This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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. 

1 of 8

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,959.44 +154.64 0.87%
S&P 500 2,078.54 +7.89 0.38%
NASDAQ 4,781.4240 +16.0440 0.34%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs