Intermountain Community Bancorp Reports Third Quarter Results With Stronger Credit Quality And Improving Net Interest Margin
SANDPOINT, Idaho, Oct. 29, 2010 (GLOBE NEWSWIRE) -- Intermountain Community Bancorp (OTCBB:IMCB), the holding company for Panhandle State Bank, reported financial results for the third quarter ended September 30, 2010, with an increased net interest margin and continued reductions in non-performing assets. Intermountain reported that following a $10.1 million provision for loan losses and two non-cash charges totaling $19.1 million, it recorded a net loss applicable to common shareholders of $24.7 million, or $2.95 per common share, for the third quarter. Net loss applicable to common shareholders in the preceding quarter was $2.9 million, or $0.35 per common share, when its provision for loan losses was $4.9 million. In the third quarter a year ago, the loan loss provision was $3.8 million, and the net loss applicable to common shareholders was $2.7 million, or $0.32 per common share. For the first nine months of 2010, Intermountain recorded a net loss applicable to common shareholders of $32.4 million, or $3.86 per common share, compared to a net loss applicable to common shareholders of $14.6 million, or $1.75 per common share, in the like period a year ago.
The current quarter's results include the establishment of a $7.4 million non-cash valuation allowance against the Company's deferred tax assets (DTA). Under applicable accounting rules, if Intermountain does not generate certain levels of taxable income it must adjust the balance of its deferred tax benefits. The company analyzes the deferred tax asset on a quarterly basis and may recapture a portion of this allowance depending on future profitability.
The current quarter's results also include an $11.7 million non-cash write-off of the Company's goodwill. The goodwill impairment charge is based upon the results of its recently completed goodwill impairment analysis. The goodwill impairment and the deferred tax asset adjustment total $19.1 million and are non-cash adjustments that do not impact the Company's current liquidity or underlying operating results. The adjustments also have no impact on the Company's regulatory capital ratios, as they are both already excluded from the Company's regulatory capital calculations.
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