Peak Bancorp, Inc. Announces 1st Quarter 2022 Results – QNT Press Release


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 – [email protected]

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 twenty three %
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 twenty two %
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

Full story available on Benzinga.com



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