Peak Bancorp, Inc. Announces YTD 2022 Results

Rhea-AI Summary

Peak Bancorp, Inc. (OTC: IDFB) announced its unaudited financial results for Q4 and the full year ending December 31, 2022. The company reported after-tax net income of $1.66 million for Q4, totaling $4.27 million for the year. Fourth-quarter net interest income reached a record $6.14 million, aided by improved margins, despite a $1.21 million drop in mortgage banking income for 2022 due to decreased demand. Loan balances grew by $81 million to $480 million, with deposits up $27 million to $497 million. The allowance for loan losses stood at $5.7 million or 1.2% of loans, excluding PPP. Shareholder approval for the sale of the company to BAWAG Group was completed, pending regulatory approval.

Positive

• Achieved after-tax net income of $1.66 million in Q4 2022.
• Full-year net income reached $4.27 million.
• Net interest income in Q4 hit an all-time high of $6.14 million.
• Loan portfolio grew by $81 million, totaling $480 million.
• Deposits increased by $27 million to $497 million.
• Credit quality remains strong with an allowance for loan loss of $5.7 million, or 1.2% of loans.

Negative

• Mortgage banking income decreased by $1.21 million compared to the previous year.
• Regulatory approval for the sale to BAWAG Group is still pending.

MCCALL, Idaho, Jan. 30, 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 fourth quarter and full year ended December 31, 2022.

The Company recognized after-tax net income of $1.66 million in the fourth quarter of 2022, which brought net income for the full year to $4.27 million. Net interest income for the fourth quarter reached an all-time high of $6.14 million, which was driven by an improved net interest margin. Mortgage banking income for the fourth quarter continued to reflect decreased consumer mortgage demand, as total 2022 mortgage banking income decreased by $1.21 million from the prior year. Also notable for 2022 was the recognition of $579 thousands of merger costs in noninterest expense. Chairman Mark Miller noted, “The Board of Directors is very happy with the overall performance of the bank in 2022. The team worked to grow both customers and revenue while credit quality remained strong.”

The Company’s loan portfolio ended 2022 at $480 million, which represented growth in the loan portfolio of $81 million from year-end 2021, while deposits increased from year-end 2021 by $27 million to end 2022 at $497 million. Loan interest income excluding Paycheck Protection Program (PPP) loans increased by $7.75 million year-over-year, reflecting growth and improved yield in the loan portfolio. “The financial results in 2022 come from a well-balanced approach to business development, a commitment to growing profitable customer relationships, and a talented team of people working together,” stated Todd Cooper, CEO.

Credit quality and portfolio performance both remain historically strong. A continued focus on credit discipline combined with proactive credit monitoring led to improved credit portfolio metrics. The Bank continues to fund the allowance for loan loss to support the growing loan balances. At year-end the allowance was $5.7 million or 1.2% of loans (excluding PPP). Chief Credit Officer Shannon Stoeger commented, “The performance of our portfolio is the result of our relationship and credit underwriting teams working together within our proven credit culture to assess and proactively monitor our borrowers.”

On January 31, 2022, the Company announced the signing of an agreement to sell 100% of the shares of Peak Bancorp, Inc. to BAWAG Group, a publicly listed holding company headquartered in Vienna, Austria. The announcement indicated the transaction required both IDFB shareholder and regulatory approval. IDFB shareholders completed their approval of the transaction in April 2022. The required regulatory approval is still pending.

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 year ended December 31:		2022				2021			Change
Net interest income	$	20,712			$	21,057			$	(345	)			-2	%
Provision for loan losses		1,100				1,500				(400	)			-27	%
Mortgage banking income		313				1,518				(1,206	)			-79	%
Other noninterest income		1,051				832				220				26	%
Noninterest expenses		15,215				14,212				1,004				7	%
Net income before taxes		5,761				7,695				(1,935	)			-25	%
Tax provision		1,495				2,019				(524	)			-26	%
Net income	$	4,266			$	5,676			$	(1,411	)			-25	%
At December 31:		2022				2021			Change
Loans	$	479,571			$	398,999			$	80,572				20	%
Allowance for loan losses		5,711				4,588				1,123				24	%
Assets		573,552				554,746				18,806				3	%
Deposits		497,406				470,455				26,951				6	%
Stockholders' equity		45,127				42,632				2,495				6	%
Nonaccrual loans		-				663				(663	)			-100	%
Accruing loans more than 90 days past due		-				-				-
Other real estate owned		-				-				-
Total nonperforming assets		-				663				(663	)			-100	%
Book value per share		8.43				7.98				0.45				6	%
Shares outstanding		5,350,651				5,344,686				5,965				0	%
Allowance to loans		1.19	%			1.15	%
Allowance to nonperforming loans		-				692	%
Nonperforming loans to total loans		0.00	%			0.17	%
Averages for the year ended December 31:		2022				2021			Change
Loans	$	434,711			$	585,877			$	(151,166			)	-26	%
Earning assets		531,410				683,689				(152,279	)			-22	%
Assets		547,850				699,726				(151,875	)			-22	%
Deposits		476,805				406,378				70,426				17	%
Stockholders' equity		44,432				38,441				5,991				16	%
Loans to deposits		91	%			144	%
Net interest margin		3.90	%			3.08	%

Peak Bancorp, Inc.
Quarterly Consolidated Financial Highlights (unaudited)
(Dollars in thousands)
Income Statement	Q4 2022				Q3 2022				Q2 2022				Q1 2022				Q4 2021
Net interest income	$	6,139			$	5,701			$	4,773			$	4,098			$	4,346
Provision for loan losses		250				350				350				150				100
Mortgage banking income		34				45				95				138				347
Other noninterest income		298				292				237				224				229
Noninterest expenses		3,996				3,800				3,950				3,470				3,402
Net income before taxes		2,226				1,888				806				840				1,419
Tax provision		568				493				211				223				331
Net income	$	1,658			$	1,395			$	595			$	617			$	1,088
Period End Information	Q4 2022				Q3 2022				Q2 2022				Q1 2022				Q4 2021
Loans	$	479,571			$	458,533			$	433,409			$	411,475			$	398,999
Deposits		497,406				479,734				476,438				477,174				470,455
Allowance for loan losses		5,711				5,440				5,089				4,738				4,588
Nonperforming loans		-				4,300				-				-				663
Other real estate owned		-				-				-				-				-
Quarterly net charge-offs (recoveries)		(21	)			(1	)			(1	)			(1	)			43
Allowance to loans		1.19	%			1.19	%			1.17	%			1.15	%			1.15	%
Allowance to nonperforming loans		-				126	%			-				-				692	%
Nonperforming loans to loans		0.00	%			0.94	%			0.00	%			0.00	%			0.17	%
Average Balance Information	Q4 2022				Q3 2022				Q2 2022				Q1 2022				Q4 2021
Loans	$	467,973			$	446,137			$	424,540			$	399,313			$	402,944
Earning assets		539,094				532,981				526,248				527,170				532,469
Assets		555,157				549,129				543,011				543,966				549,861
Deposits		488,349				483,480				469,957				465,104				437,040
Stockholders' equity		46,309				44,717				43,676				42,986				41,262
Loans to deposits		96	%			92	%			90	%			86	%			92	%
Net interest margin		4.52	%			4.24	%			3.64	%			3.15	%			3.24	%

FAQ

What were the financial results for Peak Bancorp (IDFB) in Q4 2022?

Peak Bancorp reported after-tax net income of $1.66 million for Q4 2022.

How much did Peak Bancorp (IDFB) earn in 2022?

The company achieved a total net income of $4.27 million for the full year 2022.

What was the net interest income for Peak Bancorp (IDFB) in Q4 2022?

The net interest income for Q4 2022 reached an all-time high of $6.14 million.

Did Peak Bancorp (IDFB) experience any changes in their loan portfolio in 2022?

Yes, the loan portfolio grew by $81 million, totaling $480 million at year-end.

What was the status of the sale of Peak Bancorp (IDFB) to BAWAG Group?

The shareholder approval for the sale was completed, but regulatory approval is still pending.