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Intermountain Community Bancorp Reports First Quarter Earnings

Stocks in this article: IMCB

SANDPOINT, Idaho, April 23, 2013 (GLOBE NEWSWIRE) -- Intermountain Community Bancorp (Nasdaq:IMCB), the holding company for Panhandle State Bank, reported $1.1 million, or $0.16 per diluted share, in net income applicable to common shareholders for the first quarter 2013, as compared to net income of $910,000, or $0.14 per share, and $335,000, or $0.08 per share, in the fourth and first quarters of 2012, respectively. Lower operating expenses and loan loss provisions drove the improvements over both prior quarters and offset lower net interest income.

"These results show steady improvement in lowering credit costs and operating expenses amidst a very challenging interest rate environment," said Chief Executive Officer Curt Hecker. "Our local markets continue to improve, and we anticipate that seasonal activity will pick up over the next couple quarters," he added.

First Quarter 2013 Highlights (at or for the period ended March 31, 2013, compared to December 31, 2012, and March 31, 2012)

  • Loan loss provision dropped to $179,000 during the first quarter, down from $619,000 and $959,000 in the fourth and first quarters of 2012, respectively, as the credit portfolio continued to improve.
  • Operating expenses were down $493,000 from the sequential quarter and $120,000 from the first quarter last year as the Company's expense reduction initiatives continued to pay off.
  • Interest expense continued to decline, totaling $985,000 for the first quarter, compared to $1.0 million in the fourth quarter of 2012 and $1.5 million in the first quarter of 2012. The Company's cost of interest bearing liabilities totaled 0.49% for the quarter, compared to 0.49% in the fourth quarter and 0.72% in the first quarter of 2012.
  • Nonperforming assets (NPAs) dropped to 1.05% of total assets at March 31, 2013 from 1.18% at December 31, 2012 and 1.56% at March 31, 2012, as the Company continued to reduce problem assets.
  • Loan delinquencies (30 days past due and over) continue to remain very low, at 0.14% of total loans compared to 0.13% in the fourth quarter and 0.19% in the first quarter of 2012.
  • The Company received GoBankingRates.com's first National Financial Institution award for its community involvement, customer service and client benefits.

Assets and Loan Portfolio Summary

Assets totaled $933.9 million at March 31, 2013, down from $972.1 million and $949.1 million at December 31, 2012 and March 31, 2012, respectively. The reduction from year-end 2012 reflects lower seasonal loan balances and the use of cash to pay down non-core liabilities, including brokered Certificates of Deposit ("CDs") and non-local secured savings accounts. The decrease from March 31, 2012 also largely reflects the use of cash to pay down non-core liabilities, including brokered CDs and Federal Home Loan Bank advances.

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