Bank of Idaho Holding Company Reports Second Quarter 2022 Financial Results

IDAHO FALLS, ID / ACCESSWIRE / August 9, 2022 / Bank of Idaho Holding Company (OTCQX:BOID), the holding company for Bank of Idaho, today announced results (unaudited) for the second quarter ended June 30, 2022.

Jeff Newgard, President and CEO of Bank of Idaho commented "The second quarter of 2022 was a significant chapter in the Bank of Idaho growth story. The Bank announced its expansion into Eastern Washington state with the opening of a branch in Pasco and the acquisition of five HomeStreet Bank branches in Spokane, Yakima, Dayton, Kennewick, and Sunnyside. Additionally, the Bank opened a its fourth branch in the Boise, Idaho metropolitan area. To support this expansion, the Bank of Idaho Holding Company successfully raised over $52 million in new equity capital during the quarter, although the downstream of capital to the Bank did not occur until the legal close of the branch acquisition in late July." Mr. Newgard also noted that the Bank continued to see robust core loan demand throughout the second quarter, while mortgage banking activity slowed with the increase in interest rates.

The Company's consolidated net income for the second quarter was $1,106,000 or $0.30 per diluted share, compared to $1,665,000 or $0.64 per diluted share in the previous quarter. For the three months ended June 2021, net income was $1,953,000 or $0.76 per diluted share. Assets ended the second quarter at $821.8 million, up $54.7 million (7.1%) from the prior quarter and $160.7 million (24.3%) from the prior year.

Financial Highlights:

• Total loans held for investment were $538.0 million as of June 30, 2022, an increase of $41.1 million (8.3%) for the quarter and $122.3 million (29.4%) year-over-year. Approximately 47% of the year-over-year loan growth has been from the Bank's Boisearea locations, with another 20% coming from the growing SBA department. Excluding PPP loans, total loans held for investment increased $156.6 million (41.1%) from the same period last year. PPP loans were $467,000 at quarter-end.

• Total deposits were up $2.2 million (0.3%) in the quarter and were up $96.8 million (16.6%) from a year ago to end the quarter at $679.8 million. Noninterest-bearing deposits represented 41% of total deposits on June 30, 2022 and were up $36.6 million from a year ago. The Bank has seen some slowing of deposit growth from the extraordinary increases experienced during 2021, although the pending acquisition will result in a significant increase in deposits in the third quarter.