Bank of Idaho Holding Company Reports First Quarter 2024 Financial Results

IDAHO FALLS, ID / ACCESSWIRE / April 23, 2024 / Bank of Idaho Holding Company (the "Company") (OTCQX:BOID), the holding company for Bank of Idaho (the "Bank"), today announced its unaudited financial results for the quarter ended March 31, 2024. The Company reported consolidated net income of $3,067,000, or $0.69 per diluted share, for the first quarter of 2024. This compares to $2,076,000, or $0.47 per diluted share, for the fourth quarter of 2023, and $1,589,000 or $0.36 per diluted share, for the first quarter of 2023.

"We are pleased to announce an excellent first quarter with the Bank of Idaho generating $4.8 million in pre-tax, pre-provision income and $0.69 earnings per share. Our commitment to prioritizing credit and pricing discipline continues to set the foundation for ongoing growth," said Jeff Newgard, Chairman, President, and CEO of Bank of Idaho. "As a result, portfolio loan production for the first quarter was $72.8 million. We are positioned in dynamic geographic markets, which produce strong loan growth. We remain confident for the remainder of 2024 and beyond."

Quarterly Summary

Loans held for investment grew $33.9 million, or 3.8%, in Q1 2024 and increased $173.6 million, or 23.4%, from Q1 2023.

Total core deposits increased $30.9 million, or 3.3%, in Q1 2024 and were up $101.6 million, or 12.0%, from Q1 2023.

Pre-tax, pre-provision ("PTPP") net income was $4.76 million in Q1 2024, compared to $4.39 million in Q4 2023 and $3.17 million in Q1 2023.

Tangible book value ("TBV") per share increased to $25.16, or 2.5%, from $24.55 at Q4 2023, and increased 7.8% from $23.33 at Q1 2023. The increase in TBV is attributable to earnings offset by an increase in unrealized losses within our securities portfolio.

Operating Results

Net income for the first quarter of 2024 was $3,067,000, or $0.69 per diluted share, compared to net income of $2,076,000, or $0.47 per diluted share, for Q4 2023, and $1,589,000, or $0.36 per diluted share, for the same quarter last year. The increase from the prior quarter was the result of a decrease in provision expense of $955,000, an increase of $163,000 in non-interest income, a decrease in non-interest expense of $276,000 offset by an increase of $334,000 in tax expense.