Peak Bancorp, Inc. Announces 3rd Quarter 2022 Results
10/28/2022 - 03:10 PM
MCCALL, Idaho, Oct. 28, 2022 (GLOBE NEWSWIRE) -- Peak Bancorp, Inc., (the Company) (OTC: IDFB), the holding company for Idaho First Bank (the Bank), today announced unaudited financial results for the third quarter ended September 30, 2022.
The Company recognized after-tax net income of $2.6 million through the first nine months of 2022. Year-to-date net interest income decreased from the same period in 2021 by $2.1 million . This decrease can be attributed to a $8.0 million decrease in Paycheck Protection Program (PPP) interest income, which was offset by additional income from non-PPP loan growth and improved earning asset yields. YTD 2022 net income has also been impacted by $565 thousand of one-time merger related expenses. Chairman Mark Miller noted, “The board is proud of both the growth of the bank and the improving financial performance, net of PPP, posted through the first three quarters of 2022.”
The Company’s loan portfolio ended the period at $459 million , which included $6 million in PPP loans. This represented growth in the loan portfolio – excluding PPP – of $114 million from Q3 2021. Deposits ended the quarter at $480 million which is an increase of $72 million from Q3 2021. “Continued balance sheet growth and improved net interest margin combined with an ongoing focus on effective expense management are responsible for the profitable year-to-date performance,” stated Todd Cooper, CEO.
Credit quality and portfolio performance remain consistently strong, and the bank continues to fund the allowance for loan loss to support the growing loan balances. At quarter-end the allowance was $5.4 million or 1.2% of loans (excluding PPP and loans held for sale). Chief Credit Officer Shannon Stoeger commented, “Our strong credit portfolio performance continued through the third quarter as we remain committed to maintaining our strong underwriting standards.”
About Peak Bancorp, Inc.
Peak Bancorp, Inc., is the holding company for Idaho First Bank, a state chartered community bank headquartered in McCall, Idaho. Known for its People First motto, Idaho First Bank serves greater southwest Idaho with branches located in McCall, New Meadows, Eagle, Ketchum, Nampa and Boise, as well as a branch located in Bend, Oregon. Idaho First Bank is a member of the FDIC and an Equal Housing Lender. For more information, visit us at www.idahofirstbank.com
This release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). Such forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, economic conditions, the regulatory environment, loan concentrations, vendors, employees, technology, competition, and interest rates. Readers are cautioned not to place undue reliance on the forward-looking statements. Idaho First Bank has no obligation to publicly update forward-looking statements after the date of this release. This statement is included for the express purpose of invoking PSLRA’s safe harbor provisions.
FOR IMMEDIATE RELEASE CONTACT: tcooper@idahofirstbank.com
Peak Bancorp, Inc. Consolidated Financial Highlights (unaudited) (Dollars in thousands, except per share) For the nine months ended September 30: 2022 2021 Change Net interest income $ 14,572 $ 16,711 $ (2,139 ) -13 % Provision for loan losses 850 1,400 (550 ) -39 % Mortgage banking income 278 1,172 (893 ) -76 % Other noninterest income 753 603 150 25 % Noninterest expenses 11,219 10,810 410 4 % Net income before taxes 3,534 6,276 (2,742 ) -44 % Tax provision 927 1,688 (761 ) -45 % Net income $ 2,607 $ 4,588 $ (1,981 ) -43 % At September 30: 2022 2021 Change Loans $ 458,533 $ 420,832 $ 37,701 9 % Allowance for loan losses 5,440 4,530 910 20 % Assets 542,876 550,658 (7,782 ) -1 % Deposits 479,734 407,508 72,226 18 % Stockholders' equity 43,352 40,639 2,713 7 % Nonaccrual loans 4,300 673 3,628 539 % Accruing loans more than 90 days past due - - - Other real estate owned - - - Total nonperforming assets 4,300 673 3,628 539 % Book value per share 8.10 7.75 0.35 5 % Shares outstanding 5,350,651 5,246,306 104,345 2 % Allowance to loans 1.19 % 1.08 % Allowance to nonperforming loans 126 % 673 % Nonperforming loans to total loans 0.94 % 0.16 % Averages for the nine months ended September 30: 2022 2021 Change Loans $ 423,501 $ 647,524 $ (224,023 ) -35 % Earning assets 528,821 734,650 (205,829 ) -28 % Assets 545,388 750,229 (204,842 ) -27 % Deposits 472,914 396,046 76,868 19 % Stockholders' equity 43,799 37,490 6,309 17 % Loans to deposits 90 % 163 % Net interest margin 3.68 % 3.04 %
Peak Bancorp, Inc. Quarterly Consolidated Financial Highlights (unaudited) (Dollars in thousands) Income Statement Q3 2022 Q2 2022 Q1 2022 Q4 2021 Q3 2021 Net interest income $ 5,701 $ 4,773 $ 4,098 $ 4,346 $ 5,040 Provision for loan losses 350 350 150 100 300 Mortgage banking income 45 95 138 347 300 Other noninterest income 292 237 224 229 226 Noninterest expenses 3,800 3,950 3,470 3,402 3,500 Net income before taxes 1,888 806 840 1,419 1,766 Tax provision 493 211 223 331 478 Net income $ 1,395 $ 595 $ 617 $ 1,088 $ 1,288 Period End Information Q3 2022 Q2 2022 Q1 2022 Q4 2021 Q3 2021 Loans $ 458,533 $ 433,409 $ 411,475 $ 398,999 $ 420,832 Deposits 479,734 476,438 477,174 470,455 407,508 Allowance for loan losses 5,440 5,089 4,738 4,588 4,530 Nonperforming loans 4,300 - - 663 673 Other real estate owned - - - - - Quarterly net charge-offs (recoveries) (1 ) (1 ) (1 ) 43 (9 ) Allowance to loans 1.19 % 1.17 % 1.15 % 1.15 % 1.08 % Allowance to nonperforming loans 126 % - - 692 % 673 % Nonperforming loans to loans 0.94 % 0.00 % 0.00 % 0.17 % 0.16 % Average Balance Information Q3 2022 Q2 2022 Q1 2022 Q4 2021 Q3 2021 Loans $ 446,137 $ 424,540 $ 399,313 $ 402,944 $ 475,672 Earning assets 532,981 526,248 527,170 532,469 604,581 Assets 549,129 543,011 543,966 549,861 619,559 Deposits 483,480 469,957 465,104 437,040 407,186 Stockholders' equity 44,717 43,676 42,986 41,262 39,789 Loans to deposits 92 % 90 % 86 % 92 % 117 % Net interest margin 4.24 % 3.64 % 3.15 % 3.24 % 3.31 %
