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Idaho Banking Company Reports Mid-Year Results
BOISE, Idaho, July 20 /PRNewswire-FirstCall/ -- Today Idaho Banking Company
(OTC:IBCB) (BULLETIN BOARD: IBCB) reported net income of $277,000 for the
first half of 2004, 81% higher than the same period last year. On a per share
basis, diluted net income increased to $.32 for the first half of the year
which compares very favorably to the $.18 per share reported for the first half
of 2003. Also, quarterly net income increased 89% from the same period in 2003
and the second quarter of 2004 established another quarterly earnings record
for the Bank.
The most significant factor driving the earnings improvement was a 45% growth
in the loan portfolio in the past twelve months. The Bank finished the first
half of the year with total loans exceeding $111 million which resulted in an
improvement of the Bank's loan to deposit ratio to 87% as of June 30, 2004.
The growth of the loan portfolio, combined with the improved mix in the balance
sheet, yielded a 34% increase in net interest income over the first half of the
prior year. Net interest margin for the first six months of the year also
demonstrated significant improvement from 3.30% last year to 3.69% this year.
Also, net interest margin for the second quarter was 3.75%, the highest
quarterly net interest margin since the third quarter of 2002. The .25%
increase in the Federal Funds rate and the Prime rate on loans in late June,
along with the continued increase in the loan-to-deposit ratio, is expected to
have a positive impact on net interest margin in the second half of 2004.
Credit quality remains very strong with the Bank finishing the quarter with no
nonperforming assets. The allowance for loan losses decreased to 1.48% of
total loans because of the rapid growth in the loan portfolio. However, given
the absence of nonperforming loans, and the fact that loan recoveries exceeded
loan charge-offs by $52,000 in the first half, Management deems the allowance
to be adequate.
Compared to one year ago on June 30, 2003, total assets increased 27% to end
the quarter at $159 million. Similarly, total deposits increased 21% to finish
at $128 million. On a per share basis, the Company's book value was $13.60.
The Bank remains well capitalized according to standards established by the
Federal Reserve Bank and the State of Idaho.
"With the strengthening economy throughout the Treasure Valley, loan growth in
2004 has been extremely robust," said Mike Johnston, President and CEO. "We've
been successful at attracting a number of new high quality borrowers while
adhering to time proven underwriting criteria. For the remainder of this year,
it will be capital constraints rather than market opportunities that restrict
further balance sheet expansion. The Board of Directors is currently examining
this together with a number of other issues of strategic importance."
Idaho Banking Company, a state-chartered commercial bank and member of the
Federal Reserve Bank, was organized in 1996. The bank operates four branch
offices and one mortgage office in Ada County.
Idaho Banking Company
Financial Highlights (unaudited)
($ in thousands)
For the six months Change
ended June 30: 2004 2003 $ %
Net interest income $2,498 $1,860 $638 34%
Provision for loan
losses 60 100 (40) -40%
Mortgage banking
income 429 757 (328) -43%
Securities gains 0 56 (56) -100%
Other noninterest
income 161 149 12 8%
Noninterest expense 2,623 2,481 142 6%
Net income before
taxes 405 241 164 68%
Income taxes 128 88 40 45%
Net income 277 153 124 81%
Net income per share
Basic 0.33 0.18 0.15 83%
Diluted 0.32 0.18 0.14 78%
Change
At June 30: 2004 2003 $ %
Loans $111,407 $76,958 $34,449 45%
Allowance for
loan losses 1,653 1,586 67 4%
Assets 159,273 125,668 33,605 27%
Deposits 128,167 106,119 22,048 21%
Shareholders'
equity 11,590 11,316 274 2%
Nonperforming loans 0 348 (348) -100%
Other real estate
owned 0 0 0
Book value
per share 13.60 13.44 0.16 1%
Shares of common
stock outstanding 852,100 841,846 10,254 1%
Allowance to
loan ratio 1.48% 2.06%
Allowance to
nonperforming loans N/A 4.6 X
Nonperforming loans
to total loans 0.00% 0.45%
Averages for the
six months Change
ended June 30: 2004 2003 $ %
Loans $102,322 $73,389 $28,933 39%
Earning assets 139,059 116,193 22,866 20%
Assets 145,714 121,543 24,171 20%
Deposits 123,424 102,414 21,010 21%
Shareholders'
equity 11,561 10,969 592 5%
For the six months
ended June 30:
Return on average
assets 0.38% 0.25%
Return on average
equity 4.82% 2.81%
Average loans
to deposits 82.90% 71.66%
Net interest
margin - tax
equivalent 3.69% 3.30%
Net loan
charge-offs
(recoveries) (52) (76)
Net charge-offs
to loans -0.10% -0.21%
Idaho Banking Company
Financial Highlights (unaudited)
(Dollars in thousands, except per share)
Quarterly Trends
(Unaudited) 2004 Q2 2004 Q1 2003 Q4 2003 Q3 2003 Q2
Net interest income $1,323 $1,175 $1,118 $1,070 $925
Provision for
loan losses 30 30 0 0 20
Mortgage banking
income 250 179 175 229 378
Securities gains 0 0 0 0 56
Other noninterest
income 83 78 67 61 77
Noninterest expense 1,410 1,213 1,173 1,216 1,295
Net income before
taxes 216 189 187 144 121
Income taxes 59 69 79 43 38
Net income 157 120 108 101 83
Net income per share
Basic 0.18 0.14 0.13 0.12 0.10
Diluted 0.18 0.14 0.12 0.12 0.10
Average loans 108,474 96,170 85,528 79,012 75,030
Average earning
assets 144,942 133,175 127,554 121,515 118,301
Average assets 152,234 139,194 134,031 127,840 123,547
Average deposits 129,932 116,916 111,943 104,555 104,594
Average
shareholders'
equity 11,637 11,485 11,279 11,132 11,009
Return on
average assets 0.41% 0.35% 0.32% 0.31% 0.27%
Return on
average equity 5.43% 4.20% 3.80% 3.60% 3.02%
Average loans to
deposits 83.49% 82.26% 76.40% 75.57% 71.73%
Net interest margin
- tax equivalent 3.75% 3.62% 3.55% 3.57% 3.21%
Nonperforming
loans - period end $-- $-- $64 $289 $348
Other real estate
owned - period end 0 0 0 0 0
Loans - period end 111,407 104,217 88,612 82,079 76,958
Allowance for
loan losses -
period end 1,653 1,605 1,541 1,550 1,586
Net charge-offs
(recoveries) -
quarterly (19) (33) 10 35 9
Allowance to loans 1.48% 1.54% 1.74% 1.89% 2.06%
Allowance to
nonperforming loans N/A N/A 24.1 X 5.4 X 4.6 X
Nonperforming
loans to
total loans 0.00% 0.00% 0.07% 0.35% 0.45%
Net charge-offs
to loans -
annualized -0.07% -0.14% 0.05% 0.18% 0.05%
DATASOURCE: Idaho Banking Company
CONTACT: Michael K. Johnston, President and CEO, +1-208-472-4702, or
Mary E. Brimson, SVP Shareholder Relations, +1-208-472-4705, or Don D. Madsen,
EVP and CFO, +1-208-947-1880, all of Idaho Banking Company