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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 Co. (OTCQX:BOID) has successfully completed a $53.2 million private placement of common stock aimed at enhancing its capital for regulatory compliance, hiring, and market expansion.
The funding is expected to support the Company’s strategic plan, ensuring growth and added value for shareholders. President & CEO Jeff Newgard expressed optimism about the potential benefits resulting from this capital raise. The offering was facilitated by MJC Partners, LLC, underscoring strong investor confidence in Bank of Idaho's future.
Bank of Idaho Holding Co. (OTCQX:BOID) announced a purchase agreement to acquire five branches from HomeStreet, Inc. in Eastern Washington, including locations in Spokane, Kennewick, Dayton, Yakima, and Sunnyside. The transaction aims to enhance Bank of Idaho's presence and service offerings, with an expected close date on or before August 1, 2022, pending regulatory approvals. This expansion reflects the company's commitment to community service and support for small businesses.
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.
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