Peak Bancorp Inc (fka IDFB)

[56Chevy]

Notes from the 2012 Financial Statement

Federal Tax NOL-CF is $9.1MM
Idaho State Tax NOL-CF is $9.6MM

The Bank accepted stock subscriptions of $1.3MM and issued 3.1MM shares of new stock at a price of .42 per share in March 2013. As of March 31, 2013, the Total Risk based Capital to Risk-Weighted Assets Ration improved to 10.53% compared to 8.73% at December 31, 2012. The BoD believes that this new capital, in conjunction with improved earnings and decreasing classified assets will result in termination of the FDIC consent order.

In conjunction with the common stock offering, 3,070,223 shares of common stock warrants were issued. The new warrant holders have the right to purchase common stock at a price of $0.42 per share at any time prior to the warrant expiration on December 27, 2017. Also in connection with the offering, there were 5,212,671 warrants expiring on December 30, 2013, that were replaced by warrants expiring on December 27, 2017. The exercise price of the extended warrants was unchanged.

On April 22, 2013, the bank purchased its McCall office building and land from the landlord, terminating the existing lease. As of December 31, 2012, the amount of the future rental payments, assuming current lease rates, disclosed in Note 8 was $2.6 Million. The amount paid for the property is less than the present value of future rental payments considering expected lease rate increases. The purchase of the property was paid with $200K in common stock and the remainder in cash.

https://www.idahofirstbank.com/files/Idaho_First_audit_2012_pdf.pdf

*Those .42 warrants are going to be very nice to have down the road. Being an accredited investor has its perks!

**I didn't see where the bank had ever taken TARP money..that still needs to be 100% verified but if true that's a good thing going forward...and hopefully the cap raising effort will result in the Consent Order being lifted. Things are defintely looking up for this small bank.