Mt. West soars in 3rd quarter

COEUR d’ALENE — Mountain West Bank announced record earnings and balance sheet growth information for the 12-month period ending Dec. 31, 2007.  

Earnings after tax for the 12 months were $14,078,000, up over 3 percent for the year of 2006. Earnings after tax for the fourth quarter of 2007 were $3,438,711, down $762,289 from the fourth quarter of 2006, though 2006 earnings for the year and fourth quarter were benefited by a one-time adjustment reducing income taxes by about $815,000.

Total assets were $1.038 billion, an increase of $119 million, or approximately 13 percent since Dec. 31, 2006.  Loans were $847 million, up 19 percent for the same time period, and average deposits and retail repurchase agreements were $699 million, an increase of 1 percent from the previous year. 

The 2007 provision for loan losses expense was $2,225,000, primarily to provide for loan growth. Charged off loans exceeded recovery of previously charged-off loans during the year by $143,365.  

Mountain West Bank CEO Jon Hippler stated, “We are very pleased with these results, especially considering the challenges of the current banking environment. It is a great testament to the efforts and professional skills of our nearly 400 employees as well as the loyalty of our thousands of customers.” 

Mountain West Bank, an Idaho state-chartered commercial bank headquartered in Coeur d’Alene, has 23 branches operating in Idaho, Washington, and Utah. The bank opened one new office during the year, in Eagle. 

Mountain West Bank is an equal housing lender and FDIC insured. It is part of the Glacier Bancorp holding company, a publicly traded ~$4.7 billion corporation based in Kalispell, Mont.