Growth Accelerates At North Idaho Bank
Idaho Independent Bank has almost doubled in size in the last year, according to financial results released Tuesday.
For the 12 months ended June 30, the institution based in Hayden Lake increased total loans 83 percent to $52.7 million, and boosted deposits and repurchase agreements 101 percent to $76.9 million.
Assets swelled 93 percent to $84.9 million.
Earnings grew 48 percent, from $188,000 a year ago to $278,000.
Chairman Jack Gustavel said a Boise branch opened last Nov. 1 accounts for slightly more than one-half Idaho Independent’s growth.
The response has been so great, he said, managers are looking for another potential location in Boise, Nampa or Caldwell to open within the next year.
The bank’s other branches are in Hayden Lake and Coeur d’Alene.