Peak Bancorp, Inc. Announces 4th Quarter 2021 Results

McCall, UNITED STATES


MCCALL, Idaho, Jan. 28, 2022 (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 fourth quarter ended December 31, 2021.

The Company recognized net income of $1.09 million in the fourth quarter of 2021, bringing net income for the year to $5.68 million. Book value per share increased to $7.98 per share at the end of the year, compared to $7.75 at the previous quarter-end, and $6.81 the same time last year. Chairman Mark Miller noted, “The Board is proud of the performance posted in 2021 and recognizes the important contribution every member of the team made to achieve the results.”

The Company’s loan portfolio ended the period at $399 million, which included $30 million in Paycheck Protection Program (PPP) loans. This represented growth in the loan portfolio – excluding PPP – of $31 million over the previous quarter, and growth of $98 million over the same period last year. Deposits ended the quarter at $470 million which is an increase of $126 million over the same period last year. “Our team continues to find opportunities working with businesses in our communities 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 year-end the allowance was $4.6 million or 1.24% of loans less PPP balances. Chief Credit Officer Shannon Stoeger commented, “Our credit culture makes us work proactively with our customers so we recognize the risks they face as well as they do. This helps to minimize credit losses and provides for the best outcomes for everyone.”

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 year ended December 31: 2021   2020  Change
Net interest income$21,057  $16,670  $4,387  26%
Provision for loan losses 1,500   1,070   430  40%
Mortgage banking income 1,518   917   601  66%
Other noninterest income 832   610   222  36%
Noninterest expenses 14,212   12,961   1,251  10%
Net income before taxes 7,695   4,166   3,529  85%
Tax provision 2,019   1,117   902  81%
Net income$5,676  $3,049  $2,627  86%
        
At December 31: 2021   2020  Change
Loans$398,999  $819,117  $(420,118)  -51%
Allowance for loan losses 4,588   3,169   1,418  45%
Assets 554,746   884,437   (329,691) -37%
Deposits 470,455   348,181   122,274  35%
Stockholders' equity 42,632   33,848   8,783  26%
        
Nonaccrual loans 663   -   663   
Accruing loans more than 90 days past due -   -   -   
Other real estate owned -   -   -   
        
Total nonperforming assets 663   -   663   
        
Book value per share 7.98   6.81   1.17  17%
Shares outstanding 5,344,686   4,967,294   377,392  8%
        
Allowance to loans 1.15%  0.39%    
Allowance to nonperforming loans 692%  -     
Nonperforming loans to total loans 0.17%  0.00%    
        
Averages for the year ended December 31: 2021   2020  Change
Loans$585,877  $619,491  $(33,614) -5%
Earning assets 683,689   685,359   (1,670) 0%
Assets 699,726   699,085   641  0%
Deposits 406,378   268,234   138,144  52%
Stockholders' equity 38,441   29,983   8,458  28%
        
Loans to deposits 144%  231%    
Net interest margin 3.08%  2.43%    
        


Peak Bancorp, Inc.
Quarterly Consolidated Financial Highlights (unaudited)
(Dollars in thousands)
          
Income StatementQ4 2021 Q3 2021 Q2 2021 Q1 2021 Q4 2020
Net interest income$4,346  $5,040  $5,680  $5,990  $5,556 
Provision for loan losses 100   300   600   500   - 
Mortgage banking income 347   300   403   468   541 
Other noninterest income 229   226   195   182   172 
Noninterest expenses 3,402   3,500   3,760   3,549   4,646 
Net income before taxes 1,419   1,766   1,918   2,592   1,622 
Tax provision 331   478   515   695   432 
Net income$1,088  $1,288  $1,403  $1,897  $1,190 
          
Period End InformationQ4 2021 Q3 2021 Q2 2021 Q1 2021 Q4 2020
Loans$398,999  $420,832  $541,392  $734,137  $819,117 
Deposits 470,455   407,508   404,899   390,133   348,181 
Allowance for loan losses 4,588   4,530   4,221   3,620   3,169 
Nonperforming loans 663   673   10   -   - 
Other real estate owned -   -   -   -   - 
Quarterly net charge-offs (recoveries) 43   (9)  (1)  49   (1)
          
Allowance to loans 1.15%  1.08%  0.78%  0.49%  0.39%
Allowance to nonperforming loans 692%  673%  42301%  -   - 
Nonperforming loans to loans 0.17%  0.16%  0.00%  0.00%  0.00%
          
Average Balance InformationQ4 2021 Q3 2021 Q2 2021 Q1 2021 Q4 2020
Loans$402,944  $475,672  $674,937  $795,479  $843,342 
Earning assets 532,469   604,581   752,334   849,729   892,737 
Assets 549,861   619,559   768,735   865,093   908,173 
Deposits 437,040   407,186   407,522   373,053   311,071 
Stockholders' equity 41,262   39,789   38,003   34,623   32,757 
          
Loans to deposits 92%  117%  166%  213%  271%
Net interest margin 3.24%  3.31%  3.03%  2.86%  2.48%