Peak Bancorp, Inc. Announces 2nd Quarter 2021 Results

Saturday, 31. July 2021 06:39

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 StatementQ2 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 InformationQ2 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 InformationQ2 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%





 


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