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	%