MIL-OSI: Peak Bancorp, Inc. Announces 1st Quarter 2022 Results

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Source: GlobeNewswire (MIL-OSI)

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 %
                     

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