Idaho Banking Company Reports 1st Quarter Results
BOISE, April 20 /PR Newswire/ -- Idaho Banking Company (OTC Bulletin Board: IBCB) today reported net income of $22,000 for the first quarter of 2000, compared to $58,000 in the same quarter of the prior year. Loan growth in the first quarter of 2000 set a quarterly record with an increase in loans of $6.8 million. This rapid loan growth caused the quarterly provision for loan losses to be $90,000 in the first quarter of 2000 compared to $40,000 in the same quarter last year. Income before taxes and the provision for loan losses actually increased 14% from the first quarter of 1999 to the first quarter of this year.
Assets grew by 37% from March 31, 1999 to March 31, 2000. During the same period loans grew by 75% to $47.6 million. The allowance for loan losses was at 1.30% of loans at the end of the quarter. The Bank’s tax equivalent net interest margin for the first quarter of 2000 was 4.64%, compared to 4.54% in the last quarter of 1999. The improving net interest margin was primarily due to the improving loan to deposit ratio. The loan to deposit ratio was 77% during the first quarter compared to 67% in the fourth quarter of 1999. Book value per share increased from $11.94 a year ago to $12.46 at March 31.
During the first quarter of 2000 the permanent home of the Eagle branch was completed. One year ago the Bank opened a small, leased office in Eagle while construction took place on the new building. The branch relocated in mid February and an official grand opening celebration is planned in early May. The new facility is located at 402 S. Eagle Road, adjacent to Albertsons, and offers a full line of deposit and loan products, as well as drive-up banking and ATM services.
Idaho Banking Company, a state-chartered commercial bank, was organized in 1996. Its primary emphasis is providing personalized service and local decision-making to clients seeking a change from the automated and impersonal "big bank" atmosphere. The bank operates from three branch offices and one mortgage office in Ada County.
Source: Idaho Banking Company
Contacts: Cortland D. Rounds, President/CEO; Don D. Madsen, CFO; Mary E. Brimson, Shareholder Relations, 208-472-4700
Idaho Banking Company
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