This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Intermountain Community Bancorp Reports Second Quarter Earnings

SANDPOINT, Idaho, July 25, 2013 (GLOBE NEWSWIRE) -- Intermountain Community Bancorp (Nasdaq:IMCB), the holding company for Panhandle State Bank, reported $1.5 million, or $0.23 per diluted share, in net income applicable to common shareholders for the second quarter 2013, as compared to net income of $1.1 million, or $0.16 per share, and $301,000, or $0.05 per share, in the first quarter of 2013 and the second quarter of 2012, respectively. Higher net interest income and other income produced the improvement over first quarter 2013, and lower loan loss provisions drove the improvement over the second quarter last year.

For the six-month period ending June 30, 2013, net income applicable to common shareholders, was $2.5 million, or $0.39 per diluted share, compared to $636,000, or $0.12 per diluted share for the same time period in 2012 as a result of lower loan loss provisions and higher non-interest income, which offset lower net interest income.

"We continue to see steady improvement in earnings despite continuing tight interest rate spreads," said Chief Executive Officer Curt Hecker. "This is a reflection of the growing strength of our local economies and the loyalty of our targeted business base. We are encouraged by the pickup in economic activity and the recent moderate increase in longer term rates," he added.

Second Quarter 2013 Highlights (at or for the period ended June 30, 2013, compared to March 31, 2013, and June 30, 2012)
  • Net loans grew almost $24 million, or 4.8% during the second quarter of 2013.
  • Interest expense continued to decline, totaling $951,000 for the second quarter of 2013, compared to $985,000 for the first quarter of 2013 and $1.3 million in the second quarter of 2012. At $8.5 million, interest income also improved from the first quarter total of $8.3 million, although it was lower than the $9.1 million recorded in the quarter ending June 30, 2012.
  • Other income increased to $2.9 million from $2.6 million in the first quarter of 2013 and $2.8 million in the second quarter of last year, as both investment services and mortgage origination income improved during the quarter.
  • Loan loss provision totaled $247,000 during the second quarter, up modestly from $179,000 in the first quarter of 2013, but down significantly from the $1.6 million reported in the second quarter of 2012.
  • Nonperforming assets (NPAs) dropped to 1.00% of total assets at June 30, 2013 from 1.05% at March 31, 2013 and 1.24% at June 30, 2012, as the Company continued to reduce problem assets. The Company's "Texas Ratio" (Non-performing assets divided by tangible equity plus the allowance for loan loss) now stands at 7.7%.
  • Loan delinquencies (30 days past due and over) continue to remain very low, at 0.22% of total loans compared to 0.14% in the first quarter of 2013 and 0.25% in the second quarter of 2012.
  • The Company was recognized as the "2013 Best Place to Work" and "2013 Friendliest Bank" in Bonner County, the Company's headquarters location, by the Bonner County Daily Bee.
  • The Company opened its new downtown Spokane office at the corner of Riverside and Howard Streets.

Assets and Loan Portfolio Summary

Assets totaled $930.6 million at June 30, 2013, compared to $933.9 million at March 31, 2013 and $953.6 million at June 30, 2012, respectively. The reduction from prior periods reflects the sale of securities and the use of cash to pay down non-core liabilities, including brokered Certificates of Deposit ("CDs") and Federal Home Loan Bank advances. Net loans receivable increased by $24.0 million during the quarter, as seasonal agricultural and commercial borrowing picked up, and commercial real estate activity increased.

1 of 8

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,058.35 -469.68 -2.84%
S&P 500 1,913.85 -58.33 -2.96%
NASDAQ 4,636.1050 -140.4030 -2.94%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs