000-50667 | 82-0499463 | |||||||
(Commission File Number) | IRS Employer Identification No. |
99.1 | Press Release dated February 12, 2014 announcing financial results for the quarter ended December 31, 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 |
▪ | The Company repaid its $27 million in Capital Purchase Program ("CPP") funds in November 2013, using $20 million in cash and a $7 million loan. The repayment is expected to result in net improvement |
• | The Company reversed its remaining tax valuation allowance in the fourth quarter, resulting in a $6.1 million benefit to net income available to common shareholders. The move signals increasing confidence in the future prospects and profitability of the Company, based on improving regional economic conditions, stronger levels of pre-tax profitability, and strong asset quality. |
▪ | Interest income from the Company's investment portfolio improved in the fourth quarter to $1.7 million from $1.5 million the quarter before as higher market rates and slower prepayment speeds on the Company's mortgage-backed securities had positive impacts. |
▪ | Interest expense continued to decline, totaling $761,000 for the fourth quarter of 2013, compared to $901,000 for the third quarter of 2013 and $1.0 million in the fourth quarter of 2012. Interest expense in 2013 was down $1.5 million or 29.2% from 2012. |
▪ | The Company recorded $214,000 in provision for losses on loans in the fourth quarter of 2013, up from the $82,000 it recorded during the third quarter, but down from the $619,000 in provision for the fourth quarter of 2012. For the year, provision for loan losses totaled $559,000, an 87% reduction from the $4.3 million recorded in 2012. |
▪ | Fees from trust and investment services totaled $2.3 million in 2013, a 49.5% increase from 2012 as the Company continued to emphasize the development of this business. |
▪ | Nonperforming assets ("NPAs") dropped to 0.68% of total assets at December 31, 2013 from 0.77% at September 30, 2013 and 1.18% at December 31, 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 6.3%. |
▪ | In FY 2013, Company employees donated a total of 5,860 volunteer hours to community projects and causes. In addition, the Company supported local charities and community business development activities with gifts totaling $167,000. |
LOANS BY CATEGORIES | |||||||||||||||||
(Dollars in thousands) | 12/31/2013 | % of total | 9/30/2013 | % of total | 12/31/2012 | % of total | |||||||||||
Commercial loans | $ | 113,736 | 21.7 | % | $ | 111,238 | 21.1 | % | $ | 121,307 | 23.0 | % | |||||
Commercial real estate | 181,207 | 34.7 | % | 185,116 | 35.1 | % | 186,844 | 35.4 | % | ||||||||
Commercial construction | 7,383 | 1.4 | % | 6,305 | 1.2 | % | 3,832 | 0.7 | % | ||||||||
Land and land development | 28,946 | 5.5 | % | 34,172 | 6.5 | % | 31,278 | 5.9 | % | ||||||||
Agriculture | 96,584 | 18.5 | % | 97,453 | 18.4 | % | 85,967 | 16.3 | % | ||||||||
Multifamily | 18,205 | 3.5 | % | 15,802 | 3.0 | % | 16,544 | 3.1 | % | ||||||||
Residential real estate | 59,172 | 11.3 | % | 61,185 | 11.6 | % | 60,020 | 11.3 | % | ||||||||
Residential construction | 2,531 | 0.5 | % | 1,721 | 0.3 | % | 940 | 0.2 | % | ||||||||
Consumer | 9,033 | 1.7 | % | 9,084 | 1.7 | % | 9,626 | 1.8 | % | ||||||||
Municipal | 5,964 | 1.2 | % | 6,107 | 1.1 | % | 12,267 | 2.3 | % | ||||||||
Total loans receivable | $ | 522,761 | 100.0 | % | $ | 528,183 | 100.0 | % | $ | 528,625 | 100.0 | % | |||||
Allowance for loan losses | (7,687 | ) | (8,030 | ) | (7,943 | ) | |||||||||||
Net deferred origination (fees) costs | (240 | ) | 86 | 86 | |||||||||||||
Loans receivable, net | $ | 514,834 | $ | 520,239 | $ | 520,768 |
LOAN PORTFOLIO BY LOCATION December 31, 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 | $ | 80,582 | $ | 4,602 | $ | 9,745 | $ | 18,013 | $ | 794 | $ | 113,736 | 21.8 | % | ||||||
Commercial real estate | 128,248 | 9,862 | 9,299 | 15,465 | 18,333 | 181,207 | 34.7 | % | ||||||||||||
Commercial construction | 7,028 | — | 317 | — | 38 | 7,383 | 1.4 | % | ||||||||||||
Land and land development | 20,397 | 1,378 | 5,344 | 1,203 | 624 | 28,946 | 5.5 | % | ||||||||||||
Agriculture | 2,003 | 3,440 | 26,143 | 61,034 | 3,964 | 96,584 | 18.5 | % | ||||||||||||
Multifamily | 12,431 | 149 | 4,420 | 30 | 1,175 | 18,205 | 3.5 | % | ||||||||||||
Residential real estate | 42,141 | 3,365 | 4,244 | 7,046 | 2,376 | 59,172 | 11.3 | % | ||||||||||||
Residential construction | 2,337 | — | 77 | 117 | — | 2,531 | 0.5 | % | ||||||||||||
Consumer | 5,400 | 1,149 | 730 | 1,506 | 248 | 9,033 | 1.7 | % | ||||||||||||
Municipal | 4,627 | 1,337 | — | — | — | 5,964 | 1.1 | % | ||||||||||||
Total | $ | 305,194 | $ | 25,282 | $ | 60,319 | $ | 104,414 | $ | 27,552 | $ | 522,761 | 100.0 | % | ||||||
Percent of total loans in geographic area | 58.4 | % | 4.8 | % | 11.5 | % | 20.0 | % | 5.3 | % | 100.0 | % |
NPA BY CATEGORY | ||||||||||||||||||||
(Dollars in thousands) | 12/31/2013 | % of total | 9/30/2013 | % of total | 12/31/2012 | % of total | ||||||||||||||
Commercial loans | $ | 1,431 | 22.5 | % | $ | 1,066 | 15.0 | % | $ | 4,042 | 35.2 | % | ||||||||
Commercial real estate | 167 | 2.6 | % | 261 | 3.7 | % | 1,716 | 14.9 | % | |||||||||||
Land and land development | 3,845 | 60.5 | % | 4,415 | 62.3 | % | 5,118 | 44.6 | % | |||||||||||
Agriculture | 213 | 3.4 | % | 527 | 7.4 | % | 98 | 0.9 | % | |||||||||||
Residential real estate | 693 | 10.9 | % | 814 | 11.5 | % | 502 | 4.4 | % | |||||||||||
Consumer | 3 | 0.1 | % | 3 | 0.1 | % | 4 | — | % | |||||||||||
Total NPA by Categories | $ | 6,352 | 100.0 | % | $ | 7,086 | 100.0 | % | $ | 11,480 | 100.0 | % |
DEPOSITS | |||||||||||||||
(Dollars in thousands) | 12/31/2013 | % of total | 9/30/2013 | % of total | 12/31/2012 | % of total | |||||||||
Non-interest bearing demand accounts | $ | 235,793 | 33.4 | % | $ | 240,116 | 33.8 | % | $ | 254,979 | 34.0 | % | |||
Interest bearing demand accounts | 102,629 | 14.6 | % | 100,572 | 14.1 | % | 99,623 | 13.3 | % | ||||||
Money market accounts | 215,458 | 30.5 | % | 217,110 | 30.5 | % | 213,155 | 28.5 | % | ||||||
Savings & IRA accounts | 68,555 | 9.7 | % | 66,683 | 9.4 | % | 75,788 | 10.1 | % | ||||||
Certificates of deposit (CDs) | 34,178 | 4.8 | % | 35,827 | 5.0 | % | 43,535 | 5.8 | % | ||||||
Jumbo CDs | 49,437 | 7 | % | 50,613 | 7.1 | % | 56,228 | 7.5 | % | ||||||
Brokered CDs | — | — | % | — | — | % | 5,200 | 0.7 | % | ||||||
CDARS CDs to local customers | — | — | % | 151 | 0.1 | % | 426 | 0.1 | % | ||||||
Total Deposits | $ | 706,050 | 100.0 | % | $ | 711,072 | 100.0 | % | $ | 748,934 | 100.0 | % | |||
Three Months Ended | 12/31/2013 | % of Total | 9/30/2013 | % of Total | 12/31/2012 | % of Total | ||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Fees and service charges | $ | 1,169 | 45 | % | $ | 1,299 | 51 | % | $ | 1,204 | 40 | % | ||||||||
Commissions & fees from trust & investment advisory services | 612 | 23 | % | 559 | 22 | % | 438 | 14 | % | |||||||||||
Loan related fee income | 616 | 23 | % | 499 | 20 | % | 858 | 28 | % | |||||||||||
Net gain (loss) on sale of securities | (82 | ) | (3 | )% | 180 | 7 | % | 208 | 7 | % | ||||||||||
Net gain (loss) on sale of other assets | 4 | — | % | (8 | ) | — | % | 4 | — | % | ||||||||||
BOLI income | 72 | 3 | % | 83 | 3 | % | 86 | 3 | % | |||||||||||
Hedge fair value adjustment | 91 | 3 | % | 89 | 4 | % | (26 | ) | (1 | )% | ||||||||||
Unexercised warrant liability fair value adjustment | 63 | 2 | % | (179 | ) | (7 | )% | 71 | 2 | % | ||||||||||
Other income | 115 | 4 | % | (4 | ) | — | % | 204 | 7 | % | ||||||||||
Total | $ | 2,660 | 100 | % | $ | 2,518 | 100 | % | $ | 3,047 | 100 | % |
Twelve Months Ended | 12/31/2013 | % of Total | 12/31/2012 | % of Total | |||||||||
(Dollars in thousands) | |||||||||||||
Fees and service charges | $ | 4,866 | 46 | % | $ | 4,732 | 44 | % | |||||
Commissions & fees from trust & investment advisory services | 2,344 | 22 | % | 1,568 | 15 | % | |||||||
Loan related fee income | 2,312 | 22 | % | 2,987 | 28 | % | |||||||
Net gain on sale of securities | 301 | 3 | % | 794 | 7 | % | |||||||
Net gain on sale of other assets | 1 | — | % | 19 | — | % | |||||||
Other-than-temporary credit impairment on investment securities | (63 | ) | (1 | )% | (357 | ) | (3 | )% | |||||
BOLI income | 324 | 3 | % | 345 | 3 | % | |||||||
Hedge fair value adjustment | 326 | 3 | % | (326 | ) | (3 | )% | ||||||
Unexercised warrant liability fair value adjustment | (114 | ) | (1 | )% | 180 | 2 | % | ||||||
Other income | 265 | 3 | % | 775 | 7 | % | |||||||
Total | $ | 10,562 | 100 | % | $ | 10,717 | 100 | % |
Three Months Ended | 12/31/13 | % of Total | 9/30/13 | % of Total | 12/31/12 | % of Total | ||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Salaries and employee benefits | $ | 5,028 | 51 | % | $ | 4,133 | 51 | % | $ | 4,181 | 49 | % | ||||||||
Occupancy expense | 1,161 | 12 | % | 1,120 | 14 | % | 1,223 | 14 | % | |||||||||||
Technology | 935 | 10 | % | 982 | 12 | % | 895 | 10 | % | |||||||||||
Advertising | 162 | 2 | % | 194 | 2 | % | 174 | 2 | % | |||||||||||
Fees and service charges | 93 | 1 | % | 88 | 1 | % | 131 | 2 | % | |||||||||||
Printing, postage and supplies | 160 | 2 | % | 176 | 2 | % | 208 | 2 | % | |||||||||||
Legal and accounting | 528 | 6 | % | 350 | 5 | % | 504 | 6 | % | |||||||||||
FDIC assessment | 132 | 1 | % | 145 | 2 | % | 97 | 1 | % | |||||||||||
OREO operations | 543 | 6 | % | 139 | 2 | % | 390 | 4 | % | |||||||||||
Other expense | 851 | 9 | % | 766 | 9 | % | 868 | 10 | % | |||||||||||
Total | $ | 9,593 | 100 | % | $ | 8,093 | 100 | % | $ | 8,671 | 100 | % |
Twelve Months Ended | 12/31/2013 | % of Total | 12/31/2012 | % of Total | |||||||||
(Dollars in thousands) | |||||||||||||
Salaries and employee benefits | $ | 17,619 | 52 | % | $ | 16,291 | 48 | % | |||||
Occupancy expense | 4,640 | 14 | % | 4,911 | 15 | % | |||||||
Technology | 3,718 | 11 | % | 3,583 | 11 | % | |||||||
Advertising | 650 | 2 | % | 633 | 2 | % | |||||||
Fees and service charges | 359 | 1 | % | 597 | 2 | % | |||||||
Printing, postage and supplies | 727 | 2 | % | 987 | 3 | % | |||||||
Legal and accounting | 1,709 | 5 | % | 1,796 | 5 | % | |||||||
FDIC assessment | 627 | 2 | % | 1,024 | 3 | % | |||||||
OREO operations | 825 | 2 | % | 653 | 2 | % | |||||||
Other expense | 3,209 | 9 | % | 2,958 | 9 | % | |||||||
Total | $ | 34,083 | 100 | % | $ | 33,433 | 100 | % |
INTERMOUNTAIN COMMUNITY BANCORP CONSOLIDATED BALANCE SHEETS (Unaudited) | |||||||||||
12/31/2013 | 9/30/2013 | 12/31/2012 | |||||||||
(Dollars in thousands, except per share amounts) | |||||||||||
ASSETS | |||||||||||
Cash and cash equivalents: | |||||||||||
Interest-bearing | $ | 44,946 | $ | 17,795 | $ | 53,403 | |||||
Non-interest bearing and vault | 7,851 | 7,972 | 13,536 | ||||||||
Restricted cash | 12,333 | 12,236 | 13,146 | ||||||||
Available-for-sale securities, at fair value | 251,638 | 265,000 | 280,169 | ||||||||
Held-to-maturity securities, at amortized cost | 28,286 | 26,241 | 14,826 | ||||||||
Federal Home Loan Bank of Seattle stock, at cost | 2,187 | 2,228 | 2,269 | ||||||||
Loans held for sale | 614 | 721 | 1,684 | ||||||||
Loans receivable, net of allowance for losses on loans $7,687, $8,030 and $7,943 as of December 31, 2013, September 30, 2013 and December 31, 2012, respectively | 514,834 | 520,239 | 520,768 | ||||||||
Accrued interest receivable | 4,170 | 4,310 | 4,320 | ||||||||
Office properties and equipment, net | 35,036 | 35,420 | 35,453 | ||||||||
Bank-owned life insurance | 9,797 | 9,725 | 9,472 | ||||||||
Other real estate owned (“OREO”) | 3,684 | 4,236 | 4,951 | ||||||||
Prepaid expenses and other assets | 24,272 | 17,641 | 18,142 | ||||||||
Total assets | $ | 939,648 | $ | 923,764 | $ | 972,139 | |||||
LIABILITIES | |||||||||||
Deposits: | |||||||||||
Interest bearing deposits | $ | 470,257 | $ | 470,956 | $ | 493,955 | |||||
Noninterest bearing deposits | 235,793 | 240,116 | 254,979 | ||||||||
Securities sold subject to repurchase agreements | 99,888 | 64,409 | 76,738 | ||||||||
Advances from Federal Home Loan Bank | 4,000 | 4,000 | 4,000 | ||||||||
Unexercised stock warrant liability | 942 | 1,004 | 828 | ||||||||
Cashier checks issued and payable | 3,620 | 3,174 | 2,024 | ||||||||
Accrued interest payable | 219 | 307 | 1,185 | ||||||||
Other borrowings | 23,410 | 16,527 | 16,527 | ||||||||
Accrued expenses and other liabilities | 7,507 | 8,321 | 7,469 | ||||||||
Total liabilities | 845,636 | 808,814 | 857,705 | ||||||||
STOCKHOLDERS' EQUITY | |||||||||||
Common stock - voting shares | 97,087 | 96,358 | 96,368 | ||||||||
Common stock - non-voting shares | 31,941 | 31,941 | 31,941 | ||||||||
Preferred stock, Series A | — | 26,894 | 26,527 | ||||||||
Accumulated other comprehensive income (loss) (1) | (1,182 | ) | (331 | ) | 3,529 | ||||||
Accumulated deficit | (33,834 | ) | (39,912 | ) | (43,931 | ) | |||||
Total stockholders' equity | 94,012 | 114,950 | 114,434 | ||||||||
Total liabilities and stockholders' equity | $ | 939,648 | $ | 923,764 | $ | 972,139 | |||||
Book value per common share, excluding preferred stock | $ | 14.48 | $ | 13.67 | $ | 13.64 | |||||
Tangible book value per common share, excluding preferred stock (2) | $ | 14.48 | $ | 13.66 | $ | 13.63 | |||||
Shares outstanding at end of period | 6,490,902 | 6,443,294 | 6,442,820 | ||||||||
Stockholders' Equity to Total Assets | 10.01 | % | 12.44 | % | 11.77 | % | |||||
Tangible Common Equity to Tangible Assets | 10.00 | % | 9.53 | % | 9.04 | % | |||||
(1) Net of deferred income taxes (2) Amount represents common stockholders' equity less net goodwill and other intangible assets divided by total common shares outstanding. |
INTERMOUNTAIN COMMUNITY BANCORP CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) | ||||||||||||
Three Months Ended | ||||||||||||
12/31/2013 | 9/30/2013 | 12/31/2012 | ||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||
Interest income: | ||||||||||||
Loans | $ | 6,495 | $ | 6,809 | $ | 6,929 | ||||||
Investments | 1,668 | 1,517 | 1,689 | |||||||||
Total interest income | 8,163 | 8,326 | 8,618 | |||||||||
Interest expense: | ||||||||||||
Deposits | 442 | 471 | 700 | |||||||||
Borrowings | 319 | 430 | 312 | |||||||||
Total interest expense | 761 | 901 | 1,012 | |||||||||
Net interest income | 7,402 | 7,425 | 7,606 | |||||||||
(Provision for) recovery of losses on loans | (214 | ) | 82 | (619 | ) | |||||||
Net interest income after provision for losses on loans | 7,188 | 7,507 | 6,987 | |||||||||
Other income (expense): | ||||||||||||
Fees and service charges | 1,169 | 1,299 | 1,204 | |||||||||
Commissions & fees from trust & investment advisory services | 612 | 559 | 438 | |||||||||
Loan related fee income | 616 | 499 | 858 | |||||||||
Net gain (loss) on sale of securities | (82 | ) | 180 | 208 | ||||||||
Net gain (loss) on sale of other assets | 4 | (8 | ) | 4 | ||||||||
Bank-owned life insurance | 72 | 83 | 86 | |||||||||
Fair value adjustment on cash flow hedge | 91 | 89 | (26 | ) | ||||||||
Unexercised warrant liability fair value adjustment | 63 | (179 | ) | 71 | ||||||||
Other income | 115 | (4 | ) | 204 | ||||||||
Total other income, net | 2,660 | 2,518 | 3,047 | |||||||||
Operating expenses: | ||||||||||||
Salaries and employee benefits | 5,028 | 4,133 | 4,181 | |||||||||
Occupancy expense | 1,161 | 1,120 | 1,223 | |||||||||
Technology | 935 | 982 | 895 | |||||||||
Advertising | 162 | 194 | 174 | |||||||||
Fees and service charges | 93 | 88 | 131 | |||||||||
Printing, postage and supplies | 160 | 176 | 208 | |||||||||
Legal and accounting | 528 | 350 | 504 | |||||||||
FDIC assessment | 132 | 145 | 97 | |||||||||
OREO operations | 543 | 139 | 390 | |||||||||
Other expenses | 851 | 766 | 868 | |||||||||
Total operating expenses | 9,593 | 8,093 | 8,671 | |||||||||
Income before income tax benefit | 255 | 1,932 | 1,363 | |||||||||
Income tax benefit | 6,118 | — | 8 | |||||||||
Net income | 6,373 | 1,932 | 1,371 | |||||||||
Preferred stock dividend | 294 | 461 | 461 | |||||||||
Net Income applicable to common stockholders | $ | 6,079 | $ | 1,471 | $ | 910 | ||||||
Income per share - basic | $ | 0.94 | $ | 0.23 | $ | 0.14 | ||||||
Income per share - diluted | $ | 0.93 | $ | 0.23 | $ | 0.14 | ||||||
Weighted-average common shares outstanding - basic | 6,448,599 | 6,443,294 | 6,442,729 | |||||||||
Weighted-average common shares outstanding - diluted | 6,509,675 | 6,497,886 | 6,470,944 |
INTERMOUNTAIN COMMUNITY BANCORP CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) | ||||||||
Twelve Months Ended | ||||||||
12/31/2013 | 12/31/2012 | |||||||
(Dollars in thousands, except per share amounts) | ||||||||
Interest income: | ||||||||
Loans | $ | 26,973 | $ | 28,172 | ||||
Investments | 6,358 | 7,704 | ||||||
Total interest income | 33,331 | 35,876 | ||||||
Interest expense: | ||||||||
Deposits | 1,984 | 3,002 | ||||||
Borrowings | 1,614 | 2,081 | ||||||
Total interest expense | 3,598 | 5,083 | ||||||
Net interest income | 29,733 | 30,793 | ||||||
Provision for losses on loans | (559 | ) | (4,306 | ) | ||||
Net interest income after provision for losses on loans | 29,174 | 26,487 | ||||||
Other income (expense): | ||||||||
Fees and service charges | 4,866 | 4,732 | ||||||
Commissions & fees from trust & investment advisory services | 2,344 | 1,568 | ||||||
Loan related fee income | 2,312 | 2,987 | ||||||
Net gain on sale of securities | 301 | 794 | ||||||
Net gain on sale of other assets | 1 | 19 | ||||||
Other-than-temporary impairment on investments | (63 | ) | (357 | ) | ||||
Bank-owned life insurance | 324 | 345 | ||||||
Fair value adjustment on cash flow hedge | 326 | (326 | ) | |||||
Unexercised warrant liability fair value adjustment | (114 | ) | 180 | |||||
Other income | 265 | 775 | ||||||
Total other income, net | 10,562 | 10,717 | ||||||
Operating expenses: | ||||||||
Salaries and employee benefits | 17,619 | 16,291 | ||||||
Occupancy expense | 4,640 | 4,911 | ||||||
Technology | 3,718 | 3,583 | ||||||
Advertising | 650 | 633 | ||||||
Fees and service charges | 359 | 597 | ||||||
Printing, postage and supplies | 727 | 987 | ||||||
Legal and accounting | 1,709 | 1,796 | ||||||
FDIC assessment | 627 | 1,024 | ||||||
OREO operations | 825 | 653 | ||||||
Other expenses | 3,209 | 2,958 | ||||||
Total operating expenses | 34,083 | 33,433 | ||||||
Income (loss) before income tax benefit | 5,653 | 3,771 | ||||||
Income tax benefit | 6,118 | 8 | ||||||
Net income | 11,771 | 3,779 | ||||||
Preferred stock dividend | 1,673 | 1,891 | ||||||
Net Income applicable to common stockholders | $ | 10,098 | $ | 1,888 | ||||
Income per share - basic | $ | 1.57 | $ | 0.33 | ||||
Income per share - diluted | $ | 1.55 | $ | 0.32 | ||||
Weighted-average common shares outstanding - basic (1) | 6,444,556 | 5,806,958 | ||||||
Weighted-average common shares outstanding - diluted (2) | 6,494,089 | 5,825,283 |
INTERMOUNTAIN COMMUNITY BANCORP KEY PERFORMANCE RATIOS | |||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||
12/31/2013 | 9/30/2013 | 12/31/2012 | 12/31/2013 | 12/30/2012 | |||||||
Net Interest Spread: | |||||||||||
Yield on Loan Portfolio | 4.89 | % | 5.02 | % | 5.28 | % | 5.12 | % | 5.43 | % | |
Yield on Investments & Cash | 2.10 | % | 1.92 | % | 2.01 | % | 1.97 | % | 2.23 | % | |
Yield on Interest-Earning Assets | 3.85 | % | 3.88 | % | 4.00 | % | 3.92 | % | 4.15 | % | |
Cost of Deposits | 0.25 | % | 0.26 | % | 0.38 | % | 0.28 | % | 0.42 | % | |
Cost of Advances | 1.46 | % | 3.07 | % | 3.08 | % | 2.12 | % | 2.25 | % | |
Cost of Borrowings | 1.21 | % | 1.72 | % | 1.50 | % | 1.63 | % | 1.96 | % | |
Cost of Interest-Bearing Liabilities | 0.37 | % | 0.44 | % | 0.49 | % | 0.45 | % | 0.61 | % | |
Net Interest Spread | 3.47 | % | 3.44 | % | 3.50 | % | 3.48 | % | 3.53 | % | |
Net Interest Margin | 3.49 | % | 3.46 | % | 3.53 | % | 3.50 | % | 3.56 | % | |
Performance Ratios: | |||||||||||
Return on Average Assets | 2.71 | % | 0.83 | % | 0.56 | % | 1.25 | % | 0.39 | % | |
Return on Average Common Stockholders' Equity | 26.49 | % | 6.70 | % | 4.14 | % | 11.33 | % | 2.75 | % | |
Return on Average Common Tangible Equity (1) | 26.50 | % | 6.70 | % | 4.14 | % | 11.34 | % | 2.75 | % | |
Operating Efficiency | 95.34 | % | 81.39 | % | 81.39 | % | 84.58 | % | 80.54 | % | |
Noninterest Expense to Average Assets | 4.05 | % | 3.46 | % | 3.60 | % | 3.66 | % | 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 | ||||||||||
12/31/2013 | 9/30/2013 | 12/31/2012 | ||||||||
(Dollars in thousands) | ||||||||||
Loan Data | ||||||||||
Net Charge-Offs to Average Net Loans (QTD Annualized) | 0.42 | % | (0.05 | )% | 1.37 | % | ||||
Loan Loss Allowance to Total Loans | 1.47 | % | 1.52 | % | 1.50 | % | ||||
Nonperforming Assets: | ||||||||||
Accruing Loans-90 Days Past Due | $ | — | $ | 42 | $ | — | ||||
Nonaccrual Loans | 2,668 | 2,808 | 6,529 | |||||||
Total Nonperforming Loans | 2,668 | 2,850 | 6,529 | |||||||
OREO | 3,684 | 4,236 | 4,951 | |||||||
Total Nonperforming Assets (“NPA”) | $ | 6,352 | $ | 7,086 | $ | 11,480 | ||||
Troubled Debt Restructured Loans | 10,047 | 9,212 | 6,719 | |||||||
NPA to Total Assets | 0.68 | % | 0.77 | % | 1.18 | % | ||||
NPA to Net Loans Receivable | 1.23 | % | 1.36 | % | 2.20 | % | ||||
NPA to Estimated Risk Based Capital | 6.45 | % | 5.60 | % | 9.25 | % | ||||
NPA to Tangible Equity + Allowance for Loan Loss | 6.25 | % | 5.76 | % | 9.39 | % | ||||
Loan Delinquency Ratio (30 days and over) | 0.24 | % | 0.31 | % | 0.13 | % | ||||
12/31/2013 | 9/30/2013 | 12/31/2012 | ||||||||
Allowance for Loan Loss by Loan Type | (Dollars in thousands) | |||||||||
Commercial loans | $ | 1,819 | $ | 1,764 | $ | 2,156 | ||||
Commercial real estate loans | 2,455 | 2,514 | 2,762 | |||||||
Commercial construction loans | 177 | 154 | 101 | |||||||
Land and land development loans | 1,067 | 1,206 | 1,197 | |||||||
Agriculture loans | 726 | 928 | 228 | |||||||
Multifamily loans | 33 | 35 | 51 | |||||||
Residential real estate loans | 1,192 | 1,255 | 1,144 | |||||||
Residential construction loans | 56 | 38 | 24 | |||||||
Consumer loans | 136 | 107 | 202 | |||||||
Municipal loans | 26 | 29 | 78 | |||||||
Totals | $ | 7,687 | $ | 8,030 | $ | 7,943 | ||||
Regulatory Capital | ||||||||||
Total capital (to risk-weighted assets): | ||||||||||
The Company | 16.92 | % | 21.13 | % | 20.51 | % | ||||
Panhandle State Bank | 16.95 | % | 20.08 | % | 19.07 | % | ||||
Tier 1 capital (to risk-weighted assets): | ||||||||||
The Company | 15.67 | % | 19.88 | % | 19.26 | % | ||||
Panhandle State Bank | 15.70 | % | 18.83 | % | 17.82 | % | ||||
Tier 1 capital (to average assets): | ||||||||||
The Company | 10.06 | % | 12.94 | % | 12.54 | % | ||||
Panhandle State Bank | 10.06 | % | 12.26 | % | 11.60 | % | ||||
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