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About Bank of Idaho Holding Company (OTCQX: BOID)
Bank of Idaho Holding Company, headquartered in Idaho Falls, Idaho, is the parent company of Bank of Idaho, a regional community bank serving southern Idaho and eastern Washington. With a commitment to fostering strong relationships with its customers, the bank provides a comprehensive suite of financial services tailored to meet the needs of individuals, families, and businesses. Its offerings include commercial and personal banking, mortgage lending, wealth management, and trust services. The company's focus on relationship banking and community involvement positions it as a trusted partner in its local markets.
Business Model and Revenue Streams
Bank of Idaho generates revenue primarily through interest income on a diversified loan portfolio, which includes commercial real estate loans, residential mortgages, and consumer loans. Noninterest income, derived from services such as trust management, loan sales, and deposit-related fees, provides an additional revenue stream. The bank's disciplined approach to credit and pricing, coupled with its focus on maintaining strong asset quality, ensures sustainable growth and profitability.
Market Position and Competitive Landscape
Operating in dynamic geographic markets, Bank of Idaho leverages its deep understanding of local economic conditions to identify lending opportunities and attract deposits. The bank competes with regional and national banks, as well as non-bank financial institutions, by emphasizing personalized service, competitive pricing, and innovative digital solutions. Its commitment to community banking principles differentiates it from larger institutions, fostering customer loyalty and long-term relationships.
Operational Strengths and Strategic Focus
Bank of Idaho's operational strengths lie in its disciplined credit practices, robust risk management, and efficient cost structure. The bank maintains strong capital ratios and a high-quality loan portfolio, ensuring resilience in varying economic conditions. By continually investing in technology and expanding its product offerings, the bank enhances customer experience and operational efficiency. Its focus on organic growth and strategic partnerships supports its long-term vision of sustainable success.
Commitment to Community and Sustainability
As a community-focused institution, Bank of Idaho actively supports local businesses and nonprofit organizations through lending, sponsorships, and volunteerism. The bank's dedication to fostering economic growth and financial literacy in its markets underscores its role as a cornerstone of the communities it serves.
Conclusion
Bank of Idaho Holding Company exemplifies the principles of community banking, combining personalized service with a robust financial foundation. Its strategic focus on disciplined growth, innovative solutions, and community engagement positions it as a vital player in its regional markets. With a strong commitment to its customers and stakeholders, the company continues to drive value and build trust in the ever-evolving financial landscape.
Bank of Idaho Holding Company (OTCQX:BOID) reported strong Q4 2024 financial results with consolidated net income of $4.1 million ($0.91 per diluted share), up from $3.9 million in Q3 2024 and $2.1 million in Q4 2023. Adjusted earnings were $4.3 million ($0.96 per diluted share).
Key highlights include: loans held for investment grew 3.1% to $1.033 billion in Q4; total core deposits increased 2.1% to $1.119 billion; net interest margin was 4.22%; and tangible book value per share rose to $28.11. The company maintained strong asset quality with nonaccrual loans at 0.21% of total loans.
In October 2024, the company negotiated a non-binding letter of intent with Glacier Bancorp, leading to a definitive merger agreement on January 13, 2025, at 2x premium to tangible book value per share.
Idaho Trust Company has announced an agreement to acquire the Trust and Wealth Management Division of Bank of Idaho (BOID). The strategic acquisition will expand Idaho Trust's presence in eastern Idaho and enhance its service offerings. The transaction, expected to close in Q1 2025, will increase Idaho Trust's assets under administration and advisement from $846 million to $1.13 billion.
The acquisition aligns with Idaho Trust's growth strategy and will allow Bank of Idaho to focus on its core commercial and personal banking operations. Bank of Idaho, a $1.29 billion financial institution, operates 15 branches across Southern and Eastern Idaho and Eastern Washington. Both companies emphasize their commitment to ensuring a seamless transition for existing clients, who will receive detailed information about the process in the coming weeks.
Bank of Idaho Holding Company (OTCQX:BOID) reported strong Q3 2024 financial results, with consolidated net income of $3,864,000, or $0.86 per diluted share. This represents a significant increase from $2,586,000 ($0.58 per share) in Q2 2024 and $2,572,000 ($0.58 per share) in Q3 2023. Key highlights include:
- Loans held for investment grew 4.0% in Q3 and 20.4% year-over-year
- Total core deposits increased 3.2% in Q3 and 22.7% year-over-year
- Adjusted ROAA improved to 1.11% in Q3 2024
- Tangible book value per share increased to $27.57, up 6.4% from Q2 and 19.0% year-over-year
- Net interest income grew 5.6% from the prior quarter and 9.6% year-over-year
- The efficiency ratio improved to 57.4% in Q3 2024
The company maintained strong asset quality and capital ratios, with the Bank's Tier 1 leverage ratio at 11.51% and total risk-based capital ratio at 14.52%.
Bank of Idaho Holding Company (OTCQX:BOID) reported consolidated net income of $2,586,000, or $0.58 per diluted share, for Q2 2024. This includes a one-time tax expense of $425,000. Adjusted earnings were $3,011,000, or $0.68 per diluted share. Key highlights:
- Loans held for investment grew 5.1% in Q2 and 23.3% year-over-year
- Total core deposits increased 8.0% in Q2 and 14.7% year-over-year
- Pre-tax, pre-provision net income was $4.57 million
- Tangible book value per share increased to $25.90, up 3.0% from Q1 and 12.3% year-over-year
The company maintained strong asset quality with nonaccrual loans at 0.24% of total loans. The efficiency ratio was 64.8%, and the Bank's Tier 1 leverage ratio was 11.57%.
Caleb Dimick, Chief Banking Officer at Bank of Idaho, recently graduated from the Graduate School of Banking at Colorado's Executive Development Institute for Community Bankers. The program aims to develop future executives for community banks, providing individualized resources for professional growth and strategic planning. Dimick's completion of the program highlights his commitment to the industry and customer-centric approach. Bank of Idaho, a regional community bank, offers a variety of financial products and services in Southern Idaho and Eastern Washington.
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