Movers & Shakers May 14, 2010

Best Western Cd'A Inn receives Director's Award

The Best Western Coeur d'Alene Inn has just been awarded the Best Western Director's Award for outstanding quality standards.

The hotel, recreation and convention facility, which is owned and operated by Hagadone Hospitality, earned the award by scoring in the top 20 percent of all the Best Western properties in North America. The Coeur d'Alene Inn qualified through high customer service scores, as well as in design, cleanliness and maintenance.

"The Director's Award is an important symbol of success," said Steve Wilson, general manager. "I'm particularly proud of our housekeeping and maintenance people, who work hard to achieve this level of excellence."

Located at 506 W. Appleway, The Coeur d'Alene Inn has 122 rooms, a lounge and restaurant serving breakfast, lunch and dinner, a recreation center with an indoor pool, and 13,000 square feet of meeting and conference space.

Idaho Independent Bank first quarter improves

After a year of financial losses, Idaho Independent Bank reported on Thursday it was finally showing black ink in the first quarter of 2010.

Jack W. Gustavel, chairman and chief executive officer of IIB (OTCBB:IIBK), announced consolidated unaudited financial results for the quarter ended March 31, 2010. The bank's net income for the quarter was $101,000, or 2 cents per diluted share, compared to a net loss of $3 million, or 48 cents per diluted share for the same period a year ago.

"After a very difficult 2009, we are pleased to report positive net earnings for the first quarter of 2010," Gustavel said. "In addition, we are continuing to execute on our strategy to reduce concentrations in land and land development loans and are making progress in addressing problem loans. Despite the challenging economy, IIB's capital ratios remain well above the 10 percent threshold required to be considered 'well-capitalized,' with our total risk-based capital ratio improving to 16.14 percent on March 31, 2010, compared to 13.82 percent on March 31, 2009."

IIB's total assets as of March 31 decreased $70.8 million, or 12.7 percent, to $485 million from $555.8 million on March 31, 2009. Total loans, including loans held-for-sale, on March 31, 2010, decreased $99.7 million, or 21.7 percent, to $359.3 million from $459.0 million on March 31, 2009. Total deposits and customer repurchase agreements decreased $29.6 million, or 6.8 percent, to $406.9 million on March 31, 2010, compared to $436.5 million on March 31, 2009.

As of March 31, 2010, IIB's allowance for loan losses account totaled $14.3 million, or 4 percent of total loans, excluding loans held-for-sale, compared to $18.8 million, or 4.12 percent of total loans, excluding loans held-for-sale, as of March 31, 2009. Non-performing assets totaled $43.5 million, or 8.97 percent of total assets on March 31, 2010, compared to $30.4 million, or 5.47 percent of total assets on March 31, 2009.

Non-performing assets on March 31, 2010, included $40.8 million in non-performing loans and $2.7 million in other real estate owned.

IIB's net loss for 2009 was $6.65 million, or $1.06 per diluted share, compared to net income of $1.01 million, or 16 cents per diluted share, for 2008.

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.