Peak Bancorp, Inc. Announces 4th Quarter 2021 Results

Rhea-AI Summary

Peak Bancorp, Inc. (OTC: IDFB) reported net income of $1.09 million for Q4 2021, totaling $5.68 million for the year. The book value per share grew to $7.98 from $7.75 in Q3 2021 and $6.81 year-over-year. The loan portfolio reached $399 million with a $31 million increase from Q3 2021 and a $98 million rise compared to last year. Deposits rose to $470 million, up $126 million from the previous year. Credit quality remains strong, with an allowance for loan losses at $4.6 million or 1.24% of non-PPP loans.

Positive

• Net income for Q4 2021 was $1.09 million, increasing total net income for the year to $5.68 million.
• Book value per share rose to $7.98, up from $7.75 in Q3 2021 and $6.81 year-over-year.
• Loan portfolio grew to $399 million, with a $31 million rise from the previous quarter and a $98 million increase year-over-year.
• Total deposits increased to $470 million, representing a $126 million year-over-year growth.
• Credit quality is strong with a loan loss allowance of $4.6 million, or 1.24% of loans excluding PPP loans.

Negative

• None.

MCCALL, Idaho, Jan. 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 fourth quarter ended December 31, 2021.

The Company recognized net income of $1.09 million in the fourth quarter of 2021, bringing net income for the year to $5.68 million. Book value per share increased to $7.98 per share at the end of the year, compared to $7.75 at the previous quarter-end, and $6.81 the same time last year. Chairman Mark Miller noted, “The Board is proud of the performance posted in 2021 and recognizes the important contribution every member of the team made to achieve the results.”

The Company’s loan portfolio ended the period at $399 million, which included $30 million in Paycheck Protection Program (PPP) loans. This represented growth in the loan portfolio – excluding PPP – of $31 million over the previous quarter, and growth of $98 million over the same period last year. Deposits ended the quarter at $470 million which is an increase of $126 million over the same period last year. “Our team continues to find opportunities working with businesses in our communities by providing a People First customer experience,” 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 year-end the allowance was $4.6 million or 1.24% of loans less PPP balances. Chief Credit Officer Shannon Stoeger commented, “Our credit culture makes us work proactively with our customers so we recognize the risks they face as well as they do. This helps to minimize credit losses and provides for the best outcomes for everyone.”

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 year ended December 31:		2021				2020			Change
Net interest income	$	21,057			$	16,670			$	4,387				26	%
Provision for loan losses		1,500				1,070				430				40	%
Mortgage banking income		1,518				917				601				66	%
Other noninterest income		832				610				222				36	%
Noninterest expenses		14,212				12,961				1,251				10	%
Net income before taxes		7,695				4,166				3,529				85	%
Tax provision		2,019				1,117				902				81	%
Net income	$	5,676			$	3,049			$	2,627				86	%
At December 31:		2021				2020			Change
Loans	$	398,999			$	819,117			$	(420,118	)			-51	%
Allowance for loan losses		4,588				3,169				1,418				45	%
Assets		554,746				884,437				(329,691	)			-37	%
Deposits		470,455				348,181				122,274				35	%
Stockholders' equity		42,632				33,848				8,783				26	%
Nonaccrual loans		663				-				663
Accruing loans more than 90 days past due		-				-				-
Other real estate owned		-				-				-
Total nonperforming assets		663				-				663
Book value per share		7.98				6.81				1.17				17	%
Shares outstanding		5,344,686				4,967,294				377,392				8	%
Allowance to loans		1.15	%			0.39	%
Allowance to nonperforming loans		692	%			-
Nonperforming loans to total loans		0.17	%			0.00	%
Averages for the year ended December 31:		2021				2020			Change
Loans	$	585,877			$	619,491			$	(33,614	)			-5	%
Earning assets		683,689				685,359				(1,670	)			0	%
Assets		699,726				699,085				641				0	%
Deposits		406,378				268,234				138,144				52	%
Stockholders' equity		38,441				29,983				8,458				28	%
Loans to deposits		144	%			231	%
Net interest margin		3.08	%			2.43	%

Peak Bancorp, Inc.
Quarterly Consolidated Financial Highlights (unaudited)
(Dollars in thousands)
Income Statement	Q4 2021				Q3 2021				Q2 2021				Q1 2021				Q4 2020
Net interest income	$	4,346			$	5,040			$	5,680			$	5,990			$	5,556
Provision for loan losses		100				300				600				500				-
Mortgage banking income		347				300				403				468				541
Other noninterest income		229				226				195				182				172
Noninterest expenses		3,402				3,500				3,760				3,549				4,646
Net income before taxes		1,419				1,766				1,918				2,592				1,622
Tax provision		331				478				515				695				432
Net income	$	1,088			$	1,288			$	1,403			$	1,897			$	1,190
Period End Information	Q4 2021				Q3 2021				Q2 2021				Q1 2021				Q4 2020
Loans	$	398,999			$	420,832			$	541,392			$	734,137			$	819,117
Deposits		470,455				407,508				404,899				390,133				348,181
Allowance for loan losses		4,588				4,530				4,221				3,620				3,169
Nonperforming loans		663				673				10				-				-
Other real estate owned		-				-				-				-				-
Quarterly net charge-offs (recoveries)		43				(9	)			(1	)			49				(1	)
Allowance to loans		1.15	%			1.08	%			0.78	%			0.49	%			0.39	%
Allowance to nonperforming loans		692	%			673	%			42301	%			-				-
Nonperforming loans to loans		0.17	%			0.16	%			0.00	%			0.00	%			0.00	%
Average Balance Information	Q4 2021				Q3 2021				Q2 2021				Q1 2021				Q4 2020
Loans	$	402,944			$	475,672			$	674,937			$	795,479			$	843,342
Earning assets		532,469				604,581				752,334				849,729				892,737
Assets		549,861				619,559				768,735				865,093				908,173
Deposits		437,040				407,186				407,522				373,053				311,071
Stockholders' equity		41,262				39,789				38,003				34,623				32,757
Loans to deposits		92	%			117	%			166	%			213	%			271	%
Net interest margin		3.24	%			3.31	%			3.03	%			2.86	%			2.48	%

FAQ

What were Peak Bancorp's financial results for Q4 2021?

Peak Bancorp reported a net income of $1.09 million for Q4 2021.

What is the book value per share for Peak Bancorp as of December 31, 2021?

The book value per share increased to $7.98 as of December 31, 2021.

How much did Peak Bancorp's loan portfolio grow in 2021?

The loan portfolio grew by $98 million year-over-year, ending at $399 million.

What were the total deposits reported by Peak Bancorp?

Total deposits were reported at $470 million, up $126 million from the previous year.

What is the allowance for loan losses for Peak Bancorp?

The allowance for loan losses was $4.6 million, or 1.24% of loans excluding PPP balances.