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Idaho Independent Bank Q1 earnings down

Idaho Independent Bank has reported a net income of $2.1 million, or $0.33 per diluted share for the first quarter ended March 31, 2008, compared to $2.6 million, or $0.40 per diluted share for the same quarter of 2007.

The bank’s total assets as of March 31, 2008, decreased $22.4 million, or 3.5% to $611.2 million from $633.6 million as of March 31, 2007.

Total loans, including loans held-for-sale, at March 31, 2008 increased $15.3 million, or 3% to $524 million from $508.7 million as of March 31, 2007.

Total deposits and customer repurchase agreements decreased $48.7 million, or 8.8% to $507.5 million at March 31, 2008, from $556.2 million as of March 31, 2007.