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Peak Bancorp, Inc. Announces 2nd Quarter 2021 Results

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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

%







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