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Intermountain Community Bancorp made money in 2012

The Sandpoint-based holding company for Panhandle State Bank, Intermountain Community Bank, and Magic Valley Bank recorded profits for the fourth quarter and full year 2012.

Intermountain, the holding company, made $1.9 million last year, compared to a loss of $1.8 million in 2011.

For the fourth quarter 2012, the company recorded a profit of $910,000, compared to $907,000 during the same period in 2011.

Profits are due to factors that include higher loan activity and lower interest expenses, according to a company news release.

Commercial and commercial real estate loan activity picked up from 2011 to 2012. Higher loan activity contributed to an increase in receivables from $502 million in 2011 to $521 million in 2012.

The company’s shares started trading on the NASDAQ Capital Market Exchange in January. A reverse 1-for-10 stock split in October reduced the number of outstanding shares by a factor of 10.

Divisions of Panhandle operate as Intermountain Community Banks in southeastern Idaho, eastern Oregon, and eastern Washington. Magic Valley Bank is also a division of Panhandle with branches in Twin Falls and Gooding.

 

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