Bank of Idaho Holding Company Reports Fourth Quarter 2021 Financial Results

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Bank of Idaho Holding Company (OTCQX:BOID) reported fourth quarter 2021 net income of $701,000 ($0.27 per diluted share), down from $1,254,000 ($0.49 per diluted share) in the prior quarter. Total assets increased to $737.6 million, with total loans up 8.5% in the quarter to $457.1 million, and deposits rose 3.1% to $644.9 million. The bank's non-interest income decreased to $2.1 million due to lower mortgage banking revenue. Year-end total capital ratios decreased, while nonaccrual loans dropped significantly to $2.6 million. Book value per share ended at $23.77.

Positive

• Net income for 2021 was $2.33 per diluted share, up from $1.29 in 2020.
• Total loans increased 8.5% in Q4 and 28% year-over-year, excluding PPP loans.
• Deposits grew 33.9% compared to the previous year.

Negative

• Net income declined from $1,254,000 in Q3 2021 to $701,000 in Q4 2021.
• Non-interest income dropped by $183,000 from the previous quarter due to decreased mortgage banking revenue.
• Tier 1 Leverage Ratio decreased to 9.52% from 9.93% in Q3 2021.

IDAHO FALLS, ID / ACCESSWIRE / February 9, 2022 / Bank of Idaho Holding Company (OTCQX:BOID), the holding company for Bank of Idaho, today announced results (unaudited) for the fourth quarter ended December 31, 2021.

Jeff Newgard, President and CEO of Bank of Idaho commented "The Bank of Idaho saw robust loan growth in the final quarter of the year, with terrific momentum in both Eastern Idaho and the Boise metropolitan area. Throughout 2021 we saw PPP fee and mortgage banking income combine with significant increases in core loans and deposits to achieve a record-breaking year for profitability and growth. We are very pleased with the performance of our team, particularly the recently expanded SBA department, and believe we are well positioned to deliver another strong year of growth in 2022."

The Company's net income for the fourth quarter was $701,000 or $0.27 per diluted share, compared to $1,254,000 or $0.49 per diluted share in the previous quarter. For the three months ended December 2020, net income was $679,000 or $0.27 per diluted share. Earnings per diluted share for the full year 2021 were $2.33 compared to $1.29 in 2020. Assets ended the quarter at $737.6 million, up from $717.9 million on September 30, 2021, and $575.8 million on December 31, 2020.

Financial Highlights:

• Total loans held for investment were $457.1 million as of December 31, 2021, an increase of 8.5% for the fourth quarter and 8.8% for the year. Excluding PPP loans, total loans held for investment increased 11.7% from the previous quarter and were 28.0% above the same period last year. Over $55.5 million of the $97.6 million of net loan growth, ex-PPP, was generated from the Bank's Boise area offices with another $17.7 million of net growth from the SBA department. PPP loans were $11.3 million at year-end, down $60.8 million in 2021.
• Total deposits increased 3.1% in the quarter and were up 33.9% from a year ago to end 2021 at $644.9 million. Noninterestbearing deposits represented 40.7% of total deposits on December 31, 2021 and were up $64.1 million from a year ago. The $163.2 million of total deposit growth in 2021 was attributable to both higher average customer balances and increased balances from the Bank's expansion into the Boise metropolitan area.
• Fourth quarter net interest income of $6.24 million was $36,000 higher than the third quarter, with the increase in interest income from loan and securities growth offset by the decrease in fees from PPP loans and the effect of a full quarter of interest expense on the subordinated debentures issued by the Company in September 2021. Net interest income for the year ended December 31, 2021, was $24.5 million, an increase of $3.3 million over 2020.
• Non-interest income for the fourth quarter decreased $183,000 from the prior quarter to $2.1 million due to a decline in mortgage banking revenue. Year-to-date non-interest income through December 31, 2021, of $10.7 million was up $1.2 million or 12.9% from 2020, with increases in trust and mortgage banking revenue offsetting lower net gains on sales of securities.
• The Bank's Tier 1 Leverage Ratio was 9.52% as compared with the September 30, 2021, level of 9.93%. The Bank's Total Capital Ratio decreased to 15.10% from the prior quarter ratio of 16.39%. Both measures decreased due to the growth in assets, as well as the shift in asset mix from cash to loans. At year-end the holding company held over $15 million of proceeds from the September 2021 subordinated debenture issue that are available for injection to the Bank to support growth in 2022.
• Nonaccrual loans declined $448,000 during the fourth quarter to $2.6 million, down from $8.2 million at year-end 2020. The Bank had no other real estate owned at quarter-end. The Bank's allowance for loan and lease losses (ALLL) as a percent of loans held for investment was 1.60% compared to 1.71% at the end of the third quarter 2021. For the full year 2021 the Bank realized net loan loss recoveries of $109,000 and the provision for loan loss was $470,000, compared to provision of $2.6 million in 2020.
• The Company's period-end book value per share rose to $23.77 from the prior quarter-end value of $23.69 and is up $1.39 from the prior year value of $22.38 due to accreted earnings offsetting a $2.6 million reduction in the unrealized gains on available for sale securities, net of tax.

Contact:
Tyler Kraupp
Phone: 1.208.390.0667
tylerkraupp@bankofidaho.net

SOURCE: Bank Of Idaho Holding Co

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FAQ

What were Bank of Idaho Holding Company's earnings for Q4 2021?

Bank of Idaho Holding Company reported a net income of $701,000 or $0.27 per diluted share for Q4 2021.

How did total loans perform for Bank of Idaho Holding Company in Q4 2021?

Total loans held for investment increased by 8.5% for Q4 2021, totaling $457.1 million.

What is the financial outlook for Bank of Idaho Holding Company in 2022?

The company expects to maintain strong growth momentum, particularly with its expanded SBA department.

What was the total capital ratio for Bank of Idaho Holding Company at the end of 2021?

The Total Capital Ratio decreased to 15.10% at year-end 2021.

What caused the decline in non-interest income for Bank of Idaho Holding Company in Q4 2021?

The decline in non-interest income was primarily due to a decrease in mortgage banking revenue.