Total Assets

+0.13% (from $27,822,170K to $27,858,879K)

Total Assets barely increased as balanced motions in various asset categories (such as modest organic loan growth and declines in certain securities) left the overall asset base almost unchanged from the prior period. "

Stockholders’ Equity

+5.7% (from $3,110,707K to $3,287,608K)

The rise in Stockholders’ Equity reflects the impact of improved underlying earnings, increased retained earnings and prior acquisitions (including common stock issuance) that boosted equity from a lower base in previous periods. "

Cash on Hand and in Banks

+39% (from $232,064K to $322,253K)

A marked increase in cash on hand and in banks indicates effective liquidity management and an enhanced balance of interest‐bearing deposits compared to previous periods, likely driven by adjustments in cash strategies amid evolving market conditions. "

Cash and Cash Equivalents

+24.5% (from $788,660K to $981,485K)

The robust growth in cash and cash equivalents is attributable to improved operational cash flows and adjusted liquidity management measures relative to earlier periods, reflecting the company’s proactive stance to bolster liquidity. "

Loans Held for Sale

+50% (from $27,035K to $40,523K)

Loans held for sale surged owing to a significant increase in net origination—where the volume of newly originated loans exceeded proceeds from sales—continuing a trend of active asset management seen in previous periods. "

Debt Securities – Available-for-Sale & Held-to-Maturity

Overall decline of 7.98% ( -9.9% for Available-for-Sale and -5.7% for Held-to-Maturity)

A decline in debt securities is driven by adverse market conditions such as rising interest rates and widening spreads, which reduced fair values relative to previous periods; this was compounded by strategic rebalancing of the portfolio that had earlier expanded through acquisitions. "

Federal Home Loan Bank Advances

-29% (from $2,140,157K to $1,520,000K)

The significant contraction in FHLB advances reflects a strategic funding shift—stemming from repayment of earlier borrowings and lower reliance on FHLB sources compared to past periods, as the company adapted its liquidity strategy. "

Other Borrowed Funds

-30% (from $88,814K to $62,216K)

A substantial reduction in Other Borrowed Funds indicates a move toward internal financing and a tighter approach to non-traditional borrowings, in contrast to a marginal increase seen previously, which underscores improved balance sheet management. "

Premises and Equipment, Net

-7.2% (from $443,273K to $411,095K)

The decline in Premises and Equipment, Net is likely due to depreciation exceeding capital investments and possible asset reclassifications—such as disposals or conversions—which continued a trend noted in earlier periods where depreciation pressures began to outweigh net additions. "

Core Noninterest Expense

Q2 2025

$151–$154 million per quarter " "

$157–$158 million (including $6M from Bank of Idaho) "

raised

Core Noninterest Expense

Q3 2025

$151–$154 million per quarter " "

$160–$162 million (including $9–$10M from Bank of Idaho) "

raised

Core Noninterest Expense

Q4 2025

$151–$154 million per quarter " "

$160–$162 million (including $9–$10M from Bank of Idaho) "

raised

Bank of Idaho Contribution to Noninterest Expense

Q2 2025

Expected addition of $9–$10 million per quarter "

$6 million "

lowered

Bank of Idaho Contribution to Noninterest Expense

Q3 2025

$9–$10 million per quarter "

$9–$10 million "

no change

Bank of Idaho Contribution to Noninterest Expense

Q4 2025

$9–$10 million per quarter "

$9–$10 million "

no change

Net Interest Margin

Q4 2025

no prior guidance

$340–$345 million (including Bank of Idaho) "

no prior guidance

Securities Cash Flow

Q1 2025

$275 million "

no current guidance

no current guidance

Securities Cash Flow

Q2 2025

$50 million "

no current guidance

no current guidance

Securities Cash Flow

Q4 2025

$270 million "

no current guidance

no current guidance

Net Income Guidance

FY 2025

$320–$325 million " "

no current guidance

no current guidance

Loan Growth

FY 2025

Organic loan growth expected to be low–mid-single digits "

Low to mid-single-digit growth "

no change

Loan Yield

FY 2025

Approximately $2 billion of loans to reprice at 100–125 bps higher "

no current guidance

no current guidance

Net Interest Margin

FY 2025

no prior guidance

$320–$325 million "

no prior guidance

Bank of Idaho Margin Contribution

FY 2025

no prior guidance

4 basis points lift "

no prior guidance

Margin Expansion

In Q4 2024, margin expansion was driven by lower deposit costs (aided by Fed rate cuts) and asset repricing, with the net interest margin at 2.97% showing improvement over previous quarters. " "

In Q1 2025, margin expansion continued with a stronger net interest margin of 3.04% driven by lower deposit costs, higher loan yields, and robust loan repricing. Structural drivers were emphasized, noting that margins are not dependent on Fed actions. "

Positive momentum – the trend shows an improved margin performance and growing reliance on structural drivers instead of external rate cuts.

Loan Repricing and Loan Yields

In Q4 2024, loan repricing was a key revenue driver with approximately $2 billion in loans set to reprice in 2025, and loan yields were at 5.72%, expected to increase by 100 to 125 basis points, supporting further margin expansion. " "

In Q1 2025, loan repricing remained central with yields improving to 5.77% and strong new origination yields (around 7.40%), further supporting revenue growth and margin expansion. " "

Consistent improvement – the narrative is consistent across periods with slight improvements in yields, reinforcing confidence in loan repricing as a revenue engine.

Organic Loan Growth and Pipeline

In Q4 2024, the organic loan growth outlook was cautious: the pipeline was described as stable with early-stage opportunities but overall mixed signals on the pace and sustainability of low to mid-single-digit organic growth. " "

In Q1 2025, the pipeline remained strong with notable production in the Construction segment and tailwinds from seasonal recovery; however, some mixed signals persisted regarding overall pace and sustainability. "

Slightly improved sentiment with caution – while the pipeline shows robust segments, uncertainty remains over the long-term growth pace.

Strategic M&A Activity

Q4 2024 discussions emphasized the Bank of Idaho acquisition along with previous acquisitions (Rocky Mountain and Wheatland Bank) as part of a disciplined M&A strategy to expand in high-growth markets. "

Q1 2025 continued to focus on the Bank of Idaho acquisition—with details on its closing expected by the end of April 2025 and its contribution to margin lift—and mentioned ongoing discussions for further deals. "

Continued strategic focus – the strategic acquisition narrative persists with additional details on integration timelines and margin impacts emerging in Q1 2025.

Acquisition Integration Expenses

In Q4 2024, there was less emphasis on integration expenses; the focus was mainly on cost savings achieved from recent acquisitions and overall expense guidance. " "

In Q1 2025, acquisition integration expenses were clearly highlighted, noting $600,000 in merger-related expenses for the quarter and outlining the expected noninterest expense impact from the Bank of Idaho acquisition going forward. "

New emphasis – Q1 2025 introduces a more detailed discussion of integration expenses, impacting short-term profitability, as part of the systematic integration of new acquisitions.

Credit Quality and Underwriting

In Q4 2024, credit quality was described as “benign” with very good overall performance despite a slight uptick in charge-offs due to routine year-end adjustments; underwriting discipline remained stringent. " " "

In Q1 2025, credit performance continued to be excellent with a near record performance, although there was a slight increase in the allowance for credit losses (from 1.19% to 1.22%) as a precaution; underwriting discipline remained strong despite minor issues. " "

Steady with cautious fine-tuning – consistent strong credit quality and underwriting discipline, with incremental adjustments reflecting economic uncertainties.

Deposit Trends and Funding Pressures

In Q4 2024, funding pressures were noted with a seasonal decline in noninterest-bearing deposits; deposit cost reductions were highlighted, and normalization was anticipated as seasonal factors unwound. " "

In Q1 2025, deposit levels increased by 2% annualized to $20.6 billion, with effective management of funding costs (lower total funding and core deposit costs), though noninterest-bearing deposit trends were less of a focus than overall deposit performance. " "

Improved deposit performance – while earlier concerns about noninterest-bearing deposits were noted, Q1 2025 shows growth and effective cost management, suggesting a normalization of funding pressures.

Pricing Competition

In Q4 2024, increased pricing competition was highlighted as affecting loan yields, with a need to “sharpen the pencil” on stronger deals due to competitive pressures. "

In Q1 2025, competition was acknowledged as still present, especially in larger markets, but strong market share and disciplined pricing allowed the company to maintain healthy spreads while contending with competitive pressures. "

Persistent yet managed – pricing competition remains a concern; however, the company appears better positioned to manage it, maintaining spreads despite the competitive environment.

Structural Margin Drivers

In Q4 2024, while structural factors like asset repricing and maturing borrowings were mentioned as drivers of margin growth, there was no explicit focus on the resilience against economic uncertainty. " "

In Q1 2025, there was a clear emphasis on reliance on structural margin drivers—such as loan repricing, securities runoff, and the Bank of Idaho’s contribution—that support margin expansion independently of Federal Reserve actions. "

New emphasis – Q1 2025 explicitly underscores the reliance on structural drivers to sustain margin growth amid economic uncertainty, highlighting a more robust risk management narrative.