MCCALL, Idaho, Jan. 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 fourth quarter ended December 31, 2023.
The Company recognized net income of $1.09 million in the fourth quarter of 2023, 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 2023 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 – [email protected]
| 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 2023 | Q3 2023 | Q2 2023 | Q1 2023 | 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 2023 | Q3 2023 | Q2 2023 | Q1 2023 | 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 2023 | Q3 2023 | Q2 2023 | Q1 2023 | 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 | % | |||||||||
