Intermountain Community Bancorp Reports Fourth Quarter And Full Year 2010 Results With Improving Results And Stronger Credit Quality

SANDPOINT, Idaho, Feb. 11, 2011 (GLOBE NEWSWIRE) -- Intermountain Community Bancorp (OTCBB:IMCB), the holding company for Panhandle State Bank, reported fourth quarter 2010 results with improved net interest margin, much improved loan quality metrics, and continuing strong liquidity. The net loss applicable to common shareholders for the fourth quarter totaled $1.1 million, or $0.13 per common share, compared to a net loss of $24.7 million, or $2.95 per common share in the third quarter of 2010, and $9.0 million, or $1.07 per common share, in the fourth quarter of 2009. For the full year 2010, Intermountain reported that following a $24.0 million provision for loan losses and two non-cash charges totaling $19.1 million, it recorded a net loss applicable to common shareholders of $33.5 million, or $3.99 per common share. In 2009, the net loss applicable to common shareholders was $23.6 million, or $2.82 per common share, which included $36.3 million in loan loss provision.

Fourth Quarter and Full Year 2010 Highlights (at or for the period ended Dec. 31, 2010, compared to Dec. 31, 2009, or September 30, 2010)

• Nonperforming assets decreased $6.8 million to $15.9 million, or 1.59% of total assets, down from 2.30% at September 30, 2010 and 2.83% a year ago.
• The provision for loan losses dropped to $2.2 million in the fourth quarter, from $10.1 million in the third quarter of 2010 and $11.1 million in the quarter ended December 31, 2009.
• Net interest margin improved to 3.97% from 3.85% in the third quarter and 3.20% in the fourth quarter, 2009.
• Intermountain reduced its average interest cost on deposits by 21 basis points from the prior quarter and 57 basis points from a year ago.
• Low-cost transaction deposits continued to increase as a percentage of total deposits, as the Company emphasized core, low-cost relationships and phased out higher cost funding instruments, such as brokered and collateralized certificates of deposits. Transaction deposits comprise 63.7% of total deposits, as compared to 62.0% a year ago.
• Total Risk Based Capital Ratio was 11.3% and Tier 1 Leverage Ratio was 6.8%.
• Liquidity continues at historically high levels represented by cash and cash equivalents, marketable securities, local deposit growth and borrowing line availability.
• Reserves for potential loan losses stood at $12.5 million, or 2.16% of total loans and 108.1% of non-performing loans ("NPLs") compared to 2.47% and 87.2%, a year ago.
• Loan delinquencies (30 days past due and over) decreased to 0.55% of total loans from 1.06% a year ago.
• The Company's deep commitment to community development and local economic growth was recognized in Idaho, as Intermountain received the Idaho Governor's Brightest Star Award in 2010.

"Although 2010 was another difficult year for the Pacific Northwest economy, the fourth quarter brought some indications of returning vitality. The Company's 2010 results reflect that encouraging upswing, with positive movement in operating results and margins, and stabilization in our loan portfolios," said Curt Hecker, Chief Executive Officer. "Losses have subsided in all markets, and credit risk in the remaining portfolio is substantially lower than a year ago."

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