MCCALL, Idaho, Jan. 30, 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 and full year ended December 31, 2022.
The Company recognized after-tax net income of $1.66 million in the fourth quarter of 2022, which brought net income for the full year to $4.27 million. Net interest income for the fourth quarter reached an all-time high of $6.14 million, which was driven by an improved net interest margin. Mortgage banking income for the fourth quarter continued to reflect decreased consumer mortgage demand, as total 2022 mortgage banking income decreased by $1.21 million from the prior year. Also notable for 2022 was the recognition of $579 thousands of merger costs in noninterest expense. Chairman Mark Miller noted, “The Board of Directors is very happy with the overall performance of the bank in 2022. The team worked to grow both customers and revenue while credit quality remained strong.”
The Company’s loan portfolio ended 2022 at $480 million, which represented growth in the loan portfolio of $81 million from year-end 2021, while deposits increased from year-end 2021 by $27 million to end 2022 at $497 million. Loan interest income excluding Paycheck Protection Program (PPP) loans increased by $7.75 million year-over-year, reflecting growth and improved yield in the loan portfolio. “The financial results in 2022 come from a well-balanced approach to business development, a commitment to growing profitable customer relationships, and a talented team of people working together,” stated Todd Cooper, CEO.
Credit quality and portfolio performance both remain historically strong. A continued focus on credit discipline combined with proactive credit monitoring led to improved credit portfolio metrics. The Bank continues to fund the allowance for loan loss to support the growing loan balances. At year-end the allowance was $5.7 million or 1.2% of loans (excluding PPP). Chief Credit Officer Shannon Stoeger commented, “The performance of our portfolio is the result of our relationship and credit underwriting teams working together within our proven credit culture to assess and proactively monitor 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.
FOR IMMEDIATE RELEASE CONTACT: Todd Cooper President and CEO – Peak Bancorp, Inc. 208.630.2092 – tcooper@idahofirstbank.com
