Bank of Idaho Holding Company Reports Third Quarter 2023 Financial Results

IDAHO FALLS, ID / ACCESSWIRE / October 24, 2023 / 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 September 30, 2023. The Company reported consolidated net income of $2,572,000, or $0.58 per diluted share, for the third quarter of 2023. This compares to $2,274,000, or $0.51 per diluted share, for the second quarter of 2023, and $678,000 or $0.15 per diluted share, for the third quarter of 2022.

"Bank of Idaho's third quarter earnings reflect our steadfast commitment to relationship banking, measured growth, and serving our community," said Jeff Newgard, Chairman, President, and CEO of Bank of Idaho. "We saw meaningful growth in loans, deposits and net income. Our results are not isolated, but a testament to our strategic vision which continues to serve us well. Our balance sheet is well positioned to manage through these uncertain economic times while still capitalizing on growth opportunities in markets across our footprint."

Quarterly Summary

• Loans held for investment grew $50.7 million, or 6.5%, in Q3 2023 and increased $194.2 million, or 30.4%, from Q3 2022.
• Total deposits increased $10.7 million, or 1.2%, in Q3 2023 and were up $50.9 million, or 6.0%, from Q3 2022.
• Pre-tax, pre-provision ("PTPP") net income was $4.23 million in Q3 2023, compared to $3.66 million in Q2 2023 and $1.29 million in Q3 2022.
• Tangible book value ("TBV") per share increased to $23.16, or 0.4%, from $23.06 at Q2 2023, and increased 7.9% from $21.46 at Q3 2022. 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 third quarter of 2023 was $2,572,000, or $0.58 per diluted share, compared to net income of $2,274,000, or $0.51 per diluted share, for Q2 2023, and $678,000, or $0.15 per diluted share, for the same quarter last year. The increase from the prior quarter was the result of an increase in net interest income of $337,000 and an increase of $216,000 in non-interest income offset by increased provision for loan loss of $155,000 and tax expense of $122,000. Non-interest expense was flat from the linked quarter.