Peak Bancorp, Inc. Announces YTD 2022 Results
07/28/2022 - 03:24 PM
MCCALL, Idaho, July 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 second quarter ended June 30, 2022.
The Company recognized after-tax net income of $1.21 million through the first six months of 2022. Year-to-date net interest income decreased from the same period in 2021 by $2.8 million which can be attributed to a $6.1 million decrease in Paycheck Protection Program (PPP) interest income partially offset by non-PPP loan growth and improved net interest margin. YTD 2022 net income has also been impacted by $564,000 of one-time merger related expenses. Chairman Mark Miller noted, “Through the first six months of 2022, the entire team has remained focused on growing our customer relationships and delivering strong financial results.”
The Company’s loan portfolio ended the period at $433 million , which included $8 million in PPP loans. This represented growth in the loan portfolio – excluding PPP – of $105 million from Q2 2021. Deposits ended the quarter at $476 million which is an increase of $71 million from Q2 2021. “The growth of both our balance sheet, and non-PPP revenue, highlights how our markets continue to respond to the People First approach our team takes, working to understand each opportunity thoroughly,” stated Todd Cooper, CEO.
Credit quality and portfolio performance both remain strong, and the bank continues to fund the allowance for loan loss to support the growing loan balances. At quarter-end the allowance was $5.1 million or 1.2% of loans (excluding PPP and loans held for sale). Chief Credit Officer Shannon Stoeger commented, “Strong credit quality is reflected in our portfolio performance, and our commitment to disciplined underwriting standards is unwavering.”
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 six months ended June 30: 2022 2021 Change Net interest income $ 8,872 $ 11,671 $ (2,799 ) -24 % Provision for loan losses 500 1,100 (600 ) -55 % Mortgage banking income 234 871 (638 ) -73 % Other noninterest income 461 377 84 22 % Noninterest expenses 7,420 7,309 110 2 % Net income before taxes 1,646 4,510 (2,864 ) -63 % Tax provision 434 1,210 (776 ) -64 % Net income $ 1,212 $ 3,300 $ (2,088 ) -63 % At June 30: 2022 2021 Change Loans $ 433,409 $ 541,392 $ (107,983 ) -20 % Allowance for loan losses 5,089 4,221 869 21 % Assets 543,285 683,693 (140,409 ) -21 % Deposits 476,738 404,899 71,839 18 % Stockholders' equity 42,209 39,209 3,000 8 % Nonaccrual loans - - - Accruing loans more than 90 days past due - 10 (10 ) -100 % Other real estate owned - - - Total nonperforming assets - 10 (10 ) -100 % Book value per share 7.89 7.48 0.41 5 % Shares outstanding 5,350,651 5,239,589 111,062 2 % Allowance to loans 1.17 % 0.78 % Allowance to nonperforming loans - 42301 % Nonperforming loans to total loans 0.00 % 0.00 % Averages for the six months ended June 30: 2022 2021 Change Loans $ 411,996 $ 734,875 $ (322,879 ) -44 % Earning assets 526,706 800,762 (274,056 ) -34 % Assets 543,486 816,648 (273,162 ) -33 % Deposits 467,544 390,383 77,161 20 % Stockholders' equity 43,333 36,322 7,011 19 % Loans to deposits 88 % 188 % Net interest margin 3.40 % 2.94 %
Peak Bancorp, Inc. Quarterly Consolidated Financial Highlights (unaudited) (Dollars in thousands) Income Statement Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Net interest income $ 4,773 $ 4,098 $ 4,346 $ 5,040 $ 5,680 Provision for loan losses 350 150 100 300 600 Mortgage banking income 95 138 347 300 403 Other noninterest income 237 224 229 226 195 Noninterest expenses 3,950 3,470 3,402 3,500 3,760 Net income before taxes 806 840 1,419 1,766 1,918 Tax provision 211 223 331 478 515 Net income $ 595 $ 617 $ 1,088 $ 1,288 $ 1,403 Period End Information Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Loans $ 433,409 $ 411,475 $ 398,999 $ 420,832 $ 541,392 Deposits 476,438 477,174 470,455 407,508 404,899 Allowance for loan losses 5,089 4,738 4,588 4,530 4,221 Nonperforming loans - - 663 673 10 Other real estate owned - - - - - Quarterly net charge-offs (recoveries) (1 ) (1 ) 43 (9 ) (1 ) Allowance to loans 1.17 % 1.15 % 1.15 % 1.08 % 0.78 % Allowance to nonperforming loans - - 692 % 673 % 42301 % Nonperforming loans to loans 0.00 % 0.00 % 0.17 % 0.16 % 0.00 % Average Balance Information Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Loans $ 424,540 $ 399,313 $ 402,944 $ 475,672 $ 674,937 Earning assets 526,248 527,170 532,469 604,581 752,334 Assets 543,011 543,966 549,861 619,559 768,735 Deposits 469,957 465,104 437,040 407,186 407,522 Stockholders' equity 43,676 42,986 41,262 39,789 38,003 Loans to deposits 90 % 86 % 92 % 117 % 166 % Net interest margin 3.64 % 3.15 % 3.24 % 3.31 % 3.03 %
