Bank of Idaho Holding Company Reports Second Quarter Results

Rhea-AI Summary

Bank of Idaho Holding Company (OTCQX:BOID) reported its second-quarter results for 2021, showing net income of $1,954,000, or $0.76 per diluted share, down from $2,097,000 or $0.82 per diluted share in the previous quarter. Total assets increased to $661 million, while deposits surged 29.5% year-over-year. Loan growth (excluding PPP) rose 7.5% quarter-over-quarter, led by commercial real estate. The bank's Tier 1 leverage ratio decreased to 9.55%, and book value per share improved to $23.30. Nonaccrual loans decreased to $4.1 million.

Positive

• Net income of $1,954,000, reflecting a strong performance despite a quarterly decline.
• Total assets increased to $661 million, indicating growth and stability.
• Deposit growth of 29.5% year-over-year, showing strong customer trust and retention.
• Loan growth (excluding PPP loans) rose 7.5% from the previous quarter, indicative of demand in the market.
• Book value per share increased to $23.30, a positive sign for shareholder value.

Negative

• Net income decreased from the previous quarter, which could raise concerns among investors.
• Tier 1 leverage ratio dropped to 9.55%, suggesting a potential decrease in capital efficiency.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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IDAHO FALLS, ID / ACCESSWIRE / August 19, 2021 / Bank of Idaho Holding Company (OTCQX:BOID), the holding company for Bank of Idaho, has announced results (unaudited) for the second quarter, which ended on June 30.

The Company's net income for the second quarter was $1,954,000, or $0.76 per diluted share, compared to $2,097,000 or $0.82 per diluted share in the previous quarter. For the three months ended June 2020, net income was $1,087,000 or $0.43 per diluted share. Assets ended the quarter at $661 million, up from $625 million on March 31, 2021, and were $110 million higher than June 30, 2020.

'Interest income, strong mortgage revenue, and fees collected from the Payroll Protection Program loans contributed to the solid income performance of the company in the first half of 2021,' said Bank of Idaho President and CEO Jeff Newgard. He also noted the robust growth of the balance sheet resulting from strong demand for commercial and commercial real estate financing in the Bank's market footprint and the substantial increase in total deposits.

Financial Highlights include:

• Loans, other than PPP loans, increased 7.5% from the previous quarter and were 23.2% above the same period last year. Growth for the quarter was led by the owner-occupied commercial real estate sector, with additional increases in the 1-4 family construction, farmland and commercial portfolios. Including PPP loans, loan growth was 2.0% for the quarter and 3.4% from a year ago. PPP loan balances during the quarter declined due to pay downs or were forgiven by the SBA under the terms of the plan.

• Deposit growth maintained its momentum throughout the quarter with contributions from both new accounts and increased balances held by existing customers. Total deposits increased 6.2% in the quarter and were up 29.5% or $133 million from a year ago. Noninterest bearing deposits represented 41.5% of total deposits on June 30, 2021, an increase of 11.1% in the quarter and 20.3% year-over-year.

• The Bank's Tier 1 leverage ratio was 9.55%, as compared with the March 31, 2021 level of 10.11%. As in the prior quarter, the drop in the ratio was attributable to the significant inflow of deposits resulting in an increase in the size of the balance sheet. The bank's total capital ratio at quarter end was 15.54%, down slightly from the prior quarter ratio of 15.65%.

• The Company's period-end book value per share rose to $23.30 from the prior quarter-end value of $22.20 and is up $1.75 from the prior year value of $21.55 due to accreted earnings offsetting a reduction in the unrealized gains on available for sale securities.

• Nonaccrual loans continued to decline, ending the quarter at $4.1 million. The balance is down from $4.3 million and $9.1 million as of March 31, 2021 and June 30, 2020, respectively. The Bank had no other real estate at quarter-end. Agriculture production and agriculture real estate credits remain the majority of the bank's nonaccrual loans. The bank's allowance for loan and lease losses (ALLL) as a percent of loans was 1.64% compared to 1.67% at the end of the first quarter 2021. The ALLL as a percent of loans excluding PPP loans was 1.79% compared to 1.92% at the end of the first quarter and 1.74% one year ago. PPP loans are 100% guaranteed and present no loss potential to the Bank.

'The second quarter of 2021 was another strong quarter for the Bank of Idaho. The recent PPP and mortgage-driven revenue continued to boost earnings throughout the period,' Newgard said. 'However, increasing market penetration in the Boise metropolitan area, contributions from our SBA team, and a healthy loan pipeline provide a solid core revenue base for the coming quarters.'

CONTACT:
Jeff Newgard
President and CEO, Bank of Idaho
208.528.3035
j.newgard@bankofidaho.net

SOURCE: Bank of Idaho Holding Company

View source version on accesswire.com:
https://www.accesswire.com/659932/Bank-of-Idaho-Holding-Company-Reports-Second-Quarter-Results

FAQ

What are the latest financial results for Bank of Idaho Holding Company (BOID)?

Bank of Idaho reported net income of $1,954,000 or $0.76 per diluted share for Q2 2021.

How have Bank of Idaho's total assets changed recently?

Total assets increased to $661 million as of June 30, 2021, up from $625 million on March 31, 2021.

What was the growth rate of deposits for Bank of Idaho (BOID)?

Deposits grew by 29.5% year-over-year, reaching $133 million more than a year ago.

Did Bank of Idaho experience any changes in loan performance?

Loans, excluding PPP loans, increased by 7.5% from the previous quarter.

What was the book value per share for Bank of Idaho (BOID) in Q2 2021?

The book value per share rose to $23.30 in Q2 2021.