000-50667 | 82-0499463 | |||||||
(Commission File Number) | IRS Employer Identification No. |
99.1 | Press Release dated July 25, 2013 announcing financial results for the quarter ended June 30, 2013. |
CONTACT: | Curt Hecker, CEO | |
Intermountain Community Bancorp | ||
(208) 263-0505 | curt.hecker@panhandlebank.com | |
Doug Wright, Executive Vice President & CFO | ||
Intermountain Community Bancorp | ||
(509) 363-2635 | doug.wright@intermountainbank.com |
▪ | Net loans grew almost $24 million, or 4.8% during the second quarter of 2013. |
▪ | Interest expense continued to decline, totaling $951,000 for the second quarter of 2013, compared to $985,000 for the first quarter of 2013 and $1.3 million in the second quarter of 2012. At $8.5 million, interest income also improved from the first quarter total of $8.3 million, although it was lower than the $9.1 million recorded in the quarter ending June 30, 2012. |
▪ | Other income increased to $2.9 million from $2.6 million in the first quarter of 2013 and $2.8 million in the second quarter of last year, as both investment services and mortgage origination income improved during the quarter. |
▪ | Loan loss provision totaled $247,000 during the second quarter, up modestly from $179,000 in the first quarter of 2013, but down significantly from the $1.6 million reported in the second quarter of 2012. |
▪ | Nonperforming assets (NPAs) dropped to 1.00% of total assets at June 30, 2013 from 1.05% at March 31, 2013 and 1.24% at June 30, 2012, as the Company continued to reduce problem assets. The Company's "Texas Ratio" (Non-performing assets divided by tangible equity plus the allowance for loan loss) now stands at 7.7%. |
▪ | Loan delinquencies (30 days past due and over) continue to remain very low, at 0.22% of total loans compared to 0.14% in the first quarter of 2013 and 0.25% in the second quarter of 2012. |
• | The Company was recognized as the "2013 Best Place to Work" and "2013 Friendliest Bank" in Bonner County, the Company's headquarters location, by the Bonner County Daily Bee. |
• | The Company opened its new downtown Spokane office at the corner of Riverside and Howard Streets. |
LOANS BY CATEGORIES | |||||||||||||||||
(Dollars in thousands) | 6/30/2013 | % of total | 3/31/2013 | % of total | 6/30/2012 | % of total | |||||||||||
Commercial loans | $ | 113,699 | 21.4 | % | $ | 111,968 | 22.1 | % | $ | 115,481 | 22.2 | % | |||||
Commercial real estate | 190,816 | 36.0 | % | 183,796 | 36.3 | % | 182,045 | 35.0 | % | ||||||||
Commercial construction | 10,085 | 1.9 | % | 8,068 | 1.6 | % | 3,496 | 0.7 | % | ||||||||
Land and land development | 30,895 | 5.8 | % | 31,673 | 6.2 | % | 32,271 | 6.2 | % | ||||||||
Agriculture | 94,831 | 17.8 | % | 80,854 | 16.0 | % | 91,983 | 17.7 | % | ||||||||
Multifamily | 15,271 | 2.9 | % | 15,946 | 3.1 | % | 18,325 | 3.5 | % | ||||||||
Residential real estate | 58,309 | 11.0 | % | 57,645 | 11.4 | % | 58,580 | 11.3 | % | ||||||||
Residential construction | 2,004 | 0.4 | % | 1,318 | 0.3 | % | 160 | — | % | ||||||||
Consumer | 8,843 | 1.7 | % | 8,909 | 1.8 | % | 10,120 | 1.9 | % | ||||||||
Municipal | 6,029 | 1.1 | % | 6,151 | 1.2 | % | 8,138 | 1.5 | % | ||||||||
Total loans receivable | $ | 530,782 | 100.0 | % | $ | 506,328 | 100.0 | % | $ | 520,599 | 100.0 | % | |||||
Allowance for loan losses | (8,042 | ) | (7,678 | ) | (10,233 | ) | |||||||||||
Net deferred origination costs | — | 104 | 318 | ||||||||||||||
Loans receivable, net | $ | 522,740 | $ | 498,754 | $ | 510,684 | |||||||||||
LOAN PORTFOLIO BY LOCATION June 30, 2013 | ||||||||||||||||||||
(Dollars in thousands) | North Idaho - Eastern Washington | Magic Valley Idaho | Greater Boise Area | E. Oregon, SW Idaho, excluding Boise | Other | Total | % of Loan type to total loans | |||||||||||||
Commercial loans | $ | 81,190 | $ | 4,981 | $ | 7,810 | $ | 15,858 | $ | 3,860 | $ | 113,699 | 21.4 | % | ||||||
Commercial real estate | 130,795 | 10,229 | 8,491 | 19,483 | 21,818 | 190,816 | 36.0 | % | ||||||||||||
Commercial construction | 5,085 | — | 5,000 | — | — | 10,085 | 1.9 | % | ||||||||||||
Land and land development | 20,623 | 1,547 | 6,655 | 1,349 | 721 | 30,895 | 5.8 | % | ||||||||||||
Agriculture | 1,902 | 3,633 | 18,925 | 65,836 | 4,535 | 94,831 | 17.8 | % | ||||||||||||
Multifamily | 10,087 | 150 | 4,984 | 30 | 20 | 15,271 | 2.9 | % | ||||||||||||
Residential real estate | 41,939 | 3,103 | 3,799 | 6,967 | 2,501 | 58,309 | 11.0 | % | ||||||||||||
Residential construction | 1,214 | — | 193 | 597 | — | 2,004 | 0.4 | % | ||||||||||||
Consumer | 5,256 | 782 | 610 | 1,875 | 320 | 8,843 | 1.7 | % | ||||||||||||
Municipal | 4,678 | 1,351 | — | — | — | 6,029 | 1.1 | % | ||||||||||||
Total | $ | 302,769 | $ | 25,776 | $ | 56,467 | $ | 111,995 | $ | 33,775 | $ | 530,782 | 100.0 | % | ||||||
Percent of total loans in geographic area | 57.0 | % | 4.9 | % | 10.6 | % | 21.1 | % | 6.4 | % | 100.0 | % |
NPA BY CATEGORY | ||||||||||||||||||||
(Dollars in thousands) | 6/30/2013 | % of total | 3/31/2013 | % of total | 6/30/2012 | % of total | ||||||||||||||
Commercial loans | $ | 1,417 | 15.2 | % | $ | 1,573 | 16.0 | % | $ | 4,283 | 36.1 | % | ||||||||
Commercial real estate | 2,728 | 29.3 | % | 2,910 | 29.7 | % | 682 | 5.7 | % | |||||||||||
Land and land development | 4,626 | 49.6 | % | 4,852 | 49.5 | % | 6,364 | 53.7 | % | |||||||||||
Agriculture | 276 | 3.0 | % | 276 | 2.8 | % | 34 | 0.3 | % | |||||||||||
Residential real estate | 173 | 1.9 | % | 186 | 1.9 | % | 479 | 4.0 | % | |||||||||||
Consumer | 91 | 1.0 | % | 4 | 0.1 | % | 20 | 0.2 | % | |||||||||||
Total NPA by Categories | $ | 9,311 | 100.0 | % | $ | 9,801 | 100.0 | % | $ | 11,862 | 100.0 | % |
DEPOSITS | |||||||||||||||
(Dollars in thousands) | 6/30/2013 | % of total | 3/31/2013 | % of total | 6/30/2012 | % of total | |||||||||
Non-interest bearing demand accounts | $ | 224,472 | 32.0 | % | $ | 236,250 | 32.8 | % | $ | 183,778 | 25.7 | % | |||
Interest bearing demand accounts | 100,490 | 14.4 | % | 104,294 | 14.5 | % | — | — | % | ||||||
NOW | — | — | % | — | — | % | 105,128 | 14.7 | % | ||||||
Money market accounts | 222,161 | 31.8 | % | 220,119 | 30.6 | % | 214,975 | 30.0 | % | ||||||
Savings & IRA accounts | 64,390 | 9.2 | % | 66,668 | 9.3 | % | 73,803 | 10.3 | % | ||||||
Certificates of deposit (CDs) | 37,495 | 5.4 | % | 39,087 | 5.4 | % | 50,185 | 7.0 | % | ||||||
Jumbo CDs | 50,362 | 7.2 | % | 52,898 | 7.4 | % | 60,524 | 8.4 | % | ||||||
Brokered CDs | — | — | % | — | — | % | 26,667 | 3.7 | % | ||||||
CDARS CDs to local customers | 151 | — | % | 151 | — | % | 1,449 | 0.2 | % | ||||||
Total Deposits | $ | 699,521 | 100.0 | % | $ | 719,467 | 100.0 | % | $ | 716,509 | 100.0 | % |
Three Months Ended | 6/30/2013 | % of Total | 3/31/2013 | % of Total | 6/30/2012 | % of Total | ||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Fees and service charges | $ | 1,895 | 66 | % | $ | 1,675 | 66 | % | $ | 1,592 | 58 | % | ||||||||
Loan related fee income | 696 | 24 | % | 567 | 22 | % | 686 | 24 | % | |||||||||||
Net gain on sale of securities | 163 | 6 | % | 40 | 2 | % | — | — | % | |||||||||||
Net gain on sale of other assets | 2 | — | % | 4 | — | % | 18 | 1 | % | |||||||||||
Other-than-temporary credit impairment on investment securities | (21 | ) | (1 | )% | (42 | ) | (2 | )% | (52 | ) | (2 | )% | ||||||||
BOLI income | 85 | 3 | % | 84 | 3 | % | 87 | 3 | % | |||||||||||
Hedge fair value adjustment | 80 | 3 | % | 67 | 3 | % | 90 | 3 | % | |||||||||||
Unexercised warrant liability fair value | (54 | ) | (2 | )% | 56 | 2 | % | 158 | 6 | % | ||||||||||
Other income | 40 | 1 | % | 113 | 4 | % | 189 | 7 | % | |||||||||||
Total | $ | 2,886 | 100 | % | $ | 2,564 | 100 | % | $ | 2,768 | 100 | % |
Six Months Ended | 6/30/2013 | % of Total | 6/30/2012 | % of Total | |||||||
(Dollars in thousands) | |||||||||||
Fees and service charges | 3,570 | 66 | % | 3,185 | 62 | % | |||||
Loan related fee income | 1,263 | 23 | % | 1,299 | 25 | % | |||||
Net gain on sale of securities | 203 | 3 | % | 585 | 11 | % | |||||
Net gain on sale of other assets | 6 | — | % | 22 | — | % | |||||
Other-than-temporary credit impairment on investment securities | (63 | ) | (1 | )% | (323 | ) | (6 | )% | |||
BOLI income | 170 | 3 | % | 174 | 3 | % | |||||
Hedge fair value adjustment | 146 | 3 | % | (294 | ) | (6 | )% | ||||
Unexercised warrant liability fair value | 2 | — | % | 158 | 3 | % | |||||
Other income | 153 | 3 | % | 398 | 8 | % | |||||
Total | 5,450 | 100 | % | 5,204 | 100 | % |
Three Months Ended | 6/30/13 | % of Total | 3/31/2013 | % of Total | 6/30/12 | % of Total | ||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Salaries and employee benefits | $ | 4,283 | 52 | % | $ | 4,175 | 51 | % | $ | 3,871 | 46 | % | ||||||||
Occupancy expense | 1,521 | 19 | % | 1,524 | 19 | % | 1,623 | 20 | % | |||||||||||
Advertising | 180 | 2 | % | 114 | 1 | % | 168 | 2 | % | |||||||||||
Fees and service charges | 656 | 8 | % | 617 | 8 | % | 629 | 8 | % | |||||||||||
Printing, postage and supplies | 173 | 2 | % | 217 | 3 | % | 300 | 4 | % | |||||||||||
Legal and accounting | 471 | 6 | % | 340 | 4 | % | 396 | 5 | % | |||||||||||
FDIC assessment | 165 | 2 | % | 186 | 2 | % | 308 | 4 | % | |||||||||||
OREO operations | 32 | — | % | 111 | 1 | % | 120 | 1 | % | |||||||||||
Other expense | 739 | 9 | % | 894 | 11 | % | 807 | 10 | % | |||||||||||
Total | $ | 8,220 | 100 | % | $ | 8,178 | 100 | % | $ | 8,222 | 100 | % |
Six Months Ended | 6/30/2013 | % of Total | 6/30/2012 | % of Total | |||||||||
(Dollars in thousands) | |||||||||||||
Salaries and employee benefits | $ | 8,458 | 51 | % | $ | 8,006 | 48 | % | |||||
Occupancy expense | 3,045 | 19 | % | 3,307 | 20 | % | |||||||
Advertising | 294 | 2 | % | 280 | 2 | % | |||||||
Fees and service charges | 1,273 | 8 | % | 1,250 | 8 | % | |||||||
Printing, postage and supplies | 390 | 2 | % | 601 | 4 | % | |||||||
Legal and accounting | 812 | 5 | % | 746 | 5 | % | |||||||
FDIC assessment | 351 | 2 | % | 621 | 3 | % | |||||||
OREO operations | 143 | 1 | % | 224 | 1 | % | |||||||
Other expense | 1,632 | 10 | % | 1,485 | 9 | % | |||||||
Total | $ | 16,398 | 100 | % | $ | 16,520 | 100 | % |
INTERMOUNTAIN COMMUNITY BANCORP CONSOLIDATED BALANCE SHEETS (Unaudited) | |||||||||||
6/30/2013 | 3/31/2013 | 6/30/2012 | |||||||||
(Dollars in thousands, except per share amounts) | |||||||||||
ASSETS | |||||||||||
Cash and cash equivalents: | |||||||||||
Interest-bearing | $ | 33,474 | $ | 45,897 | $ | 39,871 | |||||
Non-interest bearing and vault | 7,003 | 4,074 | 9,434 | ||||||||
Restricted cash | 12,464 | 12,279 | 12,464 | ||||||||
Available-for-sale securities, at fair value | 256,616 | 282,769 | 285,095 | ||||||||
Held-to-maturity securities, at amortized cost | 22,991 | 14,795 | 14,990 | ||||||||
Federal Home Loan Bank of Seattle stock, at cost | 2,228 | 2,249 | 2,310 | ||||||||
Loans held for sale | 1,081 | 2,023 | 4,083 | ||||||||
Loans receivable, net | 522,740 | 498,754 | 510,684 | ||||||||
Accrued interest receivable | 4,463 | 4,051 | 4,522 | ||||||||
Office properties and equipment, net | 35,408 | 35,231 | 36,530 | ||||||||
Bank-owned life insurance | 9,642 | 9,556 | 9,301 | ||||||||
Other real estate owned (“OREO”) | 4,512 | 4,664 | 5,267 | ||||||||
Prepaid expenses and other assets | 17,936 | 17,538 | 19,033 | ||||||||
Total assets | $ | 930,558 | $ | 933,880 | $ | 953,584 | |||||
LIABILITIES | |||||||||||
Deposits | $ | 699,521 | $ | 719,467 | $ | 716,509 | |||||
Securities sold subject to repurchase agreements | 85,605 | 66,157 | 65,458 | ||||||||
Advances from Federal Home Loan Bank | 4,000 | 4,000 | 29,000 | ||||||||
Unexercised stock warrant liability | 826 | 772 | 850 | ||||||||
Cashier checks issued and payable | 2,278 | 2,767 | 282 | ||||||||
Accrued interest payable | 316 | 337 | 1,979 | ||||||||
Other borrowings | 16,527 | 16,527 | 16,527 | ||||||||
Accrued expenses and other liabilities | 8,440 | 7,942 | 11,326 | ||||||||
Total liabilities | 817,513 | 817,969 | 841,931 | ||||||||
STOCKHOLDERS' EQUITY | |||||||||||
Common stock - voting shares | 96,358 | 96,358 | 96,290 | ||||||||
Common stock - non-voting shares | 31,941 | 31,941 | 31,941 | ||||||||
Preferred stock, Series A | 26,770 | 26,648 | 26,335 | ||||||||
Preferred stock, Series B | — | — | — | ||||||||
Accumulated other comprehensive income (1) | (641 | ) | 3,829 | 2,272 | |||||||
Accumulated deficit | (41,383 | ) | (42,865 | ) | (45,185 | ) | |||||
Total stockholders' equity | 113,045 | 115,911 | 111,653 | ||||||||
Total liabilities and stockholders' equity | $ | 930,558 | $ | 933,880 | $ | 953,584 | |||||
Book value per common share, excluding preferred stock | $ | 13.39 | $ | 13.85 | $ | 13.24 | |||||
Tangible book value per common share, excluding preferred stock (2) | $ | 13.38 | $ | 13.85 | $ | 13.22 | |||||
Shares outstanding at end of period (3) | 6,443,294 | 6,443,294 | 6,441,986 | ||||||||
Stockholders' Equity to Total Assets | 12.15 | % | 12.41 | % | 11.71 | % | |||||
Tangible Common Equity to Tangible Assets | 9.27 | % | 9.55 | % | 8.93 | % | |||||
(1) Net of deferred income taxes. | |||||||||||
(2) Amount represents common stockholders' equity less other intangible assets divided by total common shares outstanding. | |||||||||||
(3) Share numbers for June 30, 2012 have been adjusted to reflect the impact of a 1-for-10 reverse stock split, effective, October 5, 2012. |
INTERMOUNTAIN COMMUNITY BANCORP CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) | ||||||||||||
Three Months Ended | ||||||||||||
6/30/2013 | 3/31/2013 | 6/30/2012 | ||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||
Interest income: | ||||||||||||
Loans | $ | 6,893 | $ | 6,710 | $ | 7,054 | ||||||
Investments | 1,580 | 1,593 | 2,072 | |||||||||
Total interest income | 8,473 | 8,303 | 9,126 | |||||||||
Interest expense: | ||||||||||||
Deposits | 510 | 561 | 744 | |||||||||
Borrowings | 441 | 424 | 571 | |||||||||
Total interest expense | 951 | 985 | 1,315 | |||||||||
Net interest income | 7,522 | 7,318 | 7,811 | |||||||||
Provision for losses on loans | (247 | ) | (179 | ) | (1,575 | ) | ||||||
Net interest income after provision for losses on loans | 7,275 | 7,139 | 6,236 | |||||||||
Other income (expense): | ||||||||||||
Fees and service charges | 1,895 | 1,675 | 1,592 | |||||||||
Loan related fee income | 696 | 567 | 686 | |||||||||
Net gain on sale of securities | 163 | 40 | — | |||||||||
Net gain on sale of other assets | 2 | 4 | 18 | |||||||||
Other-than-temporary impairment on investments | (21 | ) | (42 | ) | (52 | ) | ||||||
Bank-owned life insurance | 85 | 84 | 87 | |||||||||
Fair value adjustment on cash flow hedge | 80 | 67 | 90 | |||||||||
Unexercised warrant liability fair value adjustment | (54 | ) | 56 | 158 | ||||||||
Other income | 40 | 113 | 189 | |||||||||
Total other income, net | 2,886 | 2,564 | 2,768 | |||||||||
Operating expenses: | ||||||||||||
Salaries and employee benefits | 4,283 | 4,175 | 3,871 | |||||||||
Occupancy expense | 1,521 | 1,524 | 1,623 | |||||||||
Advertising | 180 | 114 | 168 | |||||||||
Fees an service charges | 656 | 617 | 629 | |||||||||
Printing, postage and supplies | 173 | 217 | 300 | |||||||||
Legal and accounting | 471 | 340 | 396 | |||||||||
FDIC assessment | 165 | 186 | 308 | |||||||||
OREO operations | 32 | 111 | 120 | |||||||||
Other expenses | 739 | 894 | 807 | |||||||||
Total operating expenses | 8,220 | 8,178 | 8,222 | |||||||||
Income before income tax benefit | 1,941 | 1,525 | 782 | |||||||||
Income tax benefit | — | — | — | |||||||||
Net income | 1,941 | 1,525 | 782 | |||||||||
Preferred stock dividend | 460 | 458 | 481 | |||||||||
Net Income applicable to common stockholders | $ | 1,481 | $ | 1,067 | $ | 301 | ||||||
Income per share - basic (1) | 0.23 | 0.17 | 0.05 | |||||||||
Income per share - diluted (1) | 0.23 | 0.16 | 0.05 | |||||||||
Weighted-average common shares outstanding - basic (1) | 6,443,294 | 6,442,988 | 5,901,321 | |||||||||
Weighted-average common shares outstanding - diluted (1) | 6,484,762 | 6,480,024 | 5,919,188 | |||||||||
(1) Share numbers for June 30, 2012 have been adjusted to reflect the impact of a 1-for-10 reverse stock split, effective, October 5, 2012. |
INTERMOUNTAIN COMMUNITY BANCORP CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) | |||||||
Six Months Ended | |||||||
6/30/2013 | 6/30/2012 | ||||||
(Dollars in thousands, except per share amounts) | |||||||
Interest income: | |||||||
Loans | $ | 13,604 | $ | 14,126 | |||
Investments | 3,172 | 4,120 | |||||
Total interest income | 16,776 | 18,246 | |||||
Interest expense: | |||||||
Deposits | 1,070 | 1,566 | |||||
Borrowings | 866 | 1,247 | |||||
Total interest expense | 1,936 | 2,813 | |||||
Net interest income | 14,840 | 15,433 | |||||
Provision for losses on loans | (426 | ) | (2,534 | ) | |||
Net interest income after provision for losses on loans | 14,414 | 12,899 | |||||
Other income (expense): | |||||||
Fees and service charges | 3,570 | 3,185 | |||||
Loan related fee income | 1,263 | 1,299 | |||||
Net gain on sale of securities | 203 | 585 | |||||
Net gain on sale of other assets | 6 | 22 | |||||
Other-than-temporary impairment on investments | (63 | ) | (323 | ) | |||
Bank-owned life insurance | 170 | 174 | |||||
Fair value adjustment on cash flow hedge | 146 | (294 | ) | ||||
Unexercised warrant liability fair value adjustment | 2 | 158 | |||||
Other income | 153 | 398 | |||||
Total other income, net | 5,450 | 5,204 | |||||
Operating expenses: | |||||||
Salaries and employee benefits | 8,458 | 8,006 | |||||
Occupancy expense | 3,045 | 3,307 | |||||
Advertising | 294 | 280 | |||||
Fees an service charges | 1,273 | 1,250 | |||||
Printing, postage and supplies | 390 | 601 | |||||
Legal and accounting | 812 | 746 | |||||
FDIC assessment | 351 | 621 | |||||
OREO operations | 143 | 224 | |||||
Other expenses | 1,632 | 1,485 | |||||
Total operating expenses | 16,398 | 16,520 | |||||
Income before income tax benefit | 3,466 | 1,583 | |||||
Income tax benefit | — | — | |||||
Net income | 3,466 | 1,583 | |||||
Preferred stock dividend | 918 | 947 | |||||
Net Income applicable to common stockholders | $ | 2,548 | $ | 636 | |||
Income per share - basic (1) | $ | 0.40 | $ | 0.12 | |||
Income per share - diluted (1) | 0.39 | 0.12 | |||||
Weighted-average common shares outstanding - basic (1) | 6,443,142 | 5,164,576 | |||||
Weighted-average common shares outstanding - diluted (1) | 6,482,376 | 5,181,109 | |||||
(1) Share numbers for June 30, 2012 have been adjusted to reflect the impact of a 1-for-10 reverse stock split, effective, October 5, 2012. |
INTERMOUNTAIN COMMUNITY BANCORP KEY PERFORMANCE RATIOS | |||||||||||
Three Months Ended | Six Months Ended | ||||||||||
6/30/2013 | 3/31/2013 | 6/30/2012 | 6/30/2013 | 6/30/2012 | |||||||
Net Interest Spread: | |||||||||||
Yield on Loan Portfolio | 5.29 | % | 5.25 | % | 5.48 | % | 5.27 | % | 5.52 | % | |
Yield on Investments & Cash | 1.99 | % | 1.87 | % | 2.46 | % | 1.93 | % | 2.40 | % | |
Yield on Interest-Earning Assets | 4.04 | % | 3.90 | % | 4.28 | % | 3.97 | % | 4.27 | % | |
Cost of Deposits | 0.29 | % | 0.32 | % | 0.41 | % | 0.30 | % | 0.43 | % | |
Cost of Advances | 1.99 | % | 3.14 | % | 2.21 | % | 2.42 | % | 2.21 | % | |
Cost of Borrowings | 1.89 | % | 1.70 | % | 2.17 | % | 1.79 | % | 2.29 | % | |
Cost of Interest-Bearing Liabilities | 0.48 | % | 0.49 | % | 0.64 | % | 0.48 | % | 0.68 | % | |
Net Interest Spread | 3.56 | % | 3.41 | % | 3.65 | % | 3.48 | % | 3.60 | % | |
Net Interest Margin | 3.59 | % | 3.44 | % | 3.67 | % | 3.51 | % | 3.61 | % | |
Performance Ratios: | |||||||||||
Return on Average Assets | 0.84 | % | 0.65 | % | 0.33 | % | 0.74 | % | 0.33 | % | |
Return on Average Common Stockholders' Equity | 6.77 | % | 4.88 | % | 1.82 | % | 5.85 | % | 2.27 | % | |
Return on Average Common Tangible Equity (1) | 6.77 | % | 4.89 | % | 1.82 | % | 5.85 | % | 2.28 | % | |
Operating Efficiency | 78.98 | % | 82.76 | % | 77.72 | % | 80.82 | % | 80.05 | % | |
Noninterest Expense to Average Assets | 3.54 | % | 3.48 | % | 3.44 | % | 3.50 | % | 3.49 | % | |
(1) Average common tangible equity is average common stockholders' equity less average other intangible assets. |
INTERMOUNTAIN COMMUNITY BANCORP LOAN AND REGULATORY CAPITAL DATA | ||||||||||
6/30/2013 | 3/31/2013 | 6/30/2012 | ||||||||
(Dollars in thousands) | ||||||||||
Loan Data | ||||||||||
Net Charge-Offs to Average Net Loans (QTD Annualized) | -0.09 | % | 0.35 | % | 2.16 | % | ||||
Loan Loss Allowance to Total Loans | 1.52 | % | 1.52 | % | 1.96 | % | ||||
Nonperforming Assets: | ||||||||||
Accruing Loans-90 Days Past Due | $ | — | $ | — | $ | — | ||||
Nonaccrual Loans | 4,799 | 5,137 | 6,595 | |||||||
Total Nonperforming Loans | 4,799 | 5,137 | 6,595 | |||||||
OREO | 4,512 | 4,664 | 5,267 | |||||||
Total Nonperforming Assets (“NPA”) | $ | 9,311 | $ | 9,801 | $ | 11,862 | ||||
Outstanding Troubled Debt Restructured Loans | 11,791 | 7,827 | 5,237 | |||||||
NPA to Total Assets | 1.00 | % | 1.05 | % | 1.23 | % | ||||
NPA to Net Loans Receivable | 1.78 | % | 1.97 | % | 2.32 | % | ||||
NPA to Estimated Risk Based Capital | 7.47 | % | 7.83 | % | 9.72 | % | ||||
NPA to Tangible Equity + Allowance for Loan Loss | 7.69 | % | 7.93 | % | 9.74 | % | ||||
Loan Delinquency Ratio (30 days and over) | 0.22 | % | 0.14 | % | 0.25 | % | ||||
6/30/2013 | 3/31/2013 | 6/30/2012 | ||||||||
Allowance for Loan Loss by Loan Type | (Dollars in thousands) | |||||||||
Commercial loans | $ | 1,900 | $ | 1,763 | $ | 2,429 | ||||
Commercial real estate loans | 2,736 | 2,814 | 4,032 | |||||||
Commercial construction loans | 231 | 217 | 94 | |||||||
Land and land development loans | 956 | 1,210 | 1,565 | |||||||
Agriculture loans | 692 | 241 | 207 | |||||||
Multifamily loans | 54 | 55 | 57 | |||||||
Residential real estate loans | 1,195 | 1,103 | 1,601 | |||||||
Residential construction loans | 44 | 35 | 4 | |||||||
Consumer loans | 203 | 206 | 201 | |||||||
Municipal loans | 31 | 34 | 43 | |||||||
Totals | $ | 8,042 | $ | 7,678 | $ | 10,233 | ||||
Regulatory Capital | Estimated | Actual | Actual | |||||||
Total capital (to risk-weighted assets): | 6/30/2013 | 3/31/2013 | 6/30/2012 | |||||||
The Company | 21.24 | % | 21.85 | % | 20.14 | % | ||||
Panhandle State Bank | 20.01 | % | 20.47 | % | 18.43 | % | ||||
Tier 1 capital (to risk-weighted assets): | ||||||||||
The Company | 19.99 | % | 20.6 | % | 18.88 | % | ||||
Panhandle State Bank | 18.76 | % | 19.22 | % | 17.19 | % | ||||
Tier 1 capital (to average assets): | ||||||||||
The Company | 12.88 | % | 12.69 | % | 12.13 | % | ||||
Panhandle State Bank | 12.09 | % | 11.77 | % | 11.17 | % | ||||
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