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.