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 safeharbor provisions. CONTACT:Todd CooperPresident and CEO – Peak Bancorp, Inc.208.630.2092 – [email protected] 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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