IDFB - Peak Bancorp Inc. Announces 3rd Quarter 2022 Results
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:
Todd Cooper
President and CEO – Peak Bancorp, Inc.
208.630.2092 – 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 |
| % |