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Press release content from Globe Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Globe Newswire
Press release content from Globe Newswire. The AP news staff was not involved in its creation.

Peak Bancorp, Inc. Announces 3rd Quarter 2021 Results

October 28, 2021 GMT

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.

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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

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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 StatementQ3 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 InformationQ3 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 InformationQ3 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