Idaho Banking Company - Financials

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Idaho Banking Company Reports First Quarter Results

BOISE, April 18 /PR Newswire-First Call/ -- Idaho Banking Company (OTC Bulletin Board: IBCB) today reported net income for the first quarter of 2003 of $70,000, an increase of 159% over the $27,000 reported in the first quarter of last year. Net income per share increased by 167% to $.08 for the quarter. The large increase in net income was due to a lower provision for loan losses, which fell from $180,000 to $80,000. Also, mortgage banking income increased 35% from the first quarter of 2002. The net income of $70,000 reported for the first quarter of 2003 represents the best quarterly earnings since the third quarter of 1999. This is particularly encouraging when considering that the first quarter of the year is traditionally the weakest quarter for Idaho Banking Company.

Net interest margin in the first quarter of 2003 was 3.40% compared to 4.20% in the first quarter of last year. This decline was primarily caused by the quarterly loan to deposit ratio falling from 93% in the first quarter of 2002 to 72% in the first quarter of 2003. The dramatic change in the loan to deposit ratio was due to a successful deposit campaign in mid-2002. As these new deposit funds are deployed in loans, rather than temporary investments, net interest margin is expected to improve.

Source: Idaho Banking Company

Contacts: Michael K. Johnston, President & CEO at 208-472-4702, Mary E. Brimson, SVP Shareholder Relations at 208-472-4705, or Don D. Madsen, CFO at 208-947-1880

Idaho Banking Company
Financial Highlights (unaudited)
($ in thousands) 

                         

Change

For the three months ended March 31:

   

2003

 

2002

 

$

 

%

 

Net interest income

     

$935

 

$949

 

$(14)

 

-1%

 

Provision for loan losses

     

80

 

180

 

(100)

 

-56%

 

Mortgage banking income

     

379

 

280

 

99

 

35%

 

Other noninterest income

     

72

 

84

 

(12)

 

-14%

 

Noninterest expense

     

1,186

 

1,096

 

90

 

8%

 

Net income before taxes

     

120

 

37

 

83

 

224%

 

Income taxes

       

50

 

10

 

40

 

400%

 

Net income

       

70

 

27

 

43

 

159%

                             
 

Net income per share

                   
   

Basic

       

0.08

 

0.03

 

0.05

 

167%

   

Diluted

       

0.08

 

0.03

 

0.05

 

167%

                             
                         

Change

At March 31:

       

2003

 

2002

 

$

 

%

 

Loans

         

$74,210

 

$66,329

 

$7,881

 

12%

 

Allowance for loan losses

     

1,575

 

1,194

 

381

 

32%

 

Assets

       

123,965

 

96,032

 

27,933

 

29%

 

Deposits

       

104,055

 

75,874

 

28,181

 

37%

 

Shareholders' equity

     

11,174

 

10,775

 

399

 

4%

 

Nonperforming loans

     

261

 

485

 

(224)

 

-46%

 

Other real estate owned

     

0

 

65

 

(65)

 

-100%

                             
 

Book value per share

     

13.27

 

12.83

 

0.44

 

3%

 

Shares of common stock outstanding

   

841,846

 

839,846

 

2,000

 

0%

                             
 

Allowance to loan ratio

     

2.12%

 

1.80%

       
 

Allowance to nonperforming loans

   

6.0

X

2.5

X

     
 

Nonperforming loans to total loans

   

0.35%

 

0.73%

       
                         

Change

Averages for the three months ended March 31:

 

2003

 

2002

 

$

 

%

 

Loans

         

$71,730

 

$69,701

 

$2,029

 

3%

 

Earning assets

       

114,061

 

93,901

 

20,160

 

21%

 

Assets

       

119,516

 

98,762

 

20,754

 

21%

 

Deposits

       

100,211

 

74,950

 

25,261

 

34%

 

Shareholders' equity

     

10,930

 

10,588

 

342

 

3%

                             

For the three months ended March 31:

                 
 

Return on average assets

     

0.24%

 

0.11%

       
 

Return on average equity

     

2.60%

 

1.03%

       
 

Average loans to deposits

     

71.58%

 

93.00%

       
 

Net interest margin - tax equivalent

   

3.40%

 

4.20%

       
 

Net loan charge-offs (recoveries)

   

(85)

 

245

       
 

Net charge-offs to loans

     

-0.48%

 

1.43%

       

Quarterly Trends (Unaudited)

 

2003 Q1

 

2002 Q4

 

2002 Q3

 

2002 Q2

 

2002 Q1

 

Net interest income

 

$935

 

$970

 

$963

 

$925

 

$949

 

Provision for loan losses

 

80

 

170

 

230

 

220

 

180

 

Mortgage banking income

 

379

 

371

 

401

 

232

 

280

 

Other noninterest income

 

72

 

77

 

86

 

79

 

84

 

Noninterest expense

 

1,186

 

1,145

 

1,166

 

1,022

 

1,096

 

Net income before taxes

 

120

 

103

 

54

 

(6)

 

37

 

Income taxes

   

50

 

63

 

14

 

(7)

 

10

 

Net income

   

70

 

40

 

40

 

1

 

27

                             
 

Net income per share

                   
   

Basic

   

0.08

 

0.05

 

0.05

 

0.00

 

0.03

   

Diluted

   

0.08

 

0.05

 

0.05

 

0.00

 

0.03

                             
 

Average loans

   

71,730

 

72,319

 

71,473

 

67,784

 

69,701

 

Average earning assets

 

114,061

 

112,090

 

103,075

 

92,784

 

93,901

 

Average assets

   

119,516

 

117,771

 

108,336

 

98,023

 

98,762

 

Average deposits

   

100,211

 

97,273

 

89,420

 

78,496

 

74,950

 

Average shareholders' equity

 

10,930

 

10,865

 

10,832

 

10,799

 

10,588

                             
 

Return on average assets

 

0.24%

 

0.13%

 

0.15%

 

0.00%

 

0.11%

 

Return on average equity

 

2.60%

 

1.46%

 

1.47%

 

0.04%

 

1.03%

 

Average loans to deposits

 

71.58%

 

74.35%

 

79.93%

 

86.35%

 

93.00%

 

Net interest margin - tax equivalent

3.40%

 

3.51%

 

3.79%

 

4.08%

 

4.20%

                             
 

Nonperforming loans - period end

$261

 

$333

 

$386

 

$313

 

$485

 

Other real estate owned - period end

0

 

0

 

0

 

0

 

65

 

Loans - period end

   

74,210

 

71,340

 

71,142

 

71,637

 

66,329

 

Allowance for loan losses - period end

1,575

 

1,410

 

1,309

 

1,078

 

1,194

 

Net charge-offs (recoveries) - quarterly

(85)

 

69

 

(1)

 

336

 

245

                             
 

Allowance to loans

 

2.12%

 

1.98%

 

1.84%

 

1.50%

 

1.80%

 

Allowance to nonperforming loans

6.0

X

4.2

X

3.4

X

3.4

X

2.5 X

 

Nonperforming loans to total loans

0.35%

 

0.47%

 

0.54%

 

0.44%

 

0.73%

 

Net charge-offs to loans - annualized

-0.48%

 

0.38%

 

-0.01%

 

1.99%

 

1.43%


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Last Revised:  07/19/02