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Peak Bancorp, Inc. Announces 3rd Quarter 2021 Results

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MCCALL, Idaho, Oct. 28, 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 third quarter ended September 30, 2021.

The Company recognized net income of $1.29 million in the third quarter of 2021, bringing year-to-date net income through the first three quarters of the year to $4.59 million. Book value per share increased to $7.75 per share at the end of the quarter, compared to $7.48 at the previous quarter-end, and $6.62 the same time last year. Chairman Mark Miller noted, “The Board is proud of the team for producing these year-to-date results, and confident the momentum will continue through year-end.”

The Company’s loan portfolio ended the period at $421 million, which included $82 million in Paycheck Protection Program (PPP) loans. This represented growth in the loan portfolio – excluding PPP – of $19 million over the previous quarter, and growth of $106 million from Q3 2020. Deposits ended the quarter at $408 million which is an increase of $124 million from Q3 2020. “Our bank continues to grow as our talented team finds opportunities to expand in our vibrant local economies 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 quarter-end the allowance was $4.5 million or 1.34% of loans less PPP balances. Chief Credit Officer Shannon Stoeger commented, “Proactively monitoring our borrowing relationships and maintaining our underwriting standards is key to the good portfolio performance to date.”

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.

Peak Bancorp, Inc.

Consolidated Financial Highlights (unaudited)

(Dollars in thousands, except per share)

For the nine months ended September 30:

2021

2020

Change

Net interest income

$16,711

$11,114

$5,597

50

%

Provision for loan losses

1,400

1,070

330

31

%

Mortgage banking income

1,172

377

795

211

%

Other noninterest income

603

438

165

38

%

Noninterest expenses

10,810

8,315

2,495

30

%

Net income before taxes

6,276

2,544

3,732

147

%

Tax provision

1,688

685

1,003

146

%

Net income

$4,588

$1,859

$2,729

147

%

At September 30:

2021

2020

Change

Loans

$420,832

$856,333

$(435,501

)

-51

%

Allowance for loan losses

4,530

3,168

1,361

43

%

Assets

550,658

916,695

(366,037

)

-40

%

Deposits

407,508

283,678

123,829

44

%

Stockholders' equity

40,639

32,296

8,343

26

%

Nonaccrual loans

673

-

673

Accruing loans more than 90 days past due

-

-

-

Other real estate owned

-

-

-

Total nonperforming assets

673

-

673

Book value per share

7.75

6.62

1.13

17

%

Shares outstanding

5,246,306

4,875,122

371,184

8

%

Allowance to loans

1.08%

0.37%

Allowance to nonperforming loans

673%

-

Nonperforming loans to total loans

0.16%

0.00%

Averages for the nine months ended September 30:

2021

2020

Change

Loans

$647,524

$544,329

$103,196

19

%

Earning assets

734,650

615,728

118,922

19

%

Assets

750,229

628,880

121,349

19

%

Deposits

396,046

253,851

142,195

56

%

Stockholders' equity

37,490

29,052

8,438

29

%

Loans to deposits

163%

214%

Net interest margin

3.04%

2.41%


Peak Bancorp, Inc.

Quarterly Consolidated Financial Highlights (unaudited)

(Dollars in thousands)

Income Statement

Q3 2021

Q2 2021

Q1 2021

Q4 2020

Q3 2020

Net interest income

$5,040

$5,680

$5,990

$5,556

$5,106

Provision for loan losses

300

600

500

-

500

Mortgage banking income

300

403

468

541

253

Other noninterest income

226

195

182

172

169

Noninterest expenses

3,500

3,760

3,549

4,646

3,695

Net income before taxes

1,766

1,918

2,592

1,622

1,332

Tax provision

478

515

695

432

357

Net income

$1,288

$1,403

$1,897

$1,190

$975

Period End Information

Q3 2021

Q2 2021

Q1 2021

Q4 2020

Q3 2020

Loans

$420,832

$541,392

$734,137

$819,117

$856,333

Deposits

407,508

404,899

390,133

348,181

283,678

Allowance for loan losses

4,530

4,221

3,620

3,169

3,168

Nonperforming loans

673

10

-

-

-

Other real estate owned

-

-

-

-

-

Quarterly net charge-offs (recoveries)

(9

)

(1

)

49

(1

)

(1

)

Allowance to loans

1.08%

0.78%

0.49%

0.39%

0.37%

Allowance to nonperforming loans

673%

42301%

-

-

-

Nonperforming loans to loans

0.16%

0.00%

0.00%

0.00%

0.00%

Average Balance Information

Q3 2021

Q2 2021

Q1 2021

Q4 2020

Q3 2020

Loans

$475,672

$674,937

$795,479

$843,342

$833,805

Earning assets

604,581

752,334

849,729

892,737

892,726

Assets

619,559

768,735

865,093

908,173

907,075

Deposits

407,186

407,522

373,053

311,071

279,100

Stockholders' equity

39,789

38,003

34,623

32,757

31,055

Loans to deposits

117%

166%

213%

271%

299%

Net interest margin

3.31%

3.03%

2.86%

2.48%

2.28%

CONTACT:
Todd Cooper
President and CEO – Peak Bancorp, Inc.
208.630.2092 – tcooper@idahofirstbank.com


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