Bank Idaho Hldg - BOID STOCK NEWS

Bank of Idaho Holding Company (OTCQX: BOID) announced its financial results for Q1 2023, reporting a consolidated net income of $1,589,000 or $0.36 per diluted share, which is a decline from $2,594,000 in Q4 2022 and $1,665,000 in Q1 2022. Loans held for investment rose by $43.8 million (6.3%) compared to the previous quarter and $246.3 million (49.6%) year-over-year, aided by the acquisition of five HomeStreet Bank branches. Total deposits increased $8.6 million (1.0%) in Q1 2023, and tangible book value per share grew 4.1% to $23.33. Despite these positives, net interest income fell by $320,000 (2.7%) due to rising interest expenses, and the efficiency ratio rose to 75.08%.

Bank of Idaho CEO Jeff Newgard has been appointed to the Federal Delegate Board of the Independent Community Bankers of America (ICBA). He will represent community banks nationwide, contributing to policy discussions that affect local economies. The ICBA Federal Delegate Board serves as a platform for community bank leaders to communicate with policymakers about the implications of legislation and regulations. Established for 38 years, Bank of Idaho has recently expanded its services into Eastern Washington, providing personalized banking solutions.

Bank of Idaho announced the appointment of Jeff Manser as interim CFO, effective January 30, 2023. Manser previously served as CFO from April 2004 to December 2021, and brings substantial expertise in financial leadership, planning, analysis, and investor relations. Chairman and CEO Jeff Newgard expressed confidence in Manser's ability to guide financial operations during this transition. The bank has also initiated a nationwide search for a permanent CFO.

Bank of Idaho announces its annual Swing for the Green Charity Golf Tournament will be held in Boise on September 15-16, 2022, at Banbury Golf Club. Proceeds will support the College of Western Idaho, continuing the bank's commitment to community and education. The tournament series has raised nearly $100,000 for various educational institutions since its inception in 2018. The event includes a 25-team tournament featuring LPGA professionals, auctions, shopping, and a pre-tournament party with live entertainment.

Bank of Idaho has expanded its presence in the Treasure Valley region with a new branch located at Fairview Avenue and Five Mile Road, which opened on May 16, 2022. This marks the fourth location in the area, following earlier expansions in Downtown Boise, Nampa, and Overland Road. The bank emphasizes support for small businesses, vital to Idaho's economy, and aims to build lasting relationships with clients. With a total of 11 full-service locations and a focus on SBA lending, Bank of Idaho continues to prioritize community growth and local engagement.

Bank of Idaho has expanded into Eastern Washington by acquiring five branches from HomeStreet Bank and opening a loan production office in Pasco. The transition aims to create a comprehensive banking ecosystem while retaining local staff. This move marks Bank of Idaho's first extension beyond Idaho's borders, aligning with its commitment to agriculture and small business support. The completion of the branch integration is expected by August 1. The bank also brings in seasoned professionals with over 70 years of experience in agricultural and commercial loans.