Peak Bancorp, Inc. Announces 3rd Quarter 2021 Results

Rhea-AI Summary

Peak Bancorp, Inc. (OTC: IDFB) reported a third-quarter net income of $1.29 million, with year-to-date income reaching $4.59 million. The book value per share rose to $7.75, up from $7.48 last quarter and $6.62 a year ago. The loan portfolio grew to $421 million, with a $19 million increase excluding Paycheck Protection Program loans. Total deposits hit $408 million, representing a $124 million increase year-over-year. Credit quality remains strong, with an allowance for loan losses of $4.5 million.

Positive

• Net income for Q3 2021 is $1.29 million.
• Year-to-date net income reaches $4.59 million.
• Book value per share increased to $7.75 from $7.48 last quarter.
• Loan portfolio growth excluding PPP was $19 million over the previous quarter.
• Deposits increased by $124 million from Q3 2020.

Negative

• None.

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.

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

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 Statement				Q3 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 Information				Q3 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 Information				Q3 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 

FAQ

What were the financial results for Peak Bancorp in Q3 2021?

Peak Bancorp reported a net income of $1.29 million for Q3 2021.

How much did the book value per share increase for IDFB?

The book value per share increased to $7.75, up from $7.48 last quarter.

What is the current loan portfolio size for Peak Bancorp?

The loan portfolio ended at $421 million, including $82 million in PPP loans.

How much did deposits grow year-over-year for IDFB?

Deposits increased by $124 million compared to Q3 2020.

What is the allowance for loan losses for Peak Bancorp?

The allowance for loan losses was $4.5 million, or 1.34% of loans less PPP balances.