Peak Bancorp, Inc. Announces 1st Quarter 2022 Results

Rhea-AI Summary

Peak Bancorp, Inc. (OTC: IDFB) reported a first-quarter 2022 net income of $617,000, impacted by $165,000 in merger-related expenses. The book value per share rose to $7.90 from $7.20 a year earlier. The company's loan portfolio grew to $411 million, with a $96 million increase excluding Paycheck Protection Program (PPP) loans. Deposits reached $477 million, up by $87 million from the previous year. Strong credit quality was maintained, with a $4.7 million allowance for loan losses, representing 1.2% of loans (excluding PPP).

Positive

• Net income of $617,000 for Q1 2022 despite $165,000 in merger expenses.
• Book value per share increased to $7.90 from $7.20 year-over-year.
• Loan portfolio growth of $96 million (excluding PPP) year-over-year.
• Deposits increased by $87 million from Q1 2021.

Negative

• Net income impacted by one-time merger-related expenses of $165,000.

MCCALL, Idaho, May 02, 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 first quarter ended March 31, 2022.

The Company recognized after-tax net income of $617,000 in the first quarter of 2022. First quarter net income was impacted by $165,000 of one-time merger related expenses. Book value per share increased to $7.90 per share at the end of the quarter, compared to $7.20 at March 31, 2021. Chairman Mark Miller noted, “Our first quarter results reflect the continued focus of our team working to expand the presence of the bank in every market we serve.”

The Company’s loan portfolio ended the period at $411 million, which included $16 million in Paycheck Protection Program (PPP) loans. This represented growth in the loan portfolio – excluding PPP – of $96 million from Q1 2021. Deposits ended the quarter at $477 million which is an increase of $87 million from Q1 2021. “Our team continues to focus on profitably growing the balance sheet by both expanding relationships with existing customers and welcoming new customers to the bank,” 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 $4.7 million or 1.2% of loans (excluding PPP). Chief Credit Officer Shannon Stoeger commented, “Portfolio metrics continue to reflect strong credit quality and performance, our strong commitment to underwriting standards will continue to be important to future portfolio performance.”

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, and a loan production office 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:
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 quarter ended March 31:			2022				2021			Change
Net interest income		$	4,098			$	5,990			$	(1,892	)			-32	%
Provision for loan losses			150				500				(350	)			-70	%
Mortgage banking income			138				468				(330	)			-70	%
Other noninterest income			224				182				42				23	%
Noninterest expenses			3,470				3,549				(79	)			-2	%
Net income before taxes			840				2,592				(1,752	)			-68	%
Tax provision			223				695				(472	)			-68	%
Net income		$	617			$	1,897			$	(1,280	)			-67	%
At March 31:			2022				2021			Change
Loans		$	411,475			$	734,137			$	(322,662	)			-44	%
Allowance for loan losses			4,738				3,620				1,119				31	%
Assets			552,373				819,324				(266,951	)			-33	%
Deposits			477,174				390,133				87,041				22	%
Stockholders' equity			42,296				35,805				6,492				18	%
Nonaccrual loans			-				-				-
Accruing loans more than 90 days past due			-				-				-
Other real estate owned			-				-				-
Total nonperforming assets			-				-				-
Book value per share			7.90				7.20				0.70				10	%
Shares outstanding			5,350,651				4,975,880				374,771				8	%
Allowance to loans			1.15	%			0.49	%
Allowance to nonperforming loans			-				-
Nonperforming loans to total loans			0.00	%			0.00	%
Averages for the quarter ended March 31:			2022				2021			Change
Loans		$	399,313			$	795,479			$	(396,166	)			-50	%
Earning assets			527,170				849,729				(322,559	)			-38	%
Assets			543,966				865,093				(321,126	)			-37	%
Deposits			465,104				373,053				92,050				25	%
Stockholders' equity			42,986				34,623				8,363				24	%
Loans to deposits			86	%			213	%
Net interest margin			0.78	%			2.86	%

Peak Bancorp, Inc.
Quarterly Consolidated Financial Highlights (unaudited)
(Dollars in thousands)
Income Statement		Q1 2022				Q4 2021				Q3 2021				Q2 2021				Q1 2021
Net interest income		$	4,098			$	4,346			$	5,040			$	5,680			$	5,990
Provision for loan losses			150				100				300				600				500
Mortgage banking income			138				347				300				403				468
Other noninterest income			224				229				226				195				182
Noninterest expenses			3,470				3,402				3,500				3,760				3,549
Net income before taxes			840				1,419				1,766				1,918				2,592
Tax provision			223				331				478				515				695
Net income		$	617			$	1,088			$	1,288			$	1,403			$	1,897
Period End Information		Q1 2022				Q4 2021				Q3 2021				Q2 2021				Q1 2021
Loans		$	411,475			$	398,999			$	420,832			$	541,392			$	734,137
Deposits			477,174				470,455				407,508				404,899				390,133
Allowance for loan losses			4,738				4,588				4,530				4,221				3,620
Nonperforming loans			-				663				673				10				-
Other real estate owned			-				-				-				-				-
Quarterly net charge-offs (recoveries)			(1	)			43				(9	)			(1	)			49
Allowance to loans			1.15	%			1.15	%			1.08	%			0.78	%			0.49	%
Allowance to nonperforming loans			-				692	%			673	%			42301	%			-
Nonperforming loans to loans			0.00	%			0.17	%			0.16	%			0.00	%			0.00	%
Average Balance Information		Q1 2022				Q4 2021				Q3 2021				Q2 2021				Q1 2021
Loans		$	399,313			$	402,944			$	475,672			$	674,937			$	795,479
Earning assets			527,170				532,469				604,581				752,334				849,729
Assets			543,966				549,861				619,559				768,735				865,093
Deposits			465,104				437,040				407,186				407,522				373,053
Stockholders' equity			42,986				41,262				39,789				38,003				34,623
Loans to deposits			86	%			92	%			117	%			166	%			213	%
Net interest margin			3.15	%			3.24	%			3.31	%			3.03	%			2.86	%

 

FAQ

What were Peak Bancorp's financial results for Q1 2022?

Peak Bancorp reported a net income of $617,000 for Q1 2022.

How much did Peak Bancorp's book value per share increase?

The book value per share increased to $7.90 from $7.20 year-over-year.

What is the total loan portfolio of Peak Bancorp as of Q1 2022?

The total loan portfolio stood at $411 million at the end of Q1 2022.

How much did deposits grow for Peak Bancorp in Q1 2022?

Deposits increased by $87 million from Q1 2021, reaching $477 million.

What was the allowance for loan losses at Peak Bancorp as of Q1 2022?

The allowance for loan losses was $4.7 million, or 1.2% of loans (excluding PPP).