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TheStreet Open House

Intermountain Community Bancorp Reports Fourth Quarter Profit And Full Year 2012 Results

All data contained in this report have been prepared on a consolidated basis for Intermountain Community Bancorp. IMCB's shares are quoted on the NASDAQ Capital Market Exchange, ticker symbol IMCB. Additional information on Intermountain Community Bancorp, and its internet banking services, can be found at www.intermountainbank.com .  

The Intermountain Community Bancorp logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8745

Forward Looking Statements

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may include but are not limited to statements about the Company's plans, objectives, expectations and intentions and other statements contained in this report that are not historical facts. These forward-looking statements are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company's control. Actual results may differ materially from the results discussed in these forward-looking statements because of numerous possible risks and uncertainties. These include but are not limited to the following and the other risks described in the "Risk Factors," "Business," and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections, as applicable, of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2011; the possibility of adverse economic developments that may, among other things, increase default and delinquency risks in the Company's loan portfolio; shifts in interest rates that may result in lower interest rate margins; shifts in the demand for the Company's loan and other products; declines in the housing and real estate market; increases in unemployment or sustained high levels of unemployment; changes in accounting policies; changes in the monetary and fiscal policies of the federal government; and changes in laws, regulations and the competitive environment. Readers are cautioned that forward-looking statements in this release speak only as of the date of this release. The Company does not undertake any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

INTERMOUNTAIN COMMUNITY BANCORP
CONSOLIDATED BALANCE SHEETS
(Unaudited)
       
  12/31/2012 9/30/2012 12/31/2011
  (Dollars in thousands, except per share amounts)
ASSETS      
Cash and cash equivalents:      
Interest-bearing  $ 53,403  $ 45,015  $ 82,242
Non-interest bearing and vault 13,536 6,016 24,958
Restricted cash 13,146 12,710 2,668
Available-for-sale securities, at fair value 280,169 290,311 219,039
Held-to-maturity securities, at amortized cost 14,826 14,843 16,143
Federal Home Loan Bank of Seattle stock, at cost 2,269 2,290 2,310
Loans held for sale 1,684 5,070 5,561
Loans receivable, net 520,768 502,852 502,252
Accrued interest receivable 4,320 4,542 4,100
Office properties and equipment, net 35,453 36,031 37,687
Bank-owned life insurance 9,472 9,387 9,127
Other intangibles 72 101 189
Other real estate owned ("OREO") 4,951 5,636 6,650
Prepaid expenses and other assets 18,070 18,488 21,292
Total assets  $ 972,139  $ 953,292  $ 934,218
       
LIABILITIES      
Deposits  $ 748,934  $ 722,084  $ 729,373
Securities sold subject to repurchase agreements 76,738 56,989 85,104
Advances from Federal Home Loan Bank 4,000 29,000 29,000
Unexercised stock warrant liability 828 899
Cashier checks issued and payable 2,024 266 481
Accrued interest payable 1,185 2,124 1,676
Other borrowings 16,527 16,527 16,527
Accrued expenses and other liabilities 7,469 11,819 10,441
Total liabilities 857,705 839,708 872,602
       
STOCKHOLDERS' EQUITY      
Common stock - voting shares 96,368 96,330 78,916
Common stock - non-voting shares 31,941 31,941
Preferred stock, Series A 26,527 26,430 26,149
Accumulated other comprehensive income (1) 3,529 3,724 2,370
Accumulated deficit (43,931) (44,841) (45,819)
Total stockholders' equity 114,434 113,584 61,616
Total liabilities and stockholders' equity  $ 972,139  $ 953,292  $ 934,218
       
Book value per common share, excluding preferred stock  $ 13.64  $ 13.53  $ 42.17
Tangible book value per common share, excluding preferred stock (2)  $ 13.63  $ 13.51  $ 41.95
Shares outstanding at end of period 6,442,820 6,441,986 840,984
Stockholders' Equity to Total Assets 11.77% 11.91% 6.6%
Tangible Stockholders' Equity to Tangible Assets (3) 11.76% 11.91% 6.58%
Tangible Common Equity to Tangible Assets 9.04% 9.13% 3.78%
       
(1) Net of deferred income taxes
(2) Amount represents common stockholders' equity less net goodwill and other intangible assets divided by total common shares outstanding. 
(3) Amount represents stockholders' equity less net goodwill and other intangible assets divided by assets less net goodwill and other intangible assets. 
 
INTERMOUNTAIN COMMUNITY BANCORP
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited) 
  Three Months Ended
  12/31/2012 9/30/2012 12/31/2011
  (Dollars in thousands, except per share amounts)
Interest income:      
Loans  $ 6,906  $ 7,031  $ 7,831
Investments 1,689 1,896 1,939
Total interest income 8,595 8,927 9,770
Interest expense:      
Deposits 700 736 868
Borrowings 312 522 560
Total interest expense 1,012 1,258 1,428
Net interest income 7,583 7,669 8,342
Provision for losses on loans (619) (1,154) (706)
Net interest income after provision for losses on loans 6,964 6,515 7,636
Other income (expense):      
Fees and service charges 1,716 1,702 1,810
Loan related fee income 807 686 559
Net gain on sale of securities 208 119
Net gain (loss) on sale of other assets 4 (7) 4
Other-than-temporary impairment on investments (34) (64)
Bank-owned life insurance 86 86 93
Fair value adjustment on cash flow hedge (26) (6)
Unexercised warrant liability fair value adjustment 71 (49)
Other income 204 174 224
Total other income, net 3,070 2,552 2,745
Operating expenses:      
Salaries and employee benefits 4,181 4,103 4,123
Occupancy expense 1,615 1,648 1,699
FDIC assessment 97 306 301
OREO operations 390 39 805
Other expenses 2,388 2,146 2,238
Total operating expenses 8,671 8,242 9,166
Income before income tax benefit 1,363 825 1,215
Income tax benefit 8 152
Net income 1,371 825 1,367
Preferred stock dividend 461 482 460
Net Income applicable to common stockholders  $ 910  $ 343  $ 907
Income per share - basic 0.14 0.05 1.08
Income per share - diluted 0.14 0.05 1.08
Weighted-average common shares outstanding - basic (1) 6,442,729 6,441,986 840,984
Weighted-average common shares outstanding - diluted (2) 6,470,944 6,458,227 842,733
       
(1) Includes the weighted average number of non-voting common shares that were outstanding at December 31, 2012.
(2) Includes the weighted average number of non-voting common shares that would be outstanding if the 170,000 in warrants issued in the January 2012 private offering are exercised directly for non-voting common shares.
 
INTERMOUNTAIN COMMUNITY BANCORP
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited) 
  Twelve Months Ended
  12/31/2012 12/31/2011
  (Dollars in thousands, except per share amounts)
Interest income:    
Loans  $ 28,063  $ 32,821
Investments 7,704 8,836
Total interest income 35,767 41,657
Interest expense:    
Deposits 3,002 4,408
Borrowings 2,081 2,404
Total interest expense 5,083 6,812
Net interest income 30,684 34,845
Provision for losses on loans (4,306) (7,289)
Net interest income after provision for losses on loans 26,378 27,556
Other income (expense):    
Fees and service charges 6,662 7,036
Loan related fee income 2,734 2,202
Net gain on sale of securities 794 131
Net gain (loss) on sale of other assets 19 (40)
Other-than-temporary impairment on investments (357) (145)
Bank-owned life insurance 345 362
Fair value adjustment on cash flow hedge (326)
Unexercised warrant liability fair value adjustment 180
Other income 775 1,079
Total other income, net 10,826 10,625
Operating expenses:    
Salaries and employee benefits 16,291 18,736
Occupancy expense 6,570 6,879
FDIC assessment 1,024 1,394
OREO operations 653 2,166
Other expenses 8,895 9,155
Total operating expenses 33,433 38,330
Income (loss) before income tax benefit 3,771 (149)
Income tax (provision) benefit 8 152
Net income 3,779 3
Preferred stock dividend 1,891 1,808
Net Income (loss) applicable to common stockholders  $ 1,888 $ (1,805)
Income (loss) per share - basic 0.33 (2.15)
Income (loss) per share - diluted 0.32 (2.15)
Weighted-average common shares outstanding - basic (1) 5,806,958 840,654
Weighted-average common shares outstanding - diluted (2) 5,825,283 840,654
     
(1) Includes the weighted average number of non-voting common shares.
(2) Includes the weighted average number of non-voting common shares that would be outstanding if the 170,000 in warrants issued in the January 2012 private offering are exercised directly for non-voting common shares.
 
INTERMOUNTAIN COMMUNITY BANCORP
KEY PERFORMANCE RATIOS
           
  Three Months Ended Twelve Months Ended
  12/31/2012 9/30/2012 12/31/2011 12/31/2012 12/30/2011
Net Interest Spread:          
Yield on Loan Portfolio 5.28% 5.38% 5.81% 5.43% 5.94%
Yield on Investments & Cash 2.01% 2.10% 2.52% 2.23% 2.81%
Yield on Interest-Earning Assets 4.00% 4.04% 4.62% 4.15% 4.81%
           
Cost of Deposits 0.38% 0.40% 0.46% 0.42% 0.59%
Cost of Advances 3.08% 2.21% 2.20% 2.25% 2.13%
Cost of Borrowings 1.50% 1.74% 2.04% 1.96% 1.75%
Cost of Interest-Bearing Liabilities 0.49% 0.59% 0.67% 0.61% 0.77%
Net Interest Spread 3.50% 3.45% 3.95% 3.53% 4.03%
           
Net Interest Margin 3.53% 3.47% 3.94% 3.56% 4.02%
           
Performance Ratios:          
Return on Average Assets 0.57% 0.34% 0.58% 0.39%
Return on Average Common Stockholders' Equity 4.14% 1.58% 10.28% 2.75% -5.31%
Return on Average Common Tangible Equity (1) 4.14% 1.58% 10.34% 2.75% -5.27%
Operating Efficiency 81.39% 80.64% 82.67% 80.54% 84.30%
Noninterest Expense to Average Assets 3.60% 3.41% 3.91% 3.46% 3.99%
           
(1) Average common tangible equity is average common stockholders' equity less average net goodwill and other intangible assets.
 
INTERMOUNTAIN COMMUNITY BANCORP
LOAN AND REGULATORY CAPITAL DATA
       
  12/31/2012 9/30/2012 12/31/2011
  (Dollars in thousands)
Loan Data      
Net Charge-Offs to Average Net Loans (QTD Annualized) 1.37% 1.79% 1.81%
Loan Loss Allowance to Total Loans 1.50% 1.78% 2.46%
       
Nonperforming Assets:      
Accruing Loans-90 Days Past Due $ — $ — $ —
Nonaccrual Loans 6,529 5,636 9,292
Total Nonperforming Loans 6,529 5,636 9,292
OREO 4,951 5,636 6,650
Total Nonperforming Assets ("NPA")  $ 11,480  $ 11,272  $ 15,942
       
Troubled Debt Restructured Loans 6,719 3,487 7,236
NPA to Total Assets 1.18% 1.18% 1.71%
NPA to Net Loans Receivable 2.20% 2.24% 3.17%
NPA to Estimated Risk Based Capital 9.33% 9.17% 21.31%
NPA to Tangible Equity + Allowance for Loan Loss 9.39% 9.20% 21.51%
Loan Delinquency Ratio (30 days and over) 0.13% 0.21% 0.28%
       
       
  12/31/2012 9/30/2012 12/31/2011
Allowance for Loan Loss by Loan Type (Dollars in thousands)
Commercial loans  $ 2,156  $ 3,073  $ 2,817
Commercial real estate loans 2,762 2,728 4,880
Commercial construction loans 101 67 500
Land and land development loans 1,197 1,654 2,273
Agriculture loans 228 187 172
Multifamily loans 51 56 91
Residential real estate loans 1,144 1,042 1,566
Residential construction loans 24 13 59
Consumer loans 202 198 295
Municipal loans 78 70 37
Totals  $ 7,943  $ 9,088  $ 12,690
       
       
Regulatory Capital (Estimated for "The Company")      
Total capital (to risk-weighted assets):      
The Company 20.51% 20.86% 12.58%
Panhandle State Bank 19.07% 19.28% 13.74%
Tier 1 capital (to risk-weighted assets):      
The Company 19.26% 19.61% 11.32%
Panhandle State Bank 17.82% 18.02% 12.48%
Tier 1 capital (to average assets):      
The Company 12.54% 11.97% 7.32%
Panhandle State Bank 11.60% 11.11% 8.07%
CONTACT: Curt Hecker, CEO
         Intermountain Community Bancorp
         (208) 263-0505 curt.hecker@panhandlebank.com
         
         Doug Wright, Executive Vice President & CFO
         Intermountain Community Bancorp
         (509) 363-2635 doug.wright@intermountainbank.com

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