Peak Bancorp, Inc. Announces Q1 2023 Results – Peak Bancorp (OTC:IDFB)

Peak Bancorp, Inc. Announces Q1 2023 Results – Peak Bancorp (OTC:IDFB)


MCCALL, Idaho, April 28, 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 first quarter ended March 31, 2023.

Chief Executive Officer Todd Cooper commented, “We had overall strong performance in Q1 2023 as we continued to see balance sheet growth over both Q4 2022 and the year-ago quarter. Net Interest Income growth is strong over the last 12 months but increasing deposit costs resulted in a lower net interest margin in Q1 relative to Q4 2022. Our deposit balances grew at a faster pace than loan balances in Q1 2023 highlighting the strong work our team has done building relationships and focusing on our communities.”

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First Quarter 2023 vs. First Quarter 2022

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  • Net Interest Income increased 36% from $4.10 million to $5.59 million as a result of both higher loan balances and improved net interest margin.
  • Net Income after tax increased 109% from $617,000 to $1.29 million which was also the result primarily of increased loan balances and improved net interest margin.
  • Noninterest expenses increased 14% to $3.94 million which was the result of an increase in personnel and other operating expense levels.
  • Customer-driven balance sheet growth continued as average loans increased 18% to $471 million, and average deposits increased 8% to $500 million.
  • Stockholder’s equity increased 10% to $46.6 million at period end, which was the result of earnings held in the company.

First Quarter 2023 vs. Fourth Quarter 2022

  • Net Interest Income declined 9% from $6.14 million to $5.59 million, the result of higher cost of funds.
  • Net Income after tax decreased 35% from $1.66 million to $1.29 million driven primarily by the decrease in net interest margin.
  • Noninterest expenses declined 1% from $4.00 million to $3.94 million.
  • Balance sheet growth slowed from previous quarters, as average loans increased by 1% to $471 million, while average deposits increased 2% to $500 million.

Chairman Mark Miller noted, “The first quarter results reflect the good work of the team over the last 3 years. Our customers continue to support the bank as we remain focused on our community banking approach of delivering the best customer experience in each of our markets.”

Credit quality and portfolio performance both remain historically strong. A commitment to remaining credit disciplined combined with proactive credit monitoring have resulted in continued strong credit portfolio metrics. The Bank continues to fund the allowance for loan loss to support the growing loan balances. At quarter-end the allowance was $5.9 million or 1.24% of loans. Chief Credit Officer Shannon Stoeger commented, “Our credit and relationship teams continue to show great discipline around maintaining underwriting standards, and closely monitoring the performance of 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.

CONTACT:
Todd Cooper
President and CEO – Peak Bancorp, Inc.
208.630.2092 – [email protected]

Peak Bancorp, Inc.  
Consolidated Financial Highlights (unaudited)  
(Dollars in thousands, except per share)  
                       
For the quarter ended March 31: 2023   2022   Change  
  Net interest income $ 5,588     $ 4,098     $ 1,490     36 %  
  Provision for loan losses   200       150       50     33 %  
  Mortgage banking income   26       138       (112 )   -81 %  
  Other noninterest income   268       224       44     20 %  
  Noninterest expenses   3,943       3,470       473     14 %  
  Net income before taxes   1,740       840       899     107 %  
  Tax provision   450       223       227     102 %  
  Net income   $ 1,290     $ 617     $ 672     109 %  
                       
At March 31:     2023   2022   Change  
  Loans     $ 476,466     $ 411,475     $ 64,991     16 %  
  Allowance for loan losses   5,911       4,738       1,172     25 %  
  Assets       580,059       552,373       27,686     5 %  
  Deposits       507,312       477,174       30,138     6 %  
  Stockholders’ equity   46,647       42,296       4,350     10 %  
                       
  Nonaccrual loans                      
  Accruing loans more than 90 days past due                      
  Other real estate owned                      
                       
  Total nonperforming assets                      
                       
  Book value per share   8.71       7.90       0.81     10 %  
  Shares outstanding   5,353,575       5,350,651       2,924     0 %  
                       
  Allowance to loans   1.24 %     1.15 %          
  Allowance to nonperforming loans                    
  Nonperforming loans to total loans   0.00 %     0.00 %          
                       
Averages for the quarter ended March 31: 2023   2022   Change  
  Loans     $ 470,617     $ 399,313     $ 71,304     18 %  
  Earning assets   556,012       527,170       28,842     5 %  
  Assets       572,022       543,966       28,056     5 %  
  Deposits       500,159       465,104       35,056     8 %  
  Stockholders’ equity   47,837       42,986       4,851     11 %  
                       
  Loans to deposits   94 %     86 %          
  Net interest margin   4.08 %     3.15 %          
                       
Peak Bancorp, Inc.  
Quarterly Consolidated Financial Highlights (unaudited)  
(Dollars in thousands)  
                           
Income Statement Q1 2023   Q4 2022   Q3 2022   Q2 2022   Q1 2022  
  Net interest income $ 5,588     $ 6,139     $ 5,701     $ 4,773     $ 4,098    
  Provision for loan losses   200       250       350       350       150    
  Mortgage banking income   26       34       45       95       138    
  Other noninterest income   268       298       292       237       224    
  Noninterest expenses   3,943       3,996       3,800       3,950       3,470    
  Net income before taxes   1,740       2,226       1,888       806       840    
  Tax provision   450       568       493       211       223    
  Net income   $ 1,290     $ 1,658     $ 1,395     $ 595     $ 617    
                           
Period End Information Q1 2023   Q4 2022   Q3 2022   Q2 2022   Q1 2022  
  Loans     $ 476,466     $ 479,571     $ 458,533     $ 433,409     $ 411,475    
  Deposits       507,312       497,406       479,734       476,438       477,174    
  Allowance for loan losses   5,911       5,711       5,440       5,089       4,738    
  Nonperforming loans               4,300                
  Other real estate owned                              
  Quarterly net charge-offs (recoveries)         (21 )     (1 )     (1 )     (1 )  
                           
  Allowance to loans   1.24 %     1.19 %     1.19 %     1.17 %     1.15 %  
  Allowance to nonperforming loans               126 %              
  Nonperforming loans to loans   0.00 %     0.00 %     0.94 %     0.00 %     0.00 %  
                           
Average Balance Information Q1 2023   Q4 2022   Q3 2022   Q2 2022   Q1 2022  
  Loans     $ 470,617     $ 467,973     $ 446,137     $ 424,540     $ 399,313    
  Earning assets   556,012       539,094       532,981       526,248       527,170    
  Assets       572,022       555,157       549,129       543,011       543,966    
  Deposits       500,159       488,349       483,480       469,957       465,104    
  Stockholders’ equity   47,837       46,309       44,717       43,676       42,986    
                           
  Loans to deposits   94 %     96 %     92 %     90 %     86 %  
  Net interest margin   4.08 %     4.52 %     4.24 %     3.64 %     3.15 %  


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