Peak Bancorp, Inc. Announces Q1 2023 Results
04/28/2023 - 06:42 PM
MCCALL, Idaho, April 28, 2023 (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 first quarter ended March 31, 2023.
Chief Executive Officer Todd Cooper commented, “We had overall strong performance in Q1 2023 as we continued to see balance sheet growth over both Q4 2022 and the year-ago quarter. Net Interest Income growth is strong over the last 12 months but increasing deposit costs resulted in a lower net interest margin in Q1 relative to Q4 2022. Our deposit balances grew at a faster pace than loan balances in Q1 2023 highlighting the strong work our team has done building relationships and focusing on our communities.”
First Quarter 2023 vs. First Quarter 2022
Net Interest Income increased 36% from $4.10 million to $5.59 million as a result of both higher loan balances and improved net interest margin. Net Income after tax increased 109% from $617,000 t o $1.29 million which was also the result primarily of increased loan balances and improved net interest margin. Noninterest expenses increased 14% to $3.94 million which was the result of an increase in personnel and other operating expense levels. Customer-driven balance sheet growth continued as average loans increased 18% to $471 million , and average deposits increased 8% to $500 million . Stockholder’s equity increased 10% to $46.6 million at period end, which was the result of earnings held in the company. First Quarter 2023 vs. Fourth Quarter 2022
Net Interest Income declined 9% from $6.14 million to $5.59 million , the result of higher cost of funds. Net Income after tax decreased 35% from $1.66 million to $1.29 million driven primarily by the decrease in net interest margin. Noninterest expenses declined 1% from $4.00 million to $3.94 million . Balance sheet growth slowed from previous quarters, as average loans increased by 1% to $471 million , while average deposits increased 2% to $500 million . Chairman Mark Miller noted, “The first quarter results reflect the good work of the team over the last 3 years. Our customers continue to support the bank as we remain focused on our community banking approach of delivering the best customer experience in each of our markets.”
Credit quality and portfolio performance both remain historically strong. A commitment to remaining credit disciplined combined with proactive credit monitoring have resulted in continued strong credit portfolio metrics. The Bank continues to fund the allowance for loan loss to support the growing loan balances. At quarter-end the allowance was $5.9 million or 1.24% of loans. Chief Credit Officer Shannon Stoeger commented, “Our credit and relationship teams continue to show great discipline around maintaining underwriting standards, and closely monitoring the performance of our borrowers.”
On January 31, 2022, the Company announced the signing of an agreement to sell 100% of the shares of Peak Bancorp Inc. to BAWAG Group, a publicly listed holding company headquartered in Vienna, Austria. The announcement indicated the transaction required both IDFB shareholder and regulatory approval. IDFB shareholders completed their approval of the transaction in April 2022. The required regulatory approval is still pending.
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.
CONTACT: tcooper@idahofirstbank.com
Peak Bancorp, Inc. Consolidated Financial Highlights (unaudited) (Dollars in thousands, except per share) For the quarter ended March 31: 2023 2022 Change Net interest income $ 5,588 $ 4,098 $ 1,490 36 % Provision for loan losses 200 150 50 33 % Mortgage banking income 26 138 (112 ) -81 % Other noninterest income 268 224 44 20 % Noninterest expenses 3,943 3,470 473 14 % Net income before taxes 1,740 840 899 107 % Tax provision 450 223 227 102 % Net income $ 1,290 $ 617 $ 672 109 % At March 31: 2023 2022 Change Loans $ 476,466 $ 411,475 $ 64,991 16 % Allowance for loan losses 5,911 4,738 1,172 25 % Assets 580,059 552,373 27,686 5 % Deposits 507,312 477,174 30,138 6 % Stockholders’ equity 46,647 42,296 4,350 10 % Nonaccrual loans - - - Accruing loans more than 90 days past due - - - Other real estate owned - - - Total nonperforming assets - - - Book value per share 8.71 7.90 0.81 10 % Shares outstanding 5,353,575 5,350,651 2,924 0 % Allowance to loans 1.24 % 1.15 % Allowance to nonperforming loans - - Nonperforming loans to total loans 0.00 % 0.00 % Averages for the quarter ended March 31: 2023 2022 Change Loans $ 470,617 $ 399,313 $ 71,304 18 % Earning assets 556,012 527,170 28,842 5 % Assets 572,022 543,966 28,056 5 % Deposits 500,159 465,104 35,056 8 % Stockholders’ equity 47,837 42,986 4,851 11 % Loans to deposits 94 % 86 % Net interest margin 4.08 % 3.15 %
Peak Bancorp, Inc. Quarterly Consolidated Financial Highlights (unaudited) (Dollars in thousands) Income Statement Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Net interest income $ 5,588 $ 6,139 $ 5,701 $ 4,773 $ 4,098 Provision for loan losses 200 250 350 350 150 Mortgage banking income 26 34 45 95 138 Other noninterest income 268 298 292 237 224 Noninterest expenses 3,943 3,996 3,800 3,950 3,470 Net income before taxes 1,740 2,226 1,888 806 840 Tax provision 450 568 493 211 223 Net income $ 1,290 $ 1,658 $ 1,395 $ 595 $ 617 Period End Information Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Loans $ 476,466 $ 479,571 $ 458,533 $ 433,409 $ 411,475 Deposits 507,312 497,406 479,734 476,438 477,174 Allowance for loan losses 5,911 5,711 5,440 5,089 4,738 Nonperforming loans - - 4,300 - - Other real estate owned - - - - - Quarterly net charge-offs (recoveries) - (21 ) (1 ) (1 ) (1 ) Allowance to loans 1.24 % 1.19 % 1.19 % 1.17 % 1.15 % Allowance to nonperforming loans - - 126 % - - Nonperforming loans to loans 0.00 % 0.00 % 0.94 % 0.00 % 0.00 % Average Balance Information Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Loans $ 470,617 $ 467,973 $ 446,137 $ 424,540 $ 399,313 Earning assets 556,012 539,094 532,981 526,248 527,170 Assets 572,022 555,157 549,129 543,011 543,966 Deposits 500,159 488,349 483,480 469,957 465,104 Stockholders’ equity 47,837 46,309 44,717 43,676 42,986 Loans to deposits 94 % 96 % 92 % 90 % 86 % Net interest margin 4.08 % 4.52 % 4.24 % 3.64 % 3.15 %
