Idaho Banking Company - Financials

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Idaho Banking Company Reports 3rd Quarter Results

BOISE, October 20 /PR Newswire-First Call/ -- Idaho Banking Company (OTC Bulletin Board: IBCB) today reported net income for the first nine months of 2003 of $254,000, an increase of 274% over the $68,000 reported in the first nine months of last year. Net income per share was $.30 for the nine months of 2003, compared to only $.08 in the first nine months of 2002. The large increase in net income was due to a lower provision for loan losses, which fell from $630,000 to $100,000.

Net income of $101,000 for the third quarter of 2003 represents the best quarterly earnings since the third quarter of 1999. Net income per share of $.12 in the third quarter of 2003 was an improvement of 140% from the $.05 per share reported in the third quarter of 2002.

Nonperforming loans decreased 25% from one year ago. However, the allowance for loan losses was slightly higher at 1.89% of loans at September 30, 2003 , compared to 1.84% at September 30, 2002 , which significantly increased the ratio of allowance to nonperforming loans. Loan recoveries exceeded loan charge-offs during the first nine months of 2003 by $41,000.

Net interest margin in the third quarter of 2003 rose to 3.57%, its highest level since the third quarter of 2002. The improvement in the loan-to-deposit ratio to 76% helped increase net interest margin. However, net interest margin remains under pressure due to the low interest rate environment. Loans at September 30, 2003 were at $82 million, 15% higher than one year ago.

Idaho Banking Company, a state-chartered commercial bank and member of the Federal Reserve Bank, was organized in 1996. The bank operates from three branch offices and one mortgage office in Ada County . A fourth branch, located in Meridian , is expected to open in the second quarter of 2004.

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 nine months ended September 30:

 

2003

 

2002

 

$

 

%

 

Net interest income

 

 

 

$ 2,930

 

 $ 2,837

 

$ 93

 

3%

 

Provision for loan losses

 

 

 

100

 

630

 

(530)

 

-84%

 

Mortgage banking income

 

 

 

986

 

913

 

73

 

8%

 

Securities gains

 

 

 

 

56

 

3

 

53

 

1767%

 

Other noninterest income

 

 

 

210

 

246

 

(36)

 

-15%

 

Noninterest expense

 

 

 

3,697

 

3,284

 

413

 

13%

 

Net income before taxes

 

 

 

385

 

85

 

300

 

353%

 

Income taxes

 

 

 

 

131

 

17

 

114

 

671%

 

Net income

 

 

 

 

254

 

68

 

186

 

274%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

 

0.30

 

0.08

 

0.22

 

275%

 

 

Diluted

 

 

 

 

0.30

 

0.08

 

0.22

 

275%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change

At September 30:

 

 

 

 

2003

 

2002

 

$

 

%

 

Loans

 

 

 

 

 

$ 82,079

 

$ 71,142

 

$ 10,937

 

15%

 

Allowance for loan losses

 

 

 

1,550

 

1,309

 

241

 

18%

 

Assets

 

 

 

 

135,738

 

112,671

 

23,067

 

20%

 

Deposits

 

 

 

 

115,445

 

93,542

 

21,903

 

23%

 

Shareholders' equity

 

 

 

11,118

 

10,996

 

122

 

1%

 

Nonperforming loans

 

 

 

289

 

386

 

(97)

 

-25%

 

Other real estate owned

 

 

 

0

 

0

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book value per share

 

 

 

13.21

 

13.06

 

0.15

 

1%

 

Shares of common stock outstanding

 

 

841,926

 

841,846

 

80

 

0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance to loan ratio

 

 

 

1.89%

 

1.84%

 

 

 

 

 

Allowance to nonperforming loans

 

 

5.4X

3.4X

 

 

 

 

Nonperforming loans to total loans

 

 

0.35%

 

0.54%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change

Averages for the nine months ended September 30:

 

2003

 

2002

 

$

 

%

 

Loans

 

 

 

 

 

$ 75,284

 

$ 69,659

 

$ 5,625

 

8%

 

Earning assets

 

 

 

 

117,986

 

96,620

 

21,366

 

22%

 

Assets

 

 

 

 

123,665

 

101,742

 

21,923

 

22%

 

Deposits

 

 

 

 

103,136

 

81,008

 

22,128

 

27%

 

Shareholders' equity

 

 

 

11,024

 

10,741

 

283

 

3%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the nine months ended September 30:

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

 

 

0.27%

 

0.09%

 

 

 

 

 

Return on average equity

 

 

 

3.08%

 

0.85%

 

 

 

 

 

Average loans to deposits

 

 

 

72.99%

 

85.99%

 

 

 

 

 

Net interest margin - tax equivalent

 

 

3.40%

 

4.01%

 

 

 

 

 

Net loan charge-offs (recoveries)

 

 

(41)

 

580

 

 

 

 

 

Net charge-offs to loans

 

 

 

-0.07%

 

1.11%

 

 

 

 



Quarterly Trends (Unaudited)

 

2003 Q3

 

2003 Q2

 

2003 Q1

 

2002 Q4

 

2002 Q3

 

 

Net interest income

 

 $      1,070

 

 $         925

 

 $         935

 

 $         970

 

 $         963

 

 

Provision for loan losses

 

0

 

20

 

80

 

170

 

230

 

 

Mortgage banking income

 

229

 

378

 

379

 

371

 

401

 

 

Securities gains

 

 

0

 

56

 

0

 

0

 

3

 

 

Other noninterest income

 

61

 

77

 

72

 

77

 

83

 

 

Noninterest expense

 

1,216

 

1,295

 

1,186

 

1,145

 

1,166

 

 

Net income before taxes

 

144

 

121

 

120

 

103

 

54

 

 

Income taxes

 

 

43

 

38

 

50

 

63

 

14

 

 

Net income

 

 

101

 

83

 

70

 

40

 

40

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

0.12

 

0.10

 

0.08

 

0.05

 

0.05

 

 

 

Diluted

 

 

0.12

 

0.10

 

0.08

 

0.05

 

0.05

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average loans

 

 

79,012

 

75,030

 

71,730

 

72,319

 

71,473

 

 

Average earning assets

 

121,515

 

118,301

 

114,061

 

112,090

 

103,075

 

 

Average assets

 

 

127,840

 

123,547

 

119,516

 

117,771

 

108,336

 

 

Average deposits

 

 

104,555

 

104,594

 

100,211

 

97,273

 

89,420

 

 

Average shareholders' equity

 

11,132

 

11,009

 

10,930

 

10,865

 

10,832

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

0.31%

 

0.27%

 

0.24%

 

0.13%

 

0.15%

 

 

Return on average equity

 

3.60%

 

3.02%

 

2.60%

 

1.46%

 

1.47%

 

 

Average loans to deposits

 

75.57%

 

71.73%

 

71.58%

 

74.35%

 

79.93%

 

 

Net interest margin - tax equivalent

3.57%

 

3.21%

 

3.40%

 

3.51%

 

3.79%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonperforming loans - period end

 $         289

 

 $         348

 

 $         261

 

 $         333

 

 $         386

 

 

Other real estate owned - period end

0

 

0

 

0

 

0

 

0

 

 

Loans - period end

 

 

82,079

 

76,958

 

74,210

 

71,340

 

71,142

 

 

Allowance for loan losses - period end

1,550

 

1,586

 

1,575

 

1,410

 

1,309

 

 

Net charge-offs (recoveries) - quarterly

35

 

9

 

(85)

 

69

 

(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance to loans

 

1.89%

 

2.06%

 

2.12%

 

1.98%

 

1.84%

 

 

Allowance to nonperforming loans

             5.4X

 

             4.6X

 

             6.0X

 

             4.2X

 

             3.4X

 

 

Nonperforming loans to total loans

0.35%

 

0.45%

 

0.35%

 

0.47%

 

0.54%

 

 

Net charge-offs to loans - annualized

0.18%

 

0.05%

 

-0.48%

 

0.38%

 

-0.01%

 


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