Intermountain Community Bancorp made money in 2012
Published: February 14,2013
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.