FOR IMMEDIATE RELEASE CONTACT:
Jeff Newgard
President and CEO - Bank of Idaho 208.528.3035,j.newgard@bankofidaho.net
Bank of Idaho Holding Company Reports First Quarter 2022 Financial Results
IDAHO FALLS, ID - (04/25/2022) - Bank of Idaho Holding Company (OTCQX: BOID), the holding company for Bank of Idaho, today announced results (unaudited) for the first quarter ended March 31, 2022.
Jeff Newgard, President and CEO of Bank of Idaho commented "The Bank of Idaho had a terrific start to 2022 with continued core loan and deposit growth. While we saw a decline in PPP fees and mortgage banking income from the elevated levels of 2021, the overall growth in earning assets helped maintain profitability. We are in our fourth year in the growing Boise metropolitan area and are seeing great returns as our relationship banking model and best-in-state SBA lending team are well received by the market."
The Company's net income for the first quarter was $1,666,000 or $0.64 per diluted share, compared to $701,000 or $0.27 per diluted share in the previous quarter. For the three months ended March 2021, net income was $2,097,000 or $0.82 per diluted share. Assets ended the quarter at $767.2 million, up from $737.6 million on December 31, 2021, and $625.5 million on March 31, 2021.
Financial Highlights:
• Total loans held for investment were $496.8 million as of March 31, 2022, an increase of 8.7% for the first quarter and 21.9% year-over-year. Excluding PPP loans, total loans held for investment increased 10.4% from the previous quarter and were 38.7% above the same period last year. $49.0 million of the Bank's $89.3 million of net loan growth over the twelve months ended March 31, 2022 was generated from the Bank's Boise area offices, with another $29.8 million of net growth from the SBA department. PPP loans were $4.6 million at quarter-end, down $48.1 million year-over-year.
• Total deposits increased 5.1% in the quarter and were up 23.4% from a year ago to end the first quarter at $677.6 million. Noninterest-bearing deposits represented 40.1% of total deposits on March 31, 2022 and were up $54.0 million from a year ago. The $128.4 million of total deposit growth in the last twelve months was attributable to both higher average customer balances and the Bank's growing customer base in the Boise metropolitan area.
• First quarter net interest income of $6.8 million was $569,000 higher than the fourth quarter and $409,000 higher than Q1 2021. The increase was driven by increased loan and securities balances and stable funding costs. Excluding the effects of PPP loan income and the recovery of interest on legacy non-accrual loans, the "core" net interest income for the quarter was $6.3 million, compared to $5.2 million for the same period of 2021.
• Non-interest income for the first quarter decreased $463,000 from the prior quarter to $1.7 million due to a decline in mortgage banking revenue and a decline in trust revenue. Mortgage banking activity has slowed due to sharply increasing interest rates, while trust revenue declined as the Bank exited a marginally profitable non-core business line with out-of-market customers. Year-to-date non-interest income through March 31, 2022 was down $1.3 million or 42.6% from Q1 2021, which was a particularly strong quarter that included OREO gains, securities gains, and elevated mortgage banking income.
• The Bank's Tier 1 Leverage Ratio was 10.25% as compared with the December 31, 2021 level of 9.52%. The Bank's Total Capital Ratio decreased to 14.90% from the prior quarter ratio of 15.11% due to a shift in assets from cash to loans and investments. The holding company contributed $5 million of capital to the Bank in the first quarter 2022, with approximately $8 million of proceeds from the 2021 subordinated debenture issue still available for injection to the Bank to support growth.
• Nonaccrual loans declined $673,000 during the first quarter to $1.9 million, down from $4.3 million at March 31, 2021. The Bank had no other real estate owned at quarter-end. The Bank's allowance for loan and lease losses as a percent of loans held for investment was 1.50% compared to 1.67% at the end of the Q1 2021. No provision for loan loss was taken in Q1 2022, as the Bank had net loan recoveries of $153,000 and credit quality indicators remained strong.
• The Company's period-end book value per share was $22.18. Book value per share was down from the prior quarter-end value of $23.77 and the prior year value of $22.20 due to changes in the unrealized gains and losses on securities, net of tax, offsetting accreted earnings. The unrealized losses on securities, net of tax, increased to $5.1 million at March 31, 2022 due to the significant increase in market rates since year-end.
BANK OF IDAHO HOLDING COMPANY CONSOLIDATED BALANCE SHEETS (unaudited)
ASSETS Cash
Interest bearing deposits in bank Certificates of deposit
Securities
Federal Home Loan Bank stock, at cost Mortgage loans held for sale
Loans
Allowance for loan losses Loans net of allowance
Accrued interest receivable Premises and equipment, net Other real estate owned Other assets
TOTAL ASSETS
LIABILITIES
Noninterest-bearing demand Interest-bearing demand Time certificates of deposits Total deposits
Accrued interest payable
Accounts payable and accrued liabilities Operating lease liabilities
Stock appreciation rights FHLB advances
Other borrowings Finance lease borrowings
Total liabilities
STOCKHOLDERS' EQUITY
Common stock, no par value, 4,000,000 shares authorized, 2,593,186 outstanding at March 31, 2022; 2,577,373 outstanding at December 31, 2021; 2,526,085 outstanding at March 31, 2021.
Retained earnings
Accumulated other comprehensive income (loss)
Total stockholders' equity
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
Mar 31, 2022
Dec 31, 2021
Mar 31, 2021
$
14,392,656 $
6,070,882 $ 10,254,091
78,451,626
103,237,270 70,717,380
155,318,169
885,100
782,600
782,600 146,394,656 689,900
288,600 112,642,679 689,900
496,855,184
9,753,343
15,767,549 14,564,066 457,057,081 407,547,351
(7,471,000)
(7,318,198)
(6,808,132)
489,384,184
449,738,883 400,739,219
10,375,116 -
2,361,411
2,517,564 2,095,367 9,175,401 11,232,025
5,512,724
- 3,247,915
- 2,267,097
$ $
767,216,929 $
737,622,620 $
625,490,424
387,954,100
271,861,678 $
17,780,067
262,587,920 $ 217,893,596 365,049,724 315,665,969 17,274,438 15,636,012
677,595,845
39,557
644,912,082 183,834
549,195,577 16,917
2,754,891
3,126,128 3,378,876
4,084,215
2,873,770 1,768,313
282,924 -326,305 -109,171 -
24,502,821
24,489,202 10,435,456
709,690,158
429,905
443,112 3,370,972 676,354,433 568,275,282
28,242,121 34,375,485 (5,090,835) 57,526,771
27,735,150 27,545,254 32,709,633 28,800,585
823,404 61,268,187
869,303 57,215,142
$
767,216,929 $
737,622,620 $
625,490,424
BANK OF IDAHO HOLDING COMPANY CONSOLIDATED STATEMENTS OF INCOME (unaudited)
Interest and Dividend Income Loans, including fees Securities
Interest bearing deposits
Total interest and dividend income
Interest Expense
NOW demand and savings Money market
Time certificates of deposit
FHLB advances and other borrowings
Total interest expense
Net interest income before provision for loan losses Provision for loan losses
Net interest income after provision for loan losses
Noninterest Income
Service charges on deposit accounts
Gain on sale of mortgage loans held for sale Merchant card income
Trust fee income
Gain on sale of securities Gain on sale of loans
Gain on sale of other real estate owned Other noninterest income
Total noninterest income
Noninterest Expense
Salaries, wages & benefits Net occupancy expense
Advertising and business development Accounting and consulting
Bankcard and merchant services Data processing
Legal
Telephone, postage and courier Other real estate owned expense
Loss on sale of other real estate owned Office supplies
FDIC assessment
General and administrative
Total noninterest expense Income before income taxes Income tax expense (benefit)
Net Income
Basic earnings per share Diluted earnings per sharePERFORMANCE RATIOS Return on average assets Return on average equity
LEVERAGE (Bank of Idaho)
Tier 1 Leverage ratio Total Capital ratio
ASSET QUALITY Nonaccrual loans/loans Allowance for loan losses/loans
QUARTERLY
Mar 31, 2022
Dec 31, 2021
Mar 31, 2021
$
6,310,177 $ 816,126 46,732 7,173,035
5,795,970 $ 751,558 61,363 6,608,891
5,982,711 $ 658,461 17,943 6,659,115
51,268
54,642
46,759
10,864
10,996
10,681
15,461
16,436
19,687
286,647
286,783
182,301
6,808,795 - 6,808,795
364,240
6,240,034 100,000 6,140,034
368,857
259,428 6,399,687 220,003 6,179,684
141,693
145,389
118,095
817,623
1,144,447
2,017,953
14,154
18,120
11,424
498,723 -
581,084 -
431,894
69,411
2,417 -
2,447 -
2,531
38,992
181,705
227,919
195,675
1,656,315
2,119,406
2,885,975
3,879,811
4,768,969
4,375,910
656,860
628,000
631,987
270,439
321,090
207,026
135,292
136,777
114,685
(1,486)
2,072
(1,756)
209,027
557,144
433,523
17,691
45,663
40,252
65,093 - -
81,724 - -
75,716
(3,404) - (3,404)
-
16,689
18,917
31,079
93,537
62,358
104,823
790,770
739,684
211,733
6,133,723
7,362,398
6,221,574
2,331,387
897,042
2,844,085
665,535
195,928
747,054
$
1,665,852 $
701,114 $
2,097,031
$0.65 $0.64
$0.27 $0.27
$0.82 $0.82
QUARTERLY
Mar 31, 2022
Dec 31, 2021
Mar 31, 2021
0.88% 11.42% 10.25% 14.90%
0.38% 1.37%
4.63% 14.60%
9.52% 10.11%
15.11% 15.65%
0.38% 1.50%
0.56% 1.07%
1.60% 1.67%
YEAR-TO-DATE
Mar 31, 2022
Mar 31, 2021
6,310,177 $ 5,982,711
816,126 658,461
46,732 17,943 7,173,035 6,659,115
51,268 46,759 10,864 10,681 15,461 19,687 286,647 182,301
364,240 6,808,795 -259,428 6,399,687 220,003
6,808,795 6,179,684
141,693
118,095
817,623 2,017,953
14,154 11,424
498,723 431,894
- 69,411
2,417 2,531
- 38,992
181,705 195,675
1,656,315 2,885,975
3,879,811 4,375,910
656,860 631,987
270,439 207,026
135,292 114,685
(1,486) (1,756)
209,027 433,523
17,691 40,252
65,093 75,716
-
-16,689 31,079
93,537 104,823
790,770 211,733
6,133,723 6,221,574
2,331,387 2,844,085
665,535
747,054
$
1,665,852 $
2,097,031
$0.65 $0.82
$0.64 $0.82
YEAR-TO-DATE
Mar 31, 2022 | Mar 31, 2021 |
0.88% | 1.37% |
11.42% | 14.60% |
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Disclaimer
Bank of Idaho Holding Co. published this content on 25 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 April 2022 17:49:03 UTC.