Peak Bancorp, Inc. Announces 2nd Quarter 2021 Results

Peak Bancorp, Inc. Announces 2nd Quarter 2021 Results

MCCALL, Idaho, July 31, 2021 (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 second quarter ended June 30, 2021.

The Company recognized net income of $1.4 million in the second quarter of 2021, bringing year-to-date net income for the first half of the year to $3.3 million. Book value per share increased to $7.48 per share at the end of the quarter, compared to $7.20 at the previous quarter end, and $6.41 the same time last year. “We remain focused on profitable growth of our balance sheet, and that focus ties directly to our improvement in shareholder value,” noted Todd Cooper, CEO.

The Company’s loan portfolio ended the period at $541 million, which included $221 million in Paycheck Protection Program (PPP) loans. This represented a growth in the loan portfolio—excluding PPP—of $30 million over the previous quarter, and growth of $121 million from 2Q 2020. Deposits ended the quarter at $405 million, which represented an increase of $15 million from the previous quarter and $122 million from 2Q 2020. Bryan Furlong, Chief Banking Officer, noted, “We continue to see an incredible opportunity in our markets for the People First customer service that Idaho First Bank delivers.”

Credit quality and portfolio performance both remain very strong. Driven by loan growth, the allowance for loan loss was increased to $4.2 million or 1.32% of loans, less held for sale and 100% government guaranteed loans at June 30, 2021. The bank funded $600,000 in provision to the allowance for loan loss in the second quarter. Shannon Stoeger, Chief Credit Officer, commented, “We continue to proactively monitor the quality of our credit portfolio, maintaining our focus on quality banking relationships.”

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 six months ended June 30:   2021       2020     Change
  Net interest income $11,671     $6,008     $5,663     94 %
  Provision for loan losses   1,100       570       530     93 %
  Mortgage banking income   871       123       748     606 %
  Other noninterest income   377       270       108     40 %
  Noninterest expenses   7,309       4,620       2,690     58 %
    Net income before taxes   4,510       1,211       3,299     272 %
  Tax provision   1,210       328       882     269 %
    Net income $3,300     $883     $2,417     274 %
                 
At June 30:   2021       2020     Change
  Loans $541,392     $809,009     $(267,616 )   -33 %
  Allowance for loan losses   4,221       2,668       1,553     58 %
  Assets   683,693       916,686       (232,993 )   -25 %
  Deposits   404,899       283,074       121,826     43 %
  Stockholders’ equity   39,209       29,322       9,888     34 %
                 
  Nonaccrual loans         413       (413 )   -100 %
  Accruing loans more than 90 days past due   10             10      
  Other real estate owned                    
                 
    Total nonperforming assets   10       413       (403 )   -98 %
                 
  Book value per share   7.48       6.41       1.07     17 %
  Shares outstanding   5,239,589       4,574,161       665,428     15 %
                 
  Allowance to loans   0.78 %     0.33 %        
  Allowance to nonperforming loans   42301 %     645 %        
  Nonperforming loans to total loans   0.00 %     0.05 %        
                 
Averages for the six months ended June 30:   2021       2020     Change
  Loans $734,875     $398,000     $336,875     85 %
  Earning assets   800,762       475,708       325,055     68 %
  Assets   816,648       488,254       328,394     67 %
  Deposits   390,383       241,087       149,296     62 %
  Stockholders’ equity   36,322       28,040       8,283     30 %
                 
  Loans to deposits   188 %     165 %        
  Net interest margin   2.94 %     2.54 %        
Peak Bancorp, Inc.
Quarterly Consolidated Financial Highlights (unaudited)
(Dollars in thousands)
                     
Income Statement Q2 2021   Q1 2021   Q4 2020   Q3 2020   Q2 2020
  Net interest income $ 5,680     $ 5,990     $ 5,556     $ 5,106     $ 4,054  
  Provision for loan losses   600       500             500       500  
  Mortgage banking income   403       468       541       253       45  
  Other noninterest income   195       182       172       169       134  
  Noninterest expenses   3,760       3,549       4,646       3,695       2,540  
    Net income before taxes   1,918       2,592       1,622       1,332       1,193  
  Tax provision   515       695       432       357       319  
    Net income $ 1,403     $ 1,897     $ 1,190     $ 975     $ 874  
                     
Period End Information Q2 2021   Q1 2021   Q4 2020   Q3 2020   Q2 2020
  Loans $541,392     $734,137     $819,117     $856,333     $809,009  
  Deposits   404,899       390,133       348,181       283,678       283,074  
  Allowance for loan losses   4,221       3,620       3,169       3,168       2,668  
  Nonperforming loans   10                         413  
  Other real estate owned                            
  Quarterly net charge-offs (recoveries)   (1 )     49       (1 )     (1 )     (1 )
                     
  Allowance to loans   0.78 %     0.49 %     0.39 %     0.37 %     0.33 %
  Allowance to nonperforming loans   42301 %                       645 %
  Nonperforming loans to loans   0.00 %     0.00 %     0.00 %     0.00 %     0.05 %
                     
Average Balance Information Q2 2021   Q1 2021   Q4 2020   Q3 2020   Q2 2020
  Loans $674,937     $795,479     $843,342     $833,805     $620,647  
  Earning assets   752,334       849,729       892,737       892,726       730,194  
  Assets   768,735       865,093       908,173       907,075       743,522  
  Deposits   407,522       373,053       311,071       279,100       285,689  
  Stockholders’ equity   38,003       34,623       32,757       31,055       28,126  
                     
  Loans to deposits   166 %     213 %     271 %     299 %     217 %
  Net interest margin   3.03 %     2.86 %     2.48 %     2.28 %     2.23 %