Intermountain Community Bancorp reports upswing
Company posts earnings of $1.9 million for 2012 after ending '11 with loss
Kim CromptonFebruary 28th, 2013
Sandpoint-based Intermountain Community Bancorp, which operates Panhandle State Bank and Intermountain Community Bank, has reported fourth-quarter net income applicable to common shareholders of $910,000, or 14 cents a share, compared with $907,000, or $1.08 a share, in the 2011 fourth quarter.
For all of 2012, Intermountain posted net income of $1.9 million, or 33 cents a share, up from a net loss of $1.8 million, or $2.15 a share, in 2011.
All per-share results have been adjusted for the impact of a 1-for-10 reverse stock split that the company completed last quarter, it says, and the 2012 results also reflect the issuance of new shares in two successful capital raises completed earlier in the year.
The company attributed its improved quarterly performance to higher noninterest income, lower interest expense, and a lower loan loss provision that collectively offset lower interest income and higher operating expenses than in the prior quarter.
"We are pleased with the consistent improvement in profit shown over the past couple years, and optimistic about our recent and future growth in loans and earnings," said CEO Curt Hecker in an earnings news release.
He added, "The company's strong financial position coupled with our excellent staff and local, community-focused development plans continue to build momentum in our markets."
Its net loans receivable at the end of 2012 were $520.8 million, up from $502.9 million a year earlier, as increased commercial and commercial real estate loan production offset continued reductions in land development loans. Total deposits were $748.9 million, up from $729.4 million at the end of 2011.
Intermountain's total assets at the end of 2012 were $972.1 million, up from $934.2 million a year earlier.
Meanwhile, its nonperforming assets declined by $4.4 million to $11.5 million, or 1.18 percent of total assets, as of Dec. 31, down from 1.71 percent a year earlier and from 2.63 percent at the end of 2010.
Intermountain operates four banking divisions with a total of 19 locations in three states.
Panhandle State Bank, its banking subsidiary, serves eight North Idaho communities, while Intermountain Community Bank, a division of Panhandle, operates branches in southwest Idaho and Eastern Oregon.
Intermountain Community Bank Washington, also a subsidiary of Panhandle State Bank, operates branches in downtown Spokane and Spokane Valley. Another Panhandle subsidiary, Magic Valley Bank, has branches in Twin Falls and Gooding, Idaho.