Idaho Independent Bank posted a net loss of $3.7 million for the fourth quarter.

Jack W. Gustavel, chairman and chief executive officer of Idaho Independent Bank, announced IIB's consolidated unaudited financial results for the fourth quarter and year ended Dec. 31.

Gustavel reported that after posting $1.5 million of non-cash income tax expense to adjust the Bank's deferred tax asset account, IIB's net loss after tax for the quarter ended Dec. 31, was $3.7 million, or 46 cents per diluted share.

This compares to a net loss after tax of $2.9 million, or 46 cents per diluted share, for the same period a year ago. IIB's net loss after tax for the year ended Dec. 31, including the non-cash tax expense, was $6.4 million, or 94 cents per diluted share, compared to a net loss after tax of $5.7 million, or 89 cents per diluted share, for the year ended Dec. 31, 2010.

Under accounting rules, the non-cash adjustments to IIB's deferred tax asset can be recaptured if it becomes more certain the bank will be able to realize the tax benefit through future earnings.

"While IIB made a great deal of progress in 2011, we will continue to work on improving asset quality, maintaining cost controls, and managing growth during 2012," Gustavel said.

IIB's total assets as of Dec. 31, decreased $0.8 million, or less than 1 percent, to $440.8 million from $441.6 million at Dec. 31, 2010. Total loans, including loans held-for-sale, at Dec. 31, 2011, decreased $43.7 million, or 15.0 percent, to $247.4 million from $291.1 million at Dec. 31, 2010.