Movers and Shakers March 12, 2010

IIB reports 2009 losses

Idaho Independent Bank on Thursday reported a net loss of $6.65 million, or $1.06 per diluted share, for the year ended Dec. 31, 2009, compared to net income of $1.01 million, or 16 cents per diluted share, in 2008.

The Coeur d'Alene-based bank also reported a net fourth quarter loss of $1.98 million, or a loss of 31 cents per diluted share, compared to a net loss of $3.67 million, or a loss of 59 cents per diluted share, for the same period a year ago.

An increase in IIB's provision for loan losses contributed to the earnings decline.

"We are being diligent and methodical about putting our problem land and land development loans behind us," said Jack Gustavel, chairman and chief executive officer, in a press release. With that in mind, we added $20.1 million to our allowance for loan losses account during 2009. Despite the challenging economic and financial environment, however, IIB's capital ratios remain well above the threshold required to be considered 'well-capitalized,' with our total risk-based capital ratio improving to 15.39 percent at Dec. 31, 2009."

IIB said it has been strategically reducing its balance sheet and its loan concentrations. IIB's total assets as of Dec. 31, 2009, decreased $95.2 million, or 16.2 percent, to $493.2 million from $588.4 million at Dec. 31, 2008. Total loans, including loans held for sale, at Dec. 31, 2009, decreased $93.3 million, or 19.6 percent, to $383 million from $476.3 million at Dec. 31, 2008. Total deposits and customer repurchase agreements decreased $42.3 million, or 9.2 percent, to $415.3 million at Dec. 31, 2009, compared to $457.6 million at Dec. 31, 2008.

As of Dec. 31, 2009, the allowance for loan losses account totaled $17.1 million, or 4.50 percent of total loans, excluding loans held-for-sale, compared to $12.6 million, or 2.68 percent of total loans, excluding loans held-for-sale, as of Dec. 31, 2008. Non-performing assets totaled $39.4 million, or 7.99 percent of total assets at Dec. 31, 2009, compared to $14.6 million, or 2.49 percent of total assets at Dec. 31, 2008.

Non-performing assets at Dec. 31, 2009, included $37.1 million in non-performing loans and $2.3 million in other real estate owned.

Deck and step safety

Homeowners, inspectors and real estate agents are invited to a free presentation on deck and step safety and defects on March 19.

Jeffrey D. Block, P.E. civil/structural engineer and Jerry Peterson, P.E., geotechnical engineer will present basic topics that home inspectors should be aware of when they perform home inspections. Examples will include common construction defects that violate the provisions of the building code and why decks collapse. The engineers will also be available to present practical solutions that can be applied to remedy and give decks a longer service life.

The program will be held at 11 a.m. at the Iron Horse, 407 Sherman Ave. Ordering a meal is the only cost.

The presentation will provide a one-hour credit for National Association of Certified Home Inspectors.

Reserve a seat by e-mailing Russell or Jeanne, cdainspectors@earthlink.net.

Coeur mine operations progress

Coeur d'Alene Mines Corp. said Thursday its San Bartolome silver mine in Bolivia has begun mining operations in a higher grade material located in the Huacajchi deposit above the 4,400-meter level under its agreement with the Cooperative Reserva Fiscal.

The Huacajchi area is composed of a pallaco, or gravel deposit, leased by the major Cooperative Reserva Fiscal which was confirmed to be excluded from the October 2009 resolution restricting mining above the 4,400 (13,000 foot) level of Cerro Rico mountain. As with other deposits mined by San Bartolome, the Huacajchi lends itself to simple, free digging surface mining techniques and can be extracted without drilling and blasting. Access to the Huacajchi and its higher grade material is expected to have a beneficial impact on production and costs.

San Bartolome mine is a surface silver mine near Potosi where commercial production commenced in June 2008. The mine produced 7.5 million ounces of silver during its first full year of operation in 2009.

The company announced earlier that the mine plan was adjusted during a temporary suspension of mining above 4,400 meters while stability studies of the Cerro Rico Mountain were undertaken by COMIBOL, the Bolivian state-owned mining organization. In addition to the access to the Huacajchi deposit above the 4,400 level, mining continues on the remainder of the property below the 4,400 meter elevation.

If you have a new, relocated or expanded business, or announcement of events, promotions or awards, The Press wants to let our readers know. The service is free and items run Tuesday through Saturday. To get the word on the street on your movers and shakers, call city editor Bill Buley at 664-8176 Ext. 2016 or e-mail bbuley@cdapress.com.