Peak Bancorp, Inc. Announces Q3 2023 Results
Peak Bancorp, Inc. announced unaudited financial results for Q3 2023. Net Interest Income increased 16% to $16.93 million due to loan and deposit growth. Net Income after tax increased 59% to $4.15 million. Noninterest expenses increased 2% to $11.42 million. Stockholder’s equity increased 14% to $49.5 million. Net Interest Income for Q3 2023 increased 7% to $5.86 million. Net Income after tax increased 33% to $1.63 million. Noninterest expense increased 4% to $3.81 million. Average loans increased by 4% to $516 million, while average deposits increased 5% to $545 million.
Positive
Net Interest Income increased 16% to $16.93 million
Net Income after tax increased 59% to $4.15 million
Stockholder’s equity increased 14% to $49.5 million
Net Interest Income for Q3 2023 increased 7% to $5.86 million
Net Income after tax increased 33% to $1.63 million
Average loans increased by 4% to $516 million
Average deposits increased 5% to $545 million
Negative
Noninterest expenses increased 2% to $11.42 million
Noninterest expense increased 4% to $3.81 million
10/23/2023 - 06:22 PM
MCCALL, Idaho, Oct. 23, 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 quarter ending September 30, 2023.
Chief Executive Officer Todd Cooper commented, “As a result of our continued focus on relationship banking, Net Interest Income improved over the prior periods as loan balances grew and the net interest margin improved slightly. The team has stayed diligent in controlling non-interest expenses and the result is our most profitable quarter of 2023.”
YTD through Q3 2023 vs. YTD through Q3 2022
Net Interest Income increased 16% from $14.57 million to $16.93 million as a result of loan and deposit growth, and improved net interest margin. Net Income after tax increased 59% from $2.61 million to $4.15 million which was also the result average earning asset growth combined with improved net interest margin. Noninterest expenses increased 2% , from $11.22 million to $11.42 million , reflecting ongoing cost-control efforts. Stockholder’s equity increased 14% to $49.5 million at period end, which was the result of continued earnings held in the company. Third Quarter 2023 vs. Second Quarter 2023
Net Interest Income increased 7% from $5.47 million to $5.86 million , the result of higher loan balances and an improvement in net interest margin. Net Income after tax increased 33% from $1.23 million to $1.63 million as net interest margin improved and provision for credit losses decreased quarter over quarter. Noninterest expense increased 4% from $3.66 million to $3.81 million . Average loans increased by 4% to $516 million , while average deposits increased 5% to $545 million . Chairman Mark Miller noted, “The board is pleased with the results from the first nine months of 2023. The team has remained focused on building full banking relationships which has driven loan and deposit growth, and also improved net interest margin in the quarter. The market continues to respond to our business model and the results year-to-date reflect both balance sheet growth and stable performance.”
Credit quality and portfolio performance both remain historically strong. Continued commitment to credit discipline combined with proactive credit monitoring have resulted in continued strong credit portfolio metrics. The Bank continues to fund the allowance for credit losses to support the growing loan balances. At quarter-end the allowance was $6.5 million or 1.25% of loans. Chief Credit Officer Shannon Stoeger commented, “Our credit and relationship teams continue to show great discipline around maintaining underwriting standards, while closely monitoring the performance of our borrowers. Additionally, the bank remains committed to appropriately funding our Allowance for Credit Loss to support a growing portfolio.”
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.
Peak Bancorp, Inc. Consolidated Financial Highlights (unaudited) (Dollars in thousands, except per share) For the nine months ended September 30: 2023 2022 Change Net interest income $ 16,927 $ 14,572 $ 2,355 16 % Provision for credit losses 825 850 (25 ) -3 % Mortgage banking income 59 278 (220 ) -79 % Other noninterest income 852 753 99 13 % Noninterest expenses 11,415 11,219 196 2 % Net income before taxes 5,598 3,534 2,064 58 % Tax provision 1,451 927 524 57 % Net income $ 4,147 $ 2,607 $ 1,540 59 % At September 30: 2023 2022 Change Loans $ 523,544 $ 458,533 $ 65,011 14 % Allowance for credit losses 6,536 5,440 1,096 20 % Assets 618,425 542,876 75,549 14 % Deposits 545,850 479,734 66,117 14 % Stockholders' equity 49,499 43,352 6,147 14 % Nonaccrual loans - 4,300 (4,300 ) -100 % Accruing loans more than 90 days past due - - - Other real estate owned - - - Total nonperforming assets - 4,300 (4,300 ) -100 % Book value per share 9.22 8.10 1.12 14 % Shares outstanding 5,371,575 5,350,651 20,924 0 % Allowance to loans 1.25 % 1.19 % Allowance to nonperforming loans - 126 % Nonperforming loans to total loans 0.00 % 0.94 % Averages for the nine months ended September 30: 2023 2022 Change Loans $ 494,570 $ 423,501 $ 71,069 17 % Earning assets 580,232 528,821 51,411 10 % Assets 596,593 545,388 51,205 9 % Deposits 521,930 472,914 49,016 10 % Stockholders' equity 49,165 43,799 5,366 12 % Loans to deposits 95 % 90 % Net interest margin 3.90 % 3.68 %
Peak Bancorp, Inc. Quarterly Consolidated Financial Highlights (unaudited) (Dollars in thousands) Income Statement Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022 Net interest income $ 5,866 $ 5,473 $ 5,588 $ 6,139 $ 5,701 Provision for credit losses 150 475 200 250 350 Mortgage banking income 16 17 26 34 45 Other noninterest income 280 304 268 298 292 Noninterest expenses 3,811 3,662 3,943 3,996 3,800 Net income before taxes 2,201 1,658 1,740 2,226 1,888 Tax provision 572 429 450 568 493 Net income $ 1,629 $ 1,229 $ 1,290 $ 1,658 $ 1,395 Period End Information Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022 Loans $ 523,544 $ 506,837 $ 476,466 $ 479,571 $ 458,533 Deposits 545,850 547,484 507,312 497,406 479,734 Allowance for credit losses 6,536 6,386 5,911 5,711 5,440 Nonperforming loans - - - - 4,300 Other real estate owned - - - - - Quarterly net charge-offs (recoveries) - - - (21 ) (1 ) Allowance to loans 1.25 % 1.26 % 1.24 % 1.19 % 1.19 % Allowance to nonperforming loans - - - - 126 % Nonperforming loans to loans 0.00 % 0.00 % 0.00 % 0.00 % 0.94 % Average Balance Information Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022 Loans $ 515,937 $ 496,659 $ 470,617 $ 467,973 $ 446,137 Earning assets 602,310 581,865 556,012 539,094 532,981 Assets 619,157 598,083 572,022 555,157 549,129 Deposits 545,108 520,030 500,159 488,349 483,480 Stockholders' equity 50,550 49,079 47,837 46,309 44,717 Loans to deposits 95 % 96 % 94 % 96 % 92 % Net interest margin 3.86 % 3.77 % 4.08 % 4.52 % 4.24 %
CONTACT: tcooper@idahofirstbank.com
What is the increase in Net Interest Income for Q3 2023?
Net Interest Income for Q3 2023 increased 7% to $5.86 million.
What is the increase in Net Income after tax for Q3 2023?
Net Income after tax increased 33% to $1.63 million.
What is the increase in Average loans?
Average loans increased by 4% to $516 million.
What is the increase in Average deposits?
Average deposits increased 5% to $545 million.
