Bank of Idaho Holding Company Reports Second Quarter 2023 Financial Results

IDAHO FALLS, ID / ACCESSWIRE / July 25, 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 June 30, 2023. The Company reported consolidated net income of $2,274,000, or $0.51 per diluted share, for the second quarter of 2023. This compares to $1,589,000, or $0.36 per diluted share, for the first quarter of 2023, and $1,106,000 or $0.30 per diluted share, for the second quarter of 2022.

"Bank of Idaho's commitment to sound financial management and outstanding customer service has propelled us to remarkable achievements in Q2 2023," said Jeff Newgard, Chairman, President, and CEO of Bank of Idaho. "We are encouraged to report our long-term, diversified deposit relationships remain loyal customers while our debt-free and liquid balance sheet continues to be a source of strength and stability. We are proud to show favorable growth in earnings, total deposits, and total loans through Q2 2023 compared to Q1 2023 despite continued NIM pressures and a tightening liquidity landscape. We continue to benefit from strong asset quality and remain committed to our established fundamentals as we move through the rest of the year."

Quarterly Summary

• Loans held for investment grew $38.5 million, or 5.2%, in Q2 2023 and increased $243.7 million, or 45.3%, from Q2 2022. The size of the increase from the prior year was impacted by the acquisition of five HomeStreet Bank branches in the third quarter of 2022 and further boosted by continued loan growth.
• Total deposits increased $46.3 million, or 5.5%, in Q2 2023 and were up $213.8 million, or 31.4%, from Q2 2022. The deposit increase was also favorably impacted by the HomeStreet branch purchases in Q3 2022.
• Pre-tax, pre-provision ("PTPP") net income was $3.66 million in Q2 2023, compared to $3.17 million in Q1 2023 and $1.52 million in Q2 2022.
• Tangible book value ("TBV") per share decreased to $23.06, or 1.2%, from $23.33 at Q1 2023, and was down 5.1% from $24.31 at Q2 2022. The decrease in TBV is primarily attributable to unrealized losses within our securities portfolio.

Operating Results