000-50667 | 82-0499463 | |||||||
(Commission File Number) | IRS Employer Identification No. |
99.1 | Press Release dated April 24, 2014 announcing financial results for the quarter ended March 31, 2014. |
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 |
▪ | Operating expense declined to $7.4 million from $9.6 million in the fourth quarter of 2013 and $8.2 million in first quarter of 2013, respectively. This represents a 9.1% drop from the first quarter last year. |
▪ | Interest expense continued to remain at low levels, totaling $782,000 for the first quarter of 2014, compared to $761,000 for the fourth quarter of 2013 and $985,000 in the first quarter of 2013. |
▪ | Loan loss provision totaled $103,000, down from $214,000 and $179,000 in the fourth and first quarters of 2013, respectively. Net chargeoffs were $10,000 for the quarter, compared to $557,000 and $444,000 for the fourth and first quarters of last year, respectively. |
▪ | Although at a seasonal low point, loans receivable increased by $8.2 million over the first quarter of 2013, and both origination activity and the pipeline of pending loans increased significantly in March. |
▪ | Low cost checking, savings and money market deposits increased by $6.4 million over December 31, 2013 and by $2.1 million over the same quarter last year. |
▪ | Commercial Loan Officer Dan Sample was honored with the 2014 Idaho Governor's Award in Agriculture in recognition of outstanding leadership, education, mentorship and contributions to the |
LOANS BY CATEGORIES | |||||||||||||||||
(Dollars in thousands) | 3/31/2014 | % of total | 12/31/2013 | % of total | 3/31/2013 | % of total | |||||||||||
Commercial loans | $ | 110,879 | 21.5 | % | $ | 113,736 | 21.8 | % | $ | 111,968 | 22.1 | % | |||||
Commercial real estate | 174,371 | 33.9 | 181,207 | 34.7 | 183,796 | 36.3 | |||||||||||
Commercial construction | 15,230 | 3.0 | 7,383 | 1.4 | 8,068 | 1.6 | |||||||||||
Land and land development | 30,695 | 6.0 | 28,946 | 5.5 | 31,673 | 6.2 | |||||||||||
Agriculture | 94,809 | 18.4 | 96,584 | 18.5 | 80,854 | 16.0 | |||||||||||
Multifamily | 14,529 | 2.8 | 18,205 | 3.5 | 15,946 | 3.1 | |||||||||||
Residential real estate | 58,333 | 11.3 | 59,172 | 11.3 | 57,645 | 11.4 | |||||||||||
Residential construction | 1,533 | 0.3 | 2,531 | 0.5 | 1,318 | 0.3 | |||||||||||
Consumer | 8,672 | 1.7 | 9,033 | 1.7 | 8,909 | 1.8 | |||||||||||
Municipal | 5,928 | 1.1 | 5,964 | 1.1 | 6,151 | 1.2 | |||||||||||
Total loans receivable | $ | 514,979 | 100.0 | % | $ | 522,761 | 100.0 | % | $ | 506,328 | 100.0 | % | |||||
Allowance for loan losses | (7,779 | ) | (7,687 | ) | (7,678 | ) | |||||||||||
Net deferred origination fees | (200 | ) | (240 | ) | 104 | ||||||||||||
Loans receivable, net | $ | 507,000 | $ | 514,834 | $ | 498,754 | |||||||||||
LOAN PORTFOLIO BY LOCATION March 31, 2014 | ||||||||||||||||||||
(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 | $ | 76,362 | $ | 4,545 | $ | 9,506 | $ | 19,317 | $ | 1,149 | $ | 110,879 | 21.5 | % | ||||||
Commercial real estate | 122,525 | 9,525 | 9,074 | 14,592 | 18,655 | 174,371 | 33.9 | |||||||||||||
Commercial construction | 14,913 | — | 317 | — | — | 15,230 | 3.0 | |||||||||||||
Land and land development | 22,253 | 1,309 | 5,144 | 1,332 | 657 | 30,695 | 6.0 | |||||||||||||
Agriculture | 1,903 | 3,028 | 23,681 | 60,505 | 5,692 | 94,809 | 18.4 | |||||||||||||
Multifamily | 9,213 | 169 | 3,628 | 30 | 1,489 | 14,529 | 2.8 | |||||||||||||
Residential real estate | 41,090 | 3,476 | 4,131 | 6,960 | 2,676 | 58,333 | 11.3 | |||||||||||||
Residential construction | 1,356 | — | 177 | — | — | 1,533 | 0.3 | |||||||||||||
Consumer | 5,215 | 1,172 | 638 | 1,426 | 221 | 8,672 | 1.7 | |||||||||||||
Municipal | 4,604 | 1,324 | — | — | — | 5,928 | 1.1 | |||||||||||||
Total | $ | 299,434 | $ | 24,548 | $ | 56,296 | $ | 104,162 | $ | 30,539 | $ | 514,979 | 100.0 | % | ||||||
Percent of total loans in geographic area | 58.2 | % | 4.8 | % | 10.9 | % | 20.2 | % | 5.9 | % | 100.0 | % |
NPA BY CATEGORY | ||||||||||||||||||||
(Dollars in thousands) | 3/31/2014 | % of total | 12/31/2013 | % of total | 3/31/2013 | % of total | ||||||||||||||
Commercial loans | $ | 2,966 | 35.6 | % | $ | 1,431 | 22.5 | % | $ | 1,573 | 16.0 | % | ||||||||
Commercial real estate | 163 | 2.0 | 167 | 2.6 | 2,910 | 29.7 | ||||||||||||||
Land and land development | 3,841 | 46.4 | 3,845 | 60.5 | 4,852 | 49.5 | ||||||||||||||
Agriculture | 611 | 7.4 | 213 | 3.4 | 276 | 2.8 | ||||||||||||||
Residential real estate | 702 | 8.5 | 693 | 10.9 | 186 | 1.9 | ||||||||||||||
Consumer | 3 | 0.1 | 3 | 0.1 | 4 | 0.1 | ||||||||||||||
Total NPA by Categories | $ | 8,286 | 100.0 | % | $ | 6,352 | 100.0 | % | $ | 9,801 | 100.0 | % |
DEPOSITS | ||||||||||||||||||||
(Dollars in thousands) | 3/31/2014 | % of total | 12/31/2013 | % of total | 3/31/2013 | % of total | ||||||||||||||
Non-interest bearing demand accounts | $ | 237,077 | 33.3 | % | $ | 235,793 | 33.4 | % | $ | 236,250 | 32.8 | % | ||||||||
Interest bearing demand accounts | 103,677 | 14.6 | 102,629 | 14.6 | 104,294 | 14.5 | ||||||||||||||
Money market accounts | 217,954 | 30.7 | 215,458 | 30.5 | 220,119 | 30.6 | ||||||||||||||
Savings & IRA accounts | 69,470 | 9.8 | 68,555 | 9.7 | 66,668 | 9.3 | ||||||||||||||
Certificates of deposit (CDs) | 33,563 | 4.7 | 34,178 | 4.8 | 39,087 | 5.4 | ||||||||||||||
Jumbo CDs | 48,809 | 6.9 | 49,437 | 7.0 | 52,898 | 7.4 | ||||||||||||||
CDARS CDs to local customers | — | — | — | — | 151 | — | ||||||||||||||
Total Deposits | $ | 710,550 | 100.0 | % | $ | 706,050 | 100.0 | % | $ | 719,467 | 100.0 | % |
Three Months Ended | 3/31/14 | % of Total | 12/31/13 | % of Total | 3/31/13 | % of Total | ||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Fees and service charges | $ | 1,122 | 57 | % | $ | 1,169 | 45 | % | $ | 1,079 | 42 | % | ||||||||
Commissions & fees from trust & investment advisory services | 541 | 27 | % | 612 | 23 | % | 527 | 21 | % | |||||||||||
Loan related fee income | 305 | 15 | 616 | 23 | 611 | 24 | ||||||||||||||
Net gain (loss) on sale of securities | 5 | — | (82 | ) | (3 | ) | 40 | 2 | ||||||||||||
Net gain on sale of other assets | 4 | — | 4 | — | 4 | — | ||||||||||||||
Other-than-temporary credit impairment on investment securities | — | — | — | — | (42 | ) | (2 | ) | ||||||||||||
BOLI income | 79 | 4 | 72 | 3 | 84 | 3 | ||||||||||||||
Hedge fair value adjustment | — | — | 91 | 3 | 67 | 3 | ||||||||||||||
Unexercised warrant liability fair value adjustment | (106 | ) | (5 | ) | 63 | 2 | 56 | 2 | ||||||||||||
Other income | 48 | 2 | 115 | 4 | 113 | 5 | ||||||||||||||
Total | $ | 1,998 | 100 | % | $ | 2,660 | 100 | % | $ | 2,539 | 100 | % |
Three Months Ended | 3/31/14 | % of Total | 12/31/13 | % of Total | 3/31/13 | % of Total | ||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Salaries and employee benefits | $ | 3,876 | 53 | % | $ | 5,028 | 51 | % | $ | 4,175 | 52 | % | ||||||||
Occupancy expense | 1,181 | 16 | 1,161 | 12 | 1,185 | 14 | ||||||||||||||
Technology | 822 | 11 | 935 | 10 | 876 | 11 | ||||||||||||||
Advertising | 149 | 2 | 162 | 2 | 113 | 1 | ||||||||||||||
Fees and service charges | 90 | 1 | 93 | 1 | 93 | 1 | ||||||||||||||
Printing, postage and supplies | 175 | 2 | 160 | 2 | 217 | 3 | ||||||||||||||
Legal and accounting | 403 | 5 | 528 | 6 | 349 | 4 | ||||||||||||||
FDIC assessment | 146 | 2 | 132 | 1 | 186 | 2 | ||||||||||||||
OREO operations | (63 | ) | (1 | ) | 543 | 6 | 111 | 1 | ||||||||||||
Other expense | 656 | 9 | 851 | 9 | 873 | 11 | ||||||||||||||
Total | $ | 7,435 | 100 | % | $ | 9,593 | 100 | % | $ | 8,178 | 100 | % |
INTERMOUNTAIN COMMUNITY BANCORP CONSOLIDATED BALANCE SHEETS (Unaudited) | |||||||||||
3/31/2014 | 12/31/2013 | 3/31/2013 | |||||||||
(Dollars in thousands, except per share amounts) | |||||||||||
ASSETS | |||||||||||
Cash and cash equivalents: | |||||||||||
Interest-bearing | $ | 16,712 | $ | 44,946 | $ | 45,897 | |||||
Non-interest bearing and vault | 10,122 | 7,851 | 4,074 | ||||||||
Total cash and cash equivalents | 26,834 | 52,797 | 49,971 | ||||||||
Restricted cash | 10,747 | 12,333 | 12,279 | ||||||||
Available-for-sale securities, at fair value | 261,097 | 251,638 | 282,769 | ||||||||
Held-to-maturity securities, at amortized cost | 26,174 | 28,286 | 14,795 | ||||||||
Federal Home Loan Bank of Seattle stock, at cost | 2,167 | 2,187 | 2,249 | ||||||||
Loans held for sale | 628 | 614 | 2,023 | ||||||||
Loans receivable, net of allowance for losses on loans $7,779, $7,687 and $7,678 as of March 31, 2014, December 31, 2013 and March 31, 2013, respectively | 507,000 | 514,834 | 498,754 | ||||||||
Accrued interest receivable | 4,028 | 4,170 | 4,051 | ||||||||
Office properties and equipment, net | 34,232 | 34,685 | 35,153 | ||||||||
Deferred tax asset, net | 20,963 | 21,655 | 12,129 | ||||||||
Bank-owned life insurance | 9,876 | 9,797 | 9,556 | ||||||||
Other real estate owned (“OREO”) | 3,768 | 3,684 | 4,664 | ||||||||
Prepaid expenses and other assets | 2,936 | 2,968 | 5,487 | ||||||||
Total assets | $ | 910,450 | $ | 939,648 | $ | 933,880 | |||||
LIABILITIES | |||||||||||
Deposits: | |||||||||||
Interest bearing deposits | $ | 473,473 | $ | 470,257 | $ | 483,217 | |||||
Noninterest bearing deposits | 237,077 | 235,793 | 236,250 | ||||||||
Total deposits | 710,550 | 706,050 | 719,467 | ||||||||
Securities sold subject to repurchase agreements | 64,720 | 99,888 | 66,157 | ||||||||
Advances from Federal Home Loan Bank | 4,000 | 4,000 | 4,000 | ||||||||
Unexercised stock warrant liability | 1,048 | 942 | 772 | ||||||||
Cashier checks issued and payable | 2,959 | 3,620 | 2,767 | ||||||||
Accrued interest payable | 219 | 219 | 337 | ||||||||
Other borrowings | 23,235 | 23,410 | 16,527 | ||||||||
Accrued expenses and other liabilities | 7,828 | 7,507 | 7,942 | ||||||||
Total liabilities | 814,559 | 845,636 | 817,969 | ||||||||
STOCKHOLDERS' EQUITY | |||||||||||
Common stock - voting shares | 97,180 | 97,087 | 96,358 | ||||||||
Common stock - non-voting shares | 31,941 | 31,941 | 31,941 | ||||||||
Preferred stock, Series A | — | — | 26,648 | ||||||||
Accumulated other comprehensive (loss) income (1) | (431 | ) | (1,182 | ) | 3,829 | ||||||
Accumulated deficit | (32,799 | ) | (33,834 | ) | (42,865 | ) | |||||
Total stockholders' equity | 95,891 | 94,012 | 115,911 | ||||||||
Total liabilities and stockholders' equity | $ | 910,450 | $ | 939,648 | $ | 933,880 | |||||
Book value per common share, excluding preferred stock | $ | 14.77 | $ | 14.48 | $ | 13.85 | |||||
Tangible book value per common share, excluding preferred stock (2) | $ | 14.77 | $ | 14.48 | $ | 13.85 | |||||
Shares outstanding at end of period | 6,490,902 | 6,490,902 | 6,443,294 | ||||||||
Stockholders' Equity to Total Assets | 10.53 | % | 10.01 | % | 12.41 | % | |||||
Tangible Common Equity to Tangible Assets | 10.53 | % | 10.00 | % | 9.55 | % | |||||
(1) Net of deferred income taxes. | |||||||||||
(2) Amount represents common stockholders' equity less other intangible assets divided by total common shares outstanding. |
INTERMOUNTAIN COMMUNITY BANCORP CONSOLIDATED STATEMENTS OF INCOME (Unaudited) | ||||||||||||
Three Months Ended | ||||||||||||
3/31/2014 | 12/31/2013 | 3/31/2013 | ||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||
Interest income: | ||||||||||||
Loans | $ | 6,114 | $ | 6,495 | $ | 6,735 | ||||||
Investments and cash equivalents | 1,642 | 1,668 | 1,593 | |||||||||
Total interest income | 7,756 | 8,163 | 8,328 | |||||||||
Interest expense: | ||||||||||||
Deposits | 424 | 442 | 561 | |||||||||
Other borrowings | 358 | 319 | 424 | |||||||||
Total interest expense | 782 | 761 | 985 | |||||||||
Net interest income | 6,974 | 7,402 | 7,343 | |||||||||
Provision for loan loss | (103 | ) | (214 | ) | (179 | ) | ||||||
Net interest income after provision for losses on loans | 6,871 | 7,188 | 7,164 | |||||||||
Other income: | ||||||||||||
Fees and service charges | 1,122 | 1,169 | 1,079 | |||||||||
Commissions & fees from trust & investment advisory services | 541 | 612 | 527 | |||||||||
Loan related fee income | 305 | 616 | 611 | |||||||||
Net gain (loss) on sale of securities | 5 | (82 | ) | 40 | ||||||||
Net gain on sale of other assets | 4 | 4 | 4 | |||||||||
Other-than-temporary impairment (“OTTI”) losses on investments | — | — | (42 | ) | ||||||||
Bank-owned life insurance | 79 | 72 | 84 | |||||||||
Fair value adjustment on cash flow hedge | — | 91 | 67 | |||||||||
Unexercised warrant liability fair value adjustment | (106 | ) | 63 | 56 | ||||||||
Other | 48 | 115 | 113 | |||||||||
Total other income | 1,998 | 2,660 | 2,539 | |||||||||
Operating expenses: | ||||||||||||
Salaries and employee benefits | 3,876 | 5,028 | 4,175 | |||||||||
Occupancy | 1,181 | 1,161 | 1,185 | |||||||||
Technology | 822 | 935 | 876 | |||||||||
Advertising | 149 | 162 | 113 | |||||||||
Fees and service charges | 90 | 93 | 93 | |||||||||
Printing, postage and supplies | 175 | 160 | 217 | |||||||||
Legal and accounting | 403 | 528 | 349 | |||||||||
FDIC assessment | 146 | 132 | 186 | |||||||||
OREO operations | (63 | ) | 543 | 111 | ||||||||
Other expenses | 656 | 851 | 873 | |||||||||
Total operating expenses | 7,435 | 9,593 | 8,178 | |||||||||
Net income before income taxes | 1,434 | 255 | 1,525 | |||||||||
Income tax (expense) benefit | (400 | ) | 6,118 | — | ||||||||
Net income | 1,034 | 6,373 | 1,525 | |||||||||
Preferred stock dividend | — | 294 | 458 | |||||||||
Net income applicable to common stockholders | $ | 1,034 | $ | 6,079 | $ | 1,067 | ||||||
Earnings per share — basic | $ | 0.16 | $ | 0.94 | $ | 0.17 | ||||||
Earnings per share — diluted | $ | 0.16 | $ | 0.93 | $ | 0.16 | ||||||
Weighted average common shares outstanding — basic | 6,540,902 | 6,448,599 | 6,442,988 | |||||||||
Weighted average common shares outstanding — diluted | 6,606,489 | 6,509,675 | 6,480,024 | |||||||||
INTERMOUNTAIN COMMUNITY BANCORP KEY PERFORMANCE RATIOS | ||||||
Three Months Ended | ||||||
3/31/2014 | 12/31/2013 | 3/31/2013 | ||||
Net Interest Spread: | ||||||
Yield on Loan Portfolio | 4.81 | % | 4.89 | % | 5.25 | % |
Yield on Investments & Cash | 2.15 | % | 2.10 | % | 1.87 | % |
Yield on Interest-Earning Assets | 3.81 | % | 3.85 | % | 3.90 | % |
Cost of Deposits | 0.24 | % | 0.25 | % | 0.32 | % |
Cost of Advances | 3.14 | % | 1.46 | % | 3.14 | % |
Cost of Borrowings | 1.24 | % | 1.21 | % | 1.70 | % |
Cost of Interest-Bearing Liabilities | 0.39 | % | 0.37 | % | 0.49 | % |
Net Interest Spread | 3.42 | % | 3.47 | % | 3.41 | % |
Net Interest Margin | 3.43 | % | 3.49 | % | 3.44 | % |
Performance Ratios: | ||||||
Return on Average Assets | 0.45 | % | 2.71 | % | 0.65 | % |
Return on Average Common Stockholders' Equity | 4.42 | % | 26.49 | % | 4.88 | % |
Return on Average Common Tangible Equity (1) | 4.42 | % | 26.50 | % | 4.89 | % |
Operating Efficiency | 82.87 | % | 95.34 | % | 82.76 | % |
Noninterest Expense to Average Assets | 3.26 | % | 4.08 | % | 3.48 | % |
(1) Average common tangible equity is average common stockholders' equity less average other intangible assets. |
INTERMOUNTAIN COMMUNITY BANCORP LOAN AND REGULATORY CAPITAL DATA | ||||||||||
3/31/2014 | 12/31/2013 | 3/31/2013 | ||||||||
(Dollars in thousands) | ||||||||||
Loan Data | ||||||||||
Net Charge-Offs to Average Net Loans (QTD Annualized) | 0.01 | % | 0.42 | % | 0.35 | % | ||||
Loan Loss Allowance to Total Loans | 1.51 | % | 1.47 | % | 1.52 | % | ||||
Nonperforming Assets: | ||||||||||
Accruing Loans-90 Days Past Due | $ | — | $ | — | $ | — | ||||
Nonaccrual Loans | 4,518 | 2,668 | 5,137 | |||||||
Total Nonperforming Loans | 4,518 | 2,668 | 5,137 | |||||||
OREO | 3,768 | 3,684 | 4,664 | |||||||
Total Nonperforming Assets (“NPA”) | $ | 8,286 | $ | 6,352 | $ | 9,801 | ||||
Outstanding Troubled Debt Restructured Loans | $ | 9,866 | $ | 10,047 | $ | 7,827 | ||||
NPA to Total Assets | 0.91 | % | 0.68 | % | 1.05 | % | ||||
NPA to Net Loans Receivable | 1.63 | % | 1.23 | % | 1.97 | % | ||||
NPA to Estimated Risk Based Capital | 8.23 | % | 6.45 | % | 7.83 | % | ||||
NPA to Tangible Equity + Allowance for Loan Loss | 7.99 | % | 6.25 | % | 7.93 | % | ||||
Loan Delinquency Ratio (30 days and over) | 0.17 | % | 0.24 | % | 0.14 | % | ||||
3/31/2014 | 12/31/2013 | 3/31/2013 | ||||||||
Allowance for Loan Loss by Loan Type | (Dollars in thousands) | |||||||||
Commercial loans | $ | 1,838 | $ | 1,819 | $ | 1,763 | ||||
Commercial real estate loans | 2,370 | 2,455 | 2,814 | |||||||
Commercial construction loans | 340 | 177 | 217 | |||||||
Land and land development loans | 888 | 1,067 | 1,210 | |||||||
Agriculture loans | 754 | 726 | 241 | |||||||
Multifamily loans | 31 | 33 | 55 | |||||||
Residential real estate loans | 1,402 | 1,192 | 1,103 | |||||||
Residential construction loans | 34 | 56 | 35 | |||||||
Consumer loans | 98 | 136 | 206 | |||||||
Municipal loans | 24 | 26 | 34 | |||||||
Totals | $ | 7,779 | $ | 7,687 | $ | 7,678 | ||||
Regulatory Capital | Estimated | Actual | Actual | |||||||
Total capital (to risk-weighted assets): | 3/31/2014 | 12/31/2013 | 3/31/2013 | |||||||
The Company | 17.40 | % | 16.92 | % | 21.85 | % | ||||
Panhandle State Bank | 17.48 | % | 16.95 | % | 20.47 | % | ||||
Tier 1 capital (to risk-weighted assets): | ||||||||||
The Company | 16.15 | % | 15.67 | % | 20.60 | % | ||||
Panhandle State Bank | 16.23 | % | 15.70 | % | 19.22 | % | ||||
Tier 1 capital (to average assets): | ||||||||||
The Company | 10.37 | % | 10.06 | % | 12.69 | % | ||||
Panhandle State Bank | 10.39 | % | 10.06 | % | 11.77 | % | ||||
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