank Washington, a subsidiary of Panhandle State Bank, operates branches in downtown Spokane and Spokane Valley.