Idaho Banking Company - Financials

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Idaho Banking Company Reports Quarterly Results

BOISE, July 20 /PR Newswire/ -- Idaho Banking Company (OTC Bulletin Board: IBCB) today reported net income of $54,000 for the second quarter of 2001, or $.07 per share. Net income in the second quarter of 2000 was $64,000, or $.08 per share. The decrease in net income is partially attributable to an increase in the provision for loan losses from $120,000 in the second quarter of last year to $190,000 in the second quarter of this year. Also, impacting year to year earnings were the dramatic declines in interest rates since the first of the year. Net interest margin decreased from 5.00% in the second quarter of 2000 to 4.35% in the second quarter of 2001.

Net income for the first six months of the year was $86,000, or $.11 per share, the same as last year. On a year-to-date basis the provision for loan losses was $365,000 in 2001, compared to $210,000 in 2000. Net interest margin was 4.42% for the first six months of 2001, compared to 4.82% in the same period last year. Helping to offset the decline in net interest margin was higher gross mortgage banking income, which increased from $189,000 last year to $478,000 in the first half of this year.

Loans increased 5.5% in the second quarter this year, and are 32% higher than one year ago. The management of loan quality, refinements in loan policies, and underwriting standards have received increased attention this year. Net loan charge-offs totaled $177,000 in the second quarter of 2001, compared to $134,000 in the first quarter of 2001 and $254,000 in the last quarter of 2000. Management is still not content with this level of activity and is spending considerable efforts to reduce future loan losses. The allowance for loan losses was 1.31% at June 30, 2001 compared to 1.30% at the end of last year.

Shareholdersí equity remained strong, with a capital to asset ratio of 10.15% at the end of the quarter. Book value per share has increased from $12.58 a year ago to $12.89 at June 30, 2001.

Idaho Banking Company, a state-chartered commercial bank and member of the Federal Reserve Bank, was organized in 1996. Its primary emphasis is providing personalized service and local decision-making for 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 at 208-472-4700, Mary E. Brimson, VP Shareholder Relations at 208-472-4705, or Don D. Madsen, CFO at 208-947-1880

 

Idaho Banking Company
Financial Highlights (unaudited)

Change

For the six months ended June 30:

2001

2000

$

%

Net interest income

$ 1,943

$ 1,619

$ 324

20%

Provision for loan losses

365

210

155

74%

Mortgage banking income

478

189

289

153%

Gains on loan sales

62

69

(7)

-10%

Other noninterest income

192

232

(40)

-17%

Noninterest expense

2,216

1,809

407

22%

Net income before taxes

94

90

4

4%

Income taxes

8

4

4

100%

Net income

86

86

0

0%

Net income per share

Basic

0.11

0.11

-

0%

Diluted

0.11

0.11

-

0%

Change

At June 30:

2001

2000

$

%

Loans

$70,785

$53,456

$17,329

32%

Allowance for loan losses

929

741

188

25%

Assets

99,570

79,911

19,659

25%

Deposits

82,589

63,499

19,090

30%

Shareholders' equity

10,107

9,862

245

2%

Book value per share

12.89

12.58

0.31

2%

Allowance to loan ratio

1.31%

1.39%

Change

Averages for the six months ended June 30:

2001

2000

$

%

Loans

$68,550

$47,999

$20,551

43%

Earning assets

90,530

68,932

21,598

31%

Assets

96,462

74,418

22,044

30%

Deposits

79,244

60,474

18,770

31%

Shareholders' equity

10,007

9,737

270

3%

Return on average assets

0.18%

0.23%

Return on average equity

1.73%

1.78%

Average loans to deposits

86.50%

79.37%

Net interest margin - tax equivalent

4.42%

4.82%

 

Quarterly Trends (Unaudited)

2001 Q2

2001 Q1

2000 Q4

2000 Q3

2000 Q2

Net interest income

$ 974

$ 969

$ 1,009

$ 917

$ 858

Provision for loan losses

190

175

355

120

120

Mortgage banking income

297

181

109

150

112

Gains on loan sales

33

29

0

28

58

Other noninterest income

89

103

118

112

130

Noninterest expense

1,149

1,067

1,017

997

970

Net income before taxes

54

40

(136)

90

68

Income taxes

0

8

(65)

24

4

Net income

54

32

(71)

66

64

Net income per share

Basic

0.07

0.04

(0.09)

0.08

0.08

Diluted

0.07

0.04

(0.09)

0.08

0.08

Average loans

69,994

67,089

63,603

56,112

50,897

Average earning assets

91,781

89,266

85,203

76,796

70,370

Average assets

97,551

95,361

91,559

83,081

75,972

Average deposits

79,535

78,949

76,419

68,435

62,370

Average shareholders' equity

10,009

10,006

9,978

9,870

9,763

Return on average assets

0.22%

0.14%

-0.31%

0.32%

0.34%

Return on average equity

2.16%

1.30%

-2.83%

2.66%

2.64%

Average loans to deposits

88.00%

84.98%

83.23%

81.99%

81.60%

Net interest margin - tax equivalent

4.35%

4.49%

4.79%

4.86%

5.00%

Nonperforming loans - period end

$ 358

$ 121

$ 93

$ 213

$ 67

Other real estate owned - period end

65

65

65

290

290

Loans - period end

70,785

67,105

67,159

58,921

53,456

Allowance for loan losses - period end

929

916

875

775

741

Net charge-offs (recoveries) - quarterly

177

134

254

86

(2)

Allowance to loans

1.31%

1.37%

1.30%

1.32%

1.39%

Allowance to nonperforming loans

2.6

X

7.6

X

9.4

X

3.6

X

11.1

X

Quarterly net charge-offs - annualized

1.01%

0.81%

1.59%

0.61%

-0.02%

 

 

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