InvestorsHub Logo
Followers 395
Posts 17865
Boards Moderated 1
Alias Born 06/07/2018

Re: None

Saturday, 10/30/2021 10:14:08 AM

Saturday, October 30, 2021 10:14:08 AM

Post# of 42
$IDFB Peak Bancorp, Inc. Announces 3rd Quarter 2021 Results
Press Release | 10/28/2021
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


Hi my posts are for entertainment purposes only. Consult a professional. And if it lasts longer than 4 hours, call a physician with a good camera.

Join InvestorsHub

Join the InvestorsHub Community

Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.