Intermountain Community Bancorp Reports Second Quarter 2010 Results With Stronger Credit Quality And Improving Operating Results
SANDPOINT, Idaho, July 28, 2010 (GLOBE NEWSWIRE) -- Intermountain Community Bancorp (OTCBB:IMCB), the holding company for Panhandle State Bank, reported financial results for the second quarter ended June 30, 2010, with asset quality improving, a rebounding net interest margin and improving financial results. Intermountain reported that following a $4.9 million provision for loan losses, it recorded a net loss applicable to common shareholders of $2.9 million, or $0.35 per common share, for the second quarter. The loss was significantly lower than the net loss applicable to common shareholders of $4.7 million, or $0.56 per common share in the preceding quarter, when its provision was $6.8 million, and also significantly lower than the second quarter a year ago when the loan loss provision was $18.7 million and the net loss applicable to common shareholders was $11.4 million, or $1.37 per common share. Second quarter income excluding taxes, loan loss provision and other real estate (OREO) operations, improved to $1.9 million, up from $412,000 in the first quarter and $1.5 million in the year ago period.
For the first six months of 2010, Intermountain recorded a total provision for loan losses of $11.7 million contributing to a net loss applicable to common shareholders of $7.7 million, or $0.91 per share, compared to $11.9 million, or $1.43 per share, in the like period a year ago, with a provision of $21.5 million.
"On virtually every metric, our second quarter results, while still in the red, were an improvement over the first quarter of the year," said Curt Hecker, Chief Executive Officer. "We are continuing to make progress on improving our operating performance and balance sheet metrics, particularly for asset quality. In addition, we had a significant reduction in overall classified, or problem assets, which reduced the level of provisions for loan losses. We also achieved better diversification in the loan portfolio, specifically with lower concentrations in construction and land development. Net interest margin is improving even given the high level of balance sheet liquidity we're maintaining, and we continue to actively reduce overhead costs," he added.
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