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Bank of Idaho Holding Company (BOID) is the parent company of Bank of Idaho, a commercial bank headquartered in Idaho Falls, Idaho. Bank of Idaho offers a wide array of financial products and services including business, personal, mortgage banking, as well as trust and wealth management services. With a strong focus on sound financial management, the company has consistently reported positive financial results. For the quarter ended March 31, 2024, Bank of Idaho Holding Company reported consolidated net income of $3,067,000, or $0.69 per diluted share, demonstrating steady growth and commitment to prudent financial operations.
Bank of Idaho Holding Co. (OTC: BOID) has signed a definitive agreement to acquire an Eastern Washington branch network from HomeStreet, Inc. (NASDAQ: HMST), which includes five branches in Spokane, Kennewick, Dayton, Yakima, and Sunnyside. This acquisition enables BOID to expand its footprint and serve more customers while allowing HomeStreet to concentrate on larger metropolitan markets. The transaction is expected to close by August 1, 2022, subject to regulatory approvals. Both companies are committed to ensuring a seamless transition for customers.
Bank of Idaho has emerged as the leading lender in SBA loans for the Boise District Office, lending over $20 million from October 2021 to February 2022. The bank has also achieved a tie for the highest number of loans issued, totaling 16. This accomplishment reflects the bank's commitment to supporting local small businesses, as emphasized by Vice President Tony Vahsholtz. With a history dating back to 1985 and public trading under the symbol BOID since October 2019, Bank of Idaho continues to prioritize community growth and small business success.
Bank of Idaho has appointed former Ammon, Idaho Mayor Dana Kirkham as a Director for the Bank of Idaho Holding Company. Kirkham, who is currently the Director of Strategic Initiatives for Idaho Environmental Coalition, brings extensive experience from her previous role as CEO of Regional Economic Development for Eastern Idaho. She aims to offer fresh perspectives to the board, benefiting the bank's mission. Bank of Idaho, founded in 1985, is known for focusing on small businesses and has public trading under the symbol BOID since March 2020.
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.
Bank of Idaho continues to lead the way in SBA lending, ranking as the top lender in the Boise District Office for the fourth quarter of 2021. The bank lent nearly $16 million, nearly a quarter of the district's total volume, demonstrating its commitment to supporting local small businesses. Established in 1985, Bank of Idaho has expanded to 10 locations and 4 mortgage offices statewide. Since its public trading debut in October 2019 under the symbol BOID, the bank focuses on enhancing community growth through its robust SBA lending initiatives.
Bank of Idaho has facilitated the acquisition of the Record Exchange, a historic downtown Boise business, by employees Catherine Merrick, Glenn Newkirk, Chad Dryden, and Erica Sparlin Dryden. The deal was prompted by the retirement of long-time owners Michael Bunnell and Jil Sevy, ensuring the store's continuity. Bank of Idaho's support was crucial as the new owners navigated the purchase process. The new ownership, with over 40 years of combined experience, aims to continue the legacy of the store while fostering a strong relationship with the bank for future endeavors.
Bank of Idaho President and CEO Jeff Newgard testified before Congress, advocating for data security standardization across all entities handling consumer financial data. Representing the Independent Community Bankers of America, he emphasized the need to assign liability for breaches to incentivize stronger security. Newgard called for uniformity in cybersecurity regulations, highlighting the current patchwork system as problematic. His testimony underscored the importance of closing legal gaps and sharing information across the economic landscape to strengthen the overall security ecosystem.
Bank of Idaho Holding Co. (OTCQX:BOID) has successfully completed a private placement of $15 million in fixed-to-floating rate subordinated notes aimed at enhancing its banking operations. The fixed interest rate is set at 3.375% until September 2026, transitioning to a floating rate thereafter. Funds will be utilized for general banking purposes and expansion efforts. CEO Jeff Newgard expressed optimism regarding the company's future and the importance of relationships in banking.
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