FOR IMMEDIATE RELEASE
NEWPORT BEACH, California (October 15, 2007) -- Independence Bank reported its record third quarter net income of $707,000, or $0.18 per share, a 70% increase compared to the third quarter of 2006. Net income for the nine months ended September 30, 2007 was $1.74 million, or $0.44 per share, a 527% increase compared to $278,000, or $0.07 per share for the comparable period in 2006.
Return on average equity for the three months and nine months ended September 30, 2007 was 8.19% and 6.81%, respectively, compared to 5.19% and 1.23%, respectively for the same periods in 2006.
Net interest income totaled $1.9 million and $5.1 million, respectively, for the three months and nine months ended September 30, 2007, compared to $1.4 million and $3.5 million, respectively for the same periods in 2006. The increase was largely attributable to the Bank's loan growth.
Provision for loan losses for the three months and nine months ended September 30, 2007 was $21,000 and $325,000, respectively, compared to $271,000, and $1.16 million, respectively, for the same periods in 2006. As of September 30, 2007, Independence Bank's asset quality remained strong. At September 30, 2007, the Company reported non-accrual loans in the amount of $190,000 and no loan charge-offs.
Total assets increased by 29% to $368.9 million at September 30, 2007 from $285.0 million at December 31, 2006. The increase was primarily due to the growth in the loan portfolio and investment purchases.
Total deposits increased from $187.5 million at December 31, 2006 to $236.3 million at September 30, 2007, an increase of $48.8 million. Federal Home Loan Bank (FHLB) advances were $96.4 million at September 30, 2007, compared to $63.1 million at December 31, 2006.
The Bank's Tier 1 leverage capital ratio and total risk based capital ratio were 10.23% and 10.64%, respectively at September 30, 2007, well above the regulatory minimum ratios for well-capitalized banks.
Contact Information:
Chuck Thomas, President/CEO
Phone: (949) 266-6000
Fax: (949) 266-6006
Email: cthomas@independence-bank.net
Maria Arakaki, EVP/CFO
Phone: (949) 266-6013
Fax: (949) 266-6006 Email: marakaki@independence-bank.net
Independence Bank
4525 MacArthur Boulevard
Newport Beach, CA 92660
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