Peak Bancorp, Inc. Announces YTD 2022 Results
Peak Bancorp, Inc. (OTC: IDFB) reported unaudited financial results for Q2 2022, showing after-tax net income of $1.21 million for the first half of the year. Compared to 2021, net interest income declined by $2.8 million, mainly due to a decrease in Paycheck Protection Program (PPP) interest income. The loan portfolio reached $433 million, with growth of $105 million excluding PPP. Deposits increased to $476 million. The allowance for loan losses was $5.1 million, representing 1.2% of non-PPP loans, indicating strong credit quality and disciplined underwriting.
- After-tax net income of $1.21 million for first half of 2022.
- Loan portfolio growth of $105 million (excluding PPP) year-over-year.
- Deposits increased by $71 million from Q2 2021.
- Strong credit quality with an allowance for loan loss at 1.2% of loans.
- Net interest income decreased by $2.8 million compared to the same period in 2021.
- Impact of $564,000 in one-time merger-related expenses on net income.
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
The Company’s loan portfolio ended the period at
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
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:
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 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 | % | ||||||||||
FAQ
What were Peak Bancorp's financial results for Q2 2022?
How much did net interest income decline in 2022?
What was the loan portfolio amount for Peak Bancorp as of Q2 2022?
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What is the allowance for loan losses reported by Peak Bancorp?
