Idaho Independent Bank reports $1 million third-quarter income

| October 25, 2013 9:00 PM

COEUR d'ALENE - Idaho Independent Bank reported net income of $1 million for the third quarter ending Sept. 30, or $0.12 per share, compared with a net loss of $5 million, or $0.61 per share, in the year-earlier period.

For the nine months ending last month, the bank's net income was $1.8 million, or $0.22 per share, compared with a net loss of $5.9 million, or $0.72 per share, for the same period last year.

Jack W. Gustavel, chairman and CEO of the bank, said in a statement, "We are pleased to report significant improvement in asset quality and positive earnings for the fourth consecutive quarter."

The bank's total assets as of Sept. 30, 2013, increased $52.7 million, or 11.6 percent, to $505.7 million. That's up from $453.0 million at the same time last year.

Deposits and repurchase agreements increased $49.7 million, or 12.9 percent, to $434.1 million from $384.4 million a year earlier.

Total loans decreased $8.8 million since September 2012, but that decrease included a $12.7 million reduction in nonperforming loans.

The bank's reserve for loan losses was $5.8 million as of the end of the quarter, or 2.6 percent of total loans, excluding loans held-for-sale. Net charge-offs for the recently ended quarter were $9,000.

The bank operates three branches in Boise, as well as branches in Meridian, Coeur d'Alene, Nampa, Mountain Home, Hayden, Caldwell, Star and Sun Valley. IIB has approximately 190 employees statewide.