Peak Bancorp, Inc. Announces 4th Quarter 2023 Results

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 %
                   

Idaho First Bank