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IIB announces third quarter results

| November 9, 2010 8:00 PM

COEUR d'ALENE - Idaho Independent Bank on Monday reported a loss of $1.4 million, or 22 cents per diluted share, for the third quarter, compared with a net loss of $2.2 million, or 35 cents per diluted share, for the year-earlier period.

Jack W. Gustavel, chairman and chief executive officer of the bank, also announced the bank's consolidated unaudited financial results for the nine months ending Sept. 30.

The bank's net loss for the nine months was $2.8 million, or 43 cents per diluted share, compared with a net loss of $5.4 million, or 86 cents per diluted share, for the year-earlier period.

"We are continuing to execute on our strategy of reducing land, land development, and lot loans," Gustavel said. "The strategy is working because of our strong capital and the careful management of our balance sheet."

The bank's total assets as of Sept. 30 decreased $29.3 million, or 5.8 percent, to $479.3 million from $508.7 million at Sept. 30, 2009.

"We are also working very hard to be ready to take advantage of the many opportunities that will present themselves when the economy stabilizes and turns the corner," he said. (The bank's) solid capital, adequate reserves, substantial liquidity, and great people are expected to provide the foundation for capitalizing on improving markets."

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