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 |
▪ | Interest expense continued to decline, totaling $901,000 for the third quarter of 2013, compared to $951,000 for the second quarter of 2013 and $1.3 million in the third quarter of 2012. For the 9 months ended September 30, 2013, interest expense is down $1.2 million or 30.3% from the same period a year ago. |
▪ | Operating expense declined to $8.1 million from $8.2 million in both the second quarter of 2013 and third quarter of 2012, respectively. For the 9 months ended September 30, 2013, operating expense is down $272,000 or 1.1% from the prior year. |
▪ | $82,000 in loan loss provision was recovered during the third quarter, resulting in total provision for the 9-month 2013 period of $344,000, a 90.7% reduction from the $3.7 million recorded for the same |
▪ | Nonperforming assets (NPAs) dropped to 0.77% of total assets at September 30, 2013 from 1.00% at June 30, 2013 and 1.18% at September 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 5.8%. |
▪ | Company CEO Curt Hecker represented Idaho and community bankers nationwide at a national forum hosted by the Federal Reserve Board and the Conference of State Bank Supervisors. He participated in a panel addressing the critical role community banks play for small businesses and overall US economic growth. |
LOANS BY CATEGORIES | |||||||||||||||||
(Dollars in thousands) | 9/30/2013 | % of total | 6/30/2013 | % of total | 9/30/2012 | % of total | |||||||||||
Commercial loans | $ | 111,238 | 21.1 | % | $ | 113,699 | 21.4 | % | $ | 115,203 | 22.5 | % | |||||
Commercial real estate | 185,116 | 35.1 | 190,816 | 36.0 | 174,965 | 34.2 | |||||||||||
Commercial construction | 6,305 | 1.2 | 10,085 | 1.9 | 2,573 | 0.5 | |||||||||||
Land and land development | 34,172 | 6.5 | 30,895 | 5.8 | 33,814 | 6.6 | |||||||||||
Agriculture | 97,453 | 18.4 | 94,831 | 17.8 | 87,851 | 17.2 | |||||||||||
Multifamily | 15,802 | 3.0 | 15,271 | 2.9 | 17,849 | 3.5 | |||||||||||
Residential real estate | 61,185 | 11.6 | 58,309 | 11.0 | 59,367 | 11.6 | |||||||||||
Residential construction | 1,721 | 0.3 | 2,004 | 0.4 | 532 | 0.1 | |||||||||||
Consumer | 9,084 | 1.7 | 8,843 | 1.7 | 9,724 | 1.9 | |||||||||||
Municipal | 6,107 | 1.1 | 6,029 | 1.1 | 9,827 | 1.9 | |||||||||||
Total loans receivable | $ | 528,183 | 100.0 | % | $ | 530,782 | 100.0 | % | $ | 511,705 | 100.0 | % | |||||
Allowance for loan losses | (8,030 | ) | (8,042 | ) | (9,088 | ) | |||||||||||
Net deferred origination costs | 86 | — | 235 | ||||||||||||||
Loans receivable, net | $ | 520,239 | $ | 522,740 | $ | 502,852 | |||||||||||
LOAN PORTFOLIO BY LOCATION September 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 | $ | 80,249 | $ | 4,880 | $ | 9,741 | $ | 15,111 | $ | 1,257 | $ | 111,238 | 21.1 | % | ||||||
Commercial real estate | 126,447 | 10,191 | 9,401 | 17,943 | 21,134 | 185,116 | 35.1 | |||||||||||||
Commercial construction | 5,124 | — | 145 | — | 1,036 | 6,305 | 1.2 | |||||||||||||
Land and land development | 25,120 | 1,412 | 5,652 | 1,327 | 661 | 34,172 | 6.5 | |||||||||||||
Agriculture | 1,946 | 4,513 | 24,383 | 62,771 | 3,840 | 97,453 | 18.4 | |||||||||||||
Multifamily | 9,803 | 150 | 4,630 | 30 | 1,189 | 15,802 | 3.0 | |||||||||||||
Residential real estate | 43,910 | 3,435 | 4,564 | 6,809 | 2,467 | 61,185 | 11.6 | |||||||||||||
Residential construction | 1,608 | — | — | 113 | — | 1,721 | 0.3 | |||||||||||||
Consumer | 5,399 | 1,100 | 748 | 1,540 | 297 | 9,084 | 1.7 | |||||||||||||
Municipal | 4,784 | 1,323 | — | — | — | 6,107 | 1.1 | |||||||||||||
Total | $ | 304,390 | $ | 27,004 | $ | 59,264 | $ | 105,644 | $ | 31,881 | $ | 528,183 | 100.0 | % | ||||||
Percent of total loans in geographic area | 57.7 | % | 5.1 | % | 11.2 | % | 20.0 | % | 6.0 | % | 100.0 | % |
NPA BY CATEGORY | ||||||||||||||||||||
(Dollars in thousands) | 9/30/2013 | % of total | 6/30/2013 | % of total | 9/30/2012 | % of total | ||||||||||||||
Commercial loans | $ | 1,066 | 15.0 | % | $ | 1,417 | 15.2 | % | $ | 3,400 | 30.2 | % | ||||||||
Commercial real estate | 261 | 3.7 | 2,728 | 29.3 | 1,021 | 9.1 | ||||||||||||||
Land and land development | 4,415 | 62.3 | 4,626 | 49.6 | 6,204 | 55.0 | ||||||||||||||
Agriculture | 527 | 7.4 | 276 | 3.0 | 26 | 0.2 | ||||||||||||||
Residential real estate | 814 | 11.5 | 173 | 1.9 | 609 | 5.4 | ||||||||||||||
Consumer | 3 | 0.1 | 91 | 1.0 | 12 | 0.1 | ||||||||||||||
Total NPA by Categories | $ | 7,086 | 100.0 | % | $ | 9,311 | 100.0 | % | $ | 11,272 | 100.0 | % |
DEPOSITS | ||||||||||||||||||||
(Dollars in thousands) | 9/30/2013 | % of total | 6/30/2013 | % of total | 9/30/2012 | % of total | ||||||||||||||
Non-interest bearing demand accounts | $ | 240,116 | 33.8 | % | $ | 224,472 | 32 | % | $ | 214,524 | 29.7 | % | ||||||||
Interest bearing demand accounts | 100,572 | 14.1 | 100,490 | 14.4 | 89,941 | 12.5 | ||||||||||||||
Money market accounts | 217,110 | 30.5 | 222,161 | 31.8 | 216,767 | 30.0 | ||||||||||||||
Savings & IRA accounts | 66,683 | 9.4 | 64,390 | 9.2 | 74,315 | 10.3 | ||||||||||||||
Certificates of deposit (CDs) | 35,827 | 5.0 | 37,495 | 5.4 | 47,509 | 6.6 | ||||||||||||||
Jumbo CDs | 50,613 | 7.1 | 50,362 | 7.2 | 59,433 | 8.2 | ||||||||||||||
Brokered CDs | — | — | — | — | 18,994 | 2.6 | ||||||||||||||
CDARS CDs to local customers | 151 | 0.1 | 151 | — | 601 | 0.1 | ||||||||||||||
Total Deposits | $ | 711,072 | 100.0 | % | $ | 699,521 | 100.0 | % | $ | 722,084 | 100.0 | % |
Three Months Ended | 9/30/2013 | % of Total | 6/30/2013 | % of Total | 9/30/2012 | % of Total | ||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Fees and service charges | $ | 1,858 | 73 | % | $ | 1,964 | 68 | % | $ | 1,620 | 63 | % | ||||||||
Loan related fee income | 506 | 20 | 627 | 22 | 768 | 30 | ||||||||||||||
Net gain on sale of securities | 180 | 7 | 163 | 6 | — | — | ||||||||||||||
Net gain (loss) on sale of other assets | (8 | ) | — | 2 | — | (7 | ) | — | ||||||||||||
Other-than-temporary credit impairment on investment securities | — | — | (21 | ) | (1 | ) | (34 | ) | (1 | ) | ||||||||||
BOLI income | 83 | 3 | 85 | 3 | 86 | 3 | ||||||||||||||
Hedge fair value adjustment | 89 | 4 | 80 | 3 | (6 | ) | — | |||||||||||||
Unexercised warrant liability fair value adjustment | (179 | ) | (7 | ) | (54 | ) | (2 | ) | (49 | ) | (2 | ) | ||||||||
Other income | (4 | ) | — | 40 | 1 | 174 | 7 | |||||||||||||
Total | $ | 2,525 | 100 | % | $ | 2,886 | 100 | % | $ | 2,552 | 100 | % |
Nine Months Ended | 9/30/2013 | % of Total | 9/30/2012 | % of Total | |||||||
(Dollars in thousands) | |||||||||||
Fees and service charges | 5,429 | 68 | % | 4,657 | 61 | % | |||||
Loan related fee income | 1,768 | 22 | 2,216 | 29 | |||||||
Net gain on sale of securities | 384 | 5 | 585 | 8 | |||||||
Net gain on sale of other assets | (2 | ) | — | 15 | — | ||||||
Other-than-temporary credit impairment on investment securities | (63 | ) | (1 | ) | (357 | ) | (5 | ) | |||
BOLI income | 252 | 3 | 260 | 3 | |||||||
Hedge fair value adjustment | 235 | 3 | (300 | ) | (4 | ) | |||||
Unexercised warrant liability fair value | (177 | ) | (2 | ) | 108 | 1 | |||||
Other income | 149 | 2 | 572 | 7 | |||||||
Total | 7,975 | 100 | % | 7,756 | 100 | % |
Three Months Ended | 9/30/13 | % of Total | 6/30/13 | % of Total | 9/30/12 | % of Total | ||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Salaries and employee benefits | $ | 4,133 | 51 | % | $ | 4,283 | 53 | % | $ | 4,103 | 50 | % | ||||||||
Occupancy expense | 1,120 | 14 | 1,174 | 14 | 1,230 | 15 | ||||||||||||||
Technology | 982 | 12 | 925 | 11 | 894 | 11 | ||||||||||||||
Advertising | 194 | 2 | 180 | 2 | 178 | 2 | ||||||||||||||
Fees and service charges | 88 | 1 | 85 | 1 | 141 | 2 | ||||||||||||||
Printing, postage and supplies | 176 | 2 | 173 | 2 | 178 | 2 | ||||||||||||||
Legal and accounting | 350 | 5 | 483 | 6 | 507 | 6 | ||||||||||||||
FDIC assessment | 145 | 2 | 165 | 2 | 306 | 4 | ||||||||||||||
OREO operations | 139 | 2 | 32 | — | 39 | — | ||||||||||||||
Other expense | 766 | 9 | 720 | 9 | 666 | 8 | ||||||||||||||
Total | $ | 8,093 | 100 | % | $ | 8,220 | 100 | % | $ | 8,242 | 100 | % |
Nine Months Ended | 9/30/2013 | % of Total | 9/30/2012 | % of Total | |||||||||
(Dollars in thousands) | |||||||||||||
Salaries and employee benefits | $ | 12,591 | 52 | % | $ | 12,110 | 49 | % | |||||
Occupancy expense | 3,479 | 14 | 3,688 | 15 | % | ||||||||
Technology | 2,783 | 11 | 2,688 | 11 | % | ||||||||
Advertising | 488 | 2 | 459 | 2 | % | ||||||||
Fees and service charges | 267 | 1 | 466 | 2 | % | ||||||||
Printing, postage and supplies | 566 | 2 | 779 | 3 | % | ||||||||
Legal and accounting | 1,181 | 5 | 1,292 | 5 | % | ||||||||
FDIC assessment | 495 | 2 | 927 | 4 | % | ||||||||
OREO operations | 281 | 1 | 263 | 1 | % | ||||||||
Other expense | 2,359 | 10 | 2,090 | 8 | % | ||||||||
Total | $ | 24,490 | 100 | % | $ | 24,762 | 100 | % |
INTERMOUNTAIN COMMUNITY BANCORP CONSOLIDATED BALANCE SHEETS (Unaudited) | |||||||||||
9/30/2013 | 6/30/2013 | 9/30/2012 | |||||||||
(Dollars in thousands, except per share amounts) | |||||||||||
ASSETS | |||||||||||
Cash and cash equivalents: | |||||||||||
Interest-bearing | $ | 17,795 | $ | 33,474 | $ | 45,015 | |||||
Non-interest bearing and vault | 7,972 | 7,003 | 6,016 | ||||||||
Restricted cash | 12,236 | 12,464 | 12,710 | ||||||||
Available-for-sale securities, at fair value | 265,000 | 256,616 | 290,311 | ||||||||
Held-to-maturity securities, at amortized cost | 26,241 | 22,991 | 14,843 | ||||||||
Federal Home Loan Bank of Seattle stock, at cost | 2,228 | 2,228 | 2,290 | ||||||||
Loans held for sale | 721 | 1,081 | 5,070 | ||||||||
Loans receivable, net | 520,239 | 522,740 | 502,852 | ||||||||
Accrued interest receivable | 4,310 | 4,463 | 4,542 | ||||||||
Office properties and equipment, net | 35,420 | 35,408 | 36,031 | ||||||||
Bank-owned life insurance | 9,725 | 9,642 | 9,387 | ||||||||
Other real estate owned (“OREO”) | 4,236 | 4,512 | 5,636 | ||||||||
Prepaid expenses and other assets | 17,641 | 17,936 | 18,589 | ||||||||
Total assets | $ | 923,764 | $ | 930,558 | $ | 953,292 | |||||
LIABILITIES | |||||||||||
Deposits | $ | 711,072 | $ | 699,521 | $ | 722,084 | |||||
Securities sold subject to repurchase agreements | 64,409 | 85,605 | 56,989 | ||||||||
Advances from Federal Home Loan Bank | 4,000 | 4,000 | 29,000 | ||||||||
Unexercised stock warrant liability | 1,004 | 826 | 899 | ||||||||
Cashier checks issued and payable | 3,174 | 2,278 | 266 | ||||||||
Accrued interest payable | 307 | 316 | 2,124 | ||||||||
Other borrowings | 16,527 | 16,527 | 16,527 | ||||||||
Accrued expenses and other liabilities | 8,321 | 8,440 | 11,819 | ||||||||
Total liabilities | 808,814 | 817,513 | 839,708 | ||||||||
STOCKHOLDERS' EQUITY | |||||||||||
Common stock - voting shares | 96,358 | 96,358 | 96,330 | ||||||||
Common stock - non-voting shares | 31,941 | 31,941 | 31,941 | ||||||||
Preferred stock, Series A | 26,894 | 26,770 | 26,430 | ||||||||
Accumulated other comprehensive income (1) | (331 | ) | (641 | ) | 3,724 | ||||||
Accumulated deficit | (39,912 | ) | (41,383 | ) | (44,841 | ) | |||||
Total stockholders' equity | 114,950 | 113,045 | 113,584 | ||||||||
Total liabilities and stockholders' equity | $ | 923,764 | $ | 930,558 | $ | 953,292 | |||||
Book value per common share, excluding preferred stock | $ | 13.67 | $ | 13.39 | $ | 13.53 | |||||
Tangible book value per common share, excluding preferred stock (2) | $ | 13.66 | $ | 13.38 | $ | 13.51 | |||||
Shares outstanding at end of period (3) | 6,443,294 | 6,443,294 | 6,441,986 | ||||||||
Stockholders' Equity to Total Assets | 12.44 | % | 12.15 | % | 11.91 | % | |||||
Tangible Common Equity to Tangible Assets | 9.53 | % | 9.27 | % | 9.13 | % | |||||
(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 September 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 | ||||||||||||
9/30/2013 | 6/30/2013 | 9/30/2012 | ||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||
Interest income: | ||||||||||||
Loans | $ | 6,802 | $ | 6,893 | $ | 7,031 | ||||||
Investments | 1,517 | 1,580 | 1,896 | |||||||||
Total interest income | 8,319 | 8,473 | 8,927 | |||||||||
Interest expense: | ||||||||||||
Deposits | 471 | 510 | 736 | |||||||||
Other borrowings | 430 | 441 | 522 | |||||||||
Total interest expense | 901 | 951 | 1,258 | |||||||||
Net interest income | 7,418 | 7,522 | 7,669 | |||||||||
Recovery of (provision for) losses on loans | 82 | (247 | ) | (1,154 | ) | |||||||
Net interest income after provision for losses on loans | 7,500 | 7,275 | 6,515 | |||||||||
Other income: | ||||||||||||
Fees and service charges | 1,858 | 1,964 | 1,620 | |||||||||
Loan related fee income | 506 | 627 | 768 | |||||||||
Net gain on sale of securities | 180 | 163 | — | |||||||||
Net gain (loss) on sale of other assets | (8 | ) | 2 | (7 | ) | |||||||
Other-than-temporary impairment (“OTTI”) losses on investments (1) | — | (21 | ) | (34 | ) | |||||||
Bank-owned life insurance | 83 | 85 | 86 | |||||||||
Fair value adjustment on cash flow hedge | 89 | 80 | (6 | ) | ||||||||
Unexercised warrant liability fair value adjustment | (179 | ) | (54 | ) | (49 | ) | ||||||
Other | (4 | ) | 40 | 174 | ||||||||
Total other income | 2,525 | 2,886 | 2,552 | |||||||||
Operating expenses: | ||||||||||||
Salaries and employee benefits | 4,133 | 4,283 | 4,103 | |||||||||
Occupancy | 1,120 | 1,174 | 1,230 | |||||||||
Technology | 982 | 925 | 894 | |||||||||
Advertising | 194 | 180 | 178 | |||||||||
Fees and service charges | 88 | 85 | 141 | |||||||||
Printing, postage and supplies | 176 | 173 | 178 | |||||||||
Legal and accounting | 350 | 483 | 507 | |||||||||
FDIC assessment | 145 | 165 | 306 | |||||||||
OREO operations | 139 | 32 | 39 | |||||||||
Other expenses | 766 | 720 | 666 | |||||||||
Total operating expenses | 8,093 | 8,220 | 8,242 | |||||||||
Net income before income taxes | 1,932 | 1,941 | 825 | |||||||||
Income tax expense | — | — | — | |||||||||
Net income | 1,932 | 1,941 | 825 | |||||||||
Preferred stock dividend | 461 | 460 | 482 | |||||||||
Net income applicable to common stockholders | $ | 1,471 | $ | 1,481 | $ | 343 | ||||||
Earnings per share — basic (1) | 0.23 | 0.23 | 0.05 | |||||||||
Earnings per share — diluted (1) | 0.23 | 0.23 | 0.05 | |||||||||
Weighted average common shares outstanding — basic (1) | 6,443,294 | 6,443,294 | 6,441,986 | |||||||||
Weighted average common shares outstanding — diluted (1) | 6,497,886 | 6,484,762 | 6,458,227 | |||||||||
(1) Share numbers for September 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) | |||||||
Nine Months Ended | |||||||
9/30/2013 | 9/30/2012 | ||||||
(Dollars in thousands, except per share amounts) | |||||||
Interest income: | |||||||
Loans | $ | 20,406 | $ | 21,157 | |||
Investments | 4,689 | 6,016 | |||||
Total interest income | 25,095 | 27,173 | |||||
Interest expense: | |||||||
Deposits | 1,542 | 2,302 | |||||
Borrowings | 1,295 | 1,769 | |||||
Total interest expense | 2,837 | 4,071 | |||||
Net interest income | 22,258 | 23,102 | |||||
Recovery of (provision for) losses on loans | (344 | ) | (3,688 | ) | |||
Net interest income after provision for losses on loans | 21,914 | 19,414 | |||||
Other income (expense): | |||||||
Fees and service charges | 5,429 | 4,744 | |||||
Loan related fee income | 1,768 | 2,129 | |||||
Net gain on sale of securities | 384 | 585 | |||||
Net gain on sale of other assets | (2 | ) | 15 | ||||
Other-than-temporary impairment on investments | (63 | ) | (357 | ) | |||
Bank-owned life insurance | 252 | 260 | |||||
Fair value adjustment on cash flow hedge | 235 | (300 | ) | ||||
Unexercised warrant liability fair value adjustment | (177 | ) | 108 | ||||
Other income | 149 | 572 | |||||
Total other income, net | 7,975 | 7,756 | |||||
Operating expenses: | |||||||
Salaries and employee benefits | 12,591 | 12,110 | |||||
Occupancy expense | 3,479 | 3,688 | |||||
Technology | 2,783 | 2,688 | |||||
Advertising | 488 | 459 | |||||
Fees and service charges | 267 | 466 | |||||
Printing, postage and supplies | 566 | 779 | |||||
Legal and accounting | 1,181 | 1,292 | |||||
FDIC assessment | 495 | 927 | |||||
OREO operations | 281 | 263 | |||||
Other expenses | 2,359 | 2,090 | |||||
Total operating expenses | 24,490 | 24,762 | |||||
Income before income taxes | 5,399 | 2,408 | |||||
Income tax expense | — | — | |||||
Net income | 5,399 | 2,408 | |||||
Preferred stock dividend | 1,380 | 1,430 | |||||
Net Income applicable to common stockholders | $ | 4,019 | $ | 978 | |||
Income per share - basic (1) | $ | 0.62 | $ | 0.17 | |||
Income per share - diluted (1) | 0.62 | 0.17 | |||||
Weighted-average common shares outstanding - basic (1) | 6,443,193 | 5,593,487 | |||||
Weighted-average common shares outstanding - diluted (1) | 6,488,094 | 5,610,026 | |||||
(1) Share numbers for September 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 | Nine Months Ended | ||||||||||
9/30/2013 | 6/30/2013 | 9/30/2012 | 9/30/2013 | 9/30/2012 | |||||||
Net Interest Spread: | |||||||||||
Yield on Loan Portfolio | 5.02 | % | 5.29 | % | 5.38 | % | 5.18 | % | 5.48 | % | |
Yield on Investments & Cash | 1.92 | % | 1.99 | % | 2.10 | % | 1.93 | % | 2.30 | % | |
Yield on Interest-Earning Assets | 3.88 | % | 4.04 | % | 4.04 | % | 3.94 | % | 4.19 | % | |
Cost of Deposits | 0.26 | % | 0.29 | % | 0.40 | % | 0.29 | % | 0.43 | % | |
Cost of Advances | 3.07 | % | 1.99 | % | 2.21 | % | 2.60 | % | 2.21 | % | |
Cost of Borrowings | 1.72 | % | 1.89 | % | 1.74 | % | 1.77 | % | 2.10 | % | |
Cost of Interest-Bearing Liabilities | 0.44 | % | 0.48 | % | 0.60 | % | 0.47 | % | 0.65 | % | |
Net Interest Spread | 3.44 | % | 3.56 | % | 3.44 | % | 3.47 | % | 3.54 | % | |
Net Interest Margin | 3.46 | % | 3.59 | % | 3.47 | % | 3.49 | % | 3.56 | % | |
Performance Ratios: | |||||||||||
Return on Average Assets | 0.83 | % | 0.84 | % | 0.34 | % | 0.77 | % | 0.34 | % | |
Return on Average Common Stockholders' Equity | 6.70 | % | 6.77 | % | 1.58 | % | 6.11 | % | 2.04 | % | |
Return on Average Common Tangible Equity (1) | 6.70 | % | 6.77 | % | 1.58 | % | 6.12 | % | 2.05 | % | |
Operating Efficiency | 81.39 | % | 78.98 | % | 80.64 | % | 81.00 | % | 80.24 | % | |
Noninterest Expense to Average Assets | 3.46 | % | 3.54 | % | 3.41 | % | 3.48 | % | 3.46 | % | |
(1) Average common tangible equity is average common stockholders' equity less average other intangible assets. |
INTERMOUNTAIN COMMUNITY BANCORP LOAN AND REGULATORY CAPITAL DATA | ||||||||||
9/30/2013 | 6/30/2013 | 9/30/2012 | ||||||||
(Dollars in thousands) | ||||||||||
Loan Data | ||||||||||
Net Charge-Offs to Average Net Loans (QTD Annualized) | (0.05 | )% | (0.09 | )% | 1.79 | % | ||||
Loan Loss Allowance to Total Loans | 1.52 | % | 1.52 | % | 1.79 | % | ||||
Nonperforming Assets: | ||||||||||
Accruing Loans-90 Days Past Due | $ | 42 | $ | — | $ | — | ||||
Nonaccrual Loans | 2,808 | 4,799 | 5,636 | |||||||
Total Nonperforming Loans | 2,850 | 4,799 | 5,636 | |||||||
OREO | 4,236 | 4,512 | 5,636 | |||||||
Total Nonperforming Assets (“NPA”) | $ | 7,086 | $ | 9,311 | $ | 11,272 | ||||
Outstanding Troubled Debt Restructured Loans | 9,212 | 11,791 | 2,873 | |||||||
NPA to Total Assets | 0.77 | % | 1.00 | % | 1.18 | % | ||||
NPA to Net Loans Receivable | 1.36 | % | 1.78 | % | 2.24 | % | ||||
NPA to Estimated Risk Based Capital | 5.60 | % | 7.46 | % | 9.17 | % | ||||
NPA to Tangible Equity + Allowance for Loan Loss | 5.76 | % | 7.69 | % | 9.20 | % | ||||
Loan Delinquency Ratio (30 days and over) | 0.31 | % | 0.22 | % | 0.21 | % | ||||
9/30/2013 | 6/30/2013 | 9/30/2012 | ||||||||
Allowance for Loan Loss by Loan Type | (Dollars in thousands) | |||||||||
Commercial loans | $ | 1,764 | $ | 1,900 | $ | 3,073 | ||||
Commercial real estate loans | 2,514 | 2,736 | 2,728 | |||||||
Commercial construction loans | 154 | 231 | 67 | |||||||
Land and land development loans | 1,206 | 956 | 1,654 | |||||||
Agriculture loans | 928 | 692 | 187 | |||||||
Multifamily loans | 35 | 54 | 56 | |||||||
Residential real estate loans | 1,255 | 1,195 | 1,042 | |||||||
Residential construction loans | 38 | 44 | 13 | |||||||
Consumer loans | 107 | 203 | 198 | |||||||
Municipal loans | 29 | 31 | 70 | |||||||
Totals | $ | 8,030 | $ | 8,042 | $ | 9,088 | ||||
Regulatory Capital | Estimated | Actual | Actual | |||||||
Total capital (to risk-weighted assets): | 9/30/2013 | 6/30/2013 | 9/30/2012 | |||||||
The Company | 21.13 | % | 20.93 | % | 20.86 | % | ||||
Panhandle State Bank | 20.08 | % | 19.72 | % | 19.28 | % | ||||
Tier 1 capital (to risk-weighted assets): | ||||||||||
The Company | 19.88 | % | 19.67 | % | 19.61 | % | ||||
Panhandle State Bank | 18.83 | % | 18.47 | % | 18.02 | % | ||||
Tier 1 capital (to average assets): | ||||||||||
The Company | 12.92 | % | 12.90 | % | 11.97 | % | ||||
Panhandle State Bank | 12.24 | % | 12.12 | % | 11.11 | % | ||||
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