Idaho Independent Bank on Wednesday reported losses for the fourth quarter and full year 2009, but improved capital ratios as the Coeur d’Alene-based bank reduced its size.
For the year, IIB lost $6.65 million, or $1.06 per share, compared with net income of $1.01 million, or 16 cents per share, for 2008.
The bank lost $1.98 million, or 31 cents per share, in the fourth quarter of 2009. In the 2008 quarter, the loss was $3.67, or 59 cents per share.
Chairman Jack Gustavel noted the full-year results included a $20 million allowance for loan losses.
He said IIB has been getting solid loan applications, some from customers of competing banks, but has taken on new business slowly. The result was an almost 20 percent drop in its portfolio, to $383 million.
“Everybody’s scrambling to rebuild their foundation,” Gustavel said.
Deposits fell 9.2 percent to $415.3 million.
Total assets at Dec. 31, 2009, were $493.2 million, down 16.2 percent from the prior year.
The downsizing brought IIB’s risk-based capital ratio to 15.4 percent, well above the 10 percent benchmark set by regulators.