SANDPOINT, Idaho, Feb. 13, 2013 (GLOBE NEWSWIRE) -- Intermountain Community Bancorp (Nasdaq:IMCB), the holding company for Panhandle State Bank, reported $910,000, or $0.14 per share in net income applicable to common shareholders for the fourth quarter 2012, as higher non interest income, lower interest expense and a lower loan loss provision offset lower interest income and higher operating expenses than reported in the third quarter. The fourth quarter 2012 results compare to net income applicable to common shareholders of $343,000 and $907,000, or $0.05 and $1.08 per share for the third quarter of 2012 and fourth quarter of 2011, respectively. All per share results have been adjusted for the impact of a 1-for-10 reverse stock split completed by the Company in the fourth quarter of 2012. 2012 results also reflect the issuance of new shares in two successful capital raises earlier in the year.
Net income applicable to common shareholders improved to $1.9 million, or $0.33 per share, for 2012, compared to a net loss of $1.8 million, or $2.15 per share, in the comparable 2011 period, as decreases in interest expense, operating expense and the provision for loan loss offset decreases in interest income.
"We are pleased with the consistent improvement in profit shown over the past couple years, and optimistic about our recent and future growth in loans and earnings," said Chief Executive Officer Curt Hecker. "The Company's strong financial position coupled with our excellent staff and local, community-focused development plans continue to build momentum in our markets."Fourth Quarter 2012 Highlights (at or for the period ended December 31, 2012, compared to September 30, 2012, and December 31, 2011)
- Net loans receivable increased to $520.8 million at year end 2012, up from $502.9 million and $502.2 million at September 30, 2012 and December 31, 2011, respectively, as commercial and commercial real estate production activity increased.
- Interest expense continued to drop, totaling $1.01 million for the fourth quarter, compared to $1.26 million in the third quarter of 2012 and $1.43 million in the fourth quarter of 2011. The Company's cost of interest bearing liabilities totaled 0.49% for the quarter, down from 0.59% in the third quarter and 0.67% in the fourth quarter of 2011.
- The provision for loan losses dropped to $619,000 from $1.2 million in the third quarter of 2012 and $706,000 in the fourth quarter of 2011, respectively, as the negative impact of problem loans continues to subside.
- Nonperforming assets (NPAs) totaled 1.18% of total assets at December 31, 2012 stable from 1.18% at September 30, 2012 and down from 1.71% at December 31, 2011.
- Loan delinquencies (30 days past due and over) continue to remain very low, at 0.13% of total loans compared to 0.21% in the third quarter and 0.28% in the fourth quarter of 2011.
- The Company's community-centric outreach initiative, "Powered by Community" continues to develop partnerships focused on economic advancement, education, job-readiness, and small business enhancement. The Bank remains deeply committed to assisting its communities through volunteerism, seed grants and sponsorship of far-reaching initiatives throughout its regional markets.
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