Press Release: Peak Bancorp, Inc. Announces 2nd Quarter 2021 Results | Globe NewsWire News Distribution Service

Press Release: Peak Bancorp, Inc. Announces 2nd Quarter 2021 Results | Globe NewsWire News Distribution Service

MCCALL, Idaho, July 31, 2021 (GLOBE NEWSWIRE) — Peak Bancorp, Inc., (the Company) (OTC: IDFB), the holding firm for Idaho First Bank (the Bank), as we speak introduced unaudited monetary outcomes for the second quarter ended June 30, 2021.

The Company acknowledged web revenue of $1.4 million within the second quarter of 2021, bringing year-to-date web revenue for the primary half of the yr to $3.3 million. Book worth per share elevated to $7.48 per share on the finish of the quarter, in comparison with $7.20 on the earlier quarter finish, and $6.41 the identical time final yr. “We remain focused on profitable growth of our balance sheet, and that focus ties directly to our improvement in shareholder value,” famous Todd Cooper, CEO.

The Company’s loan portfolio ended the interval at $541 million, which included $221 million in Paycheck Protection Program (PPP) loans. This represented a development within the loan portfolio—excluding PPP—of $30 million over the earlier quarter, and development of $121 million from 2Q 2020. Deposits ended the quarter at $405 million, which represented a rise of $15 million from the earlier quarter and $122 million from 2Q 2020. Bryan Furlong, Chief Banking Officer, famous, “We continue to see an incredible opportunity in our markets for the People First customer service that Idaho First Bank delivers.”

Credit high quality and portfolio efficiency each stay very sturdy. Driven by loan development, the allowance for loan loss was elevated to $4.2 million or 1.32% of loans, much less held on the market and 100% authorities assured loans at June 30, 2021. The bank funded $600,000 in provision to the allowance for loan loss within 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 firm for Idaho First Bank, a state chartered group bank headquartered in McCall, Idaho. Known for its People First motto, Idaho First Bank serves larger southwest Idaho with branches positioned in McCall, New Meadows, Eagle, Ketchum, Nampa and Boise, and a loan manufacturing workplace in Bend, Oregon. Idaho First Bank is a member of the FDIC and an Equal Housing Lender. For extra info, go to us at www.idahofirstbank.com

This launch accommodates “forward-looking statements” inside the which means of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). Such forward-looking statements are topic to dangers and uncertainties which will trigger precise outcomes to vary materially from these projected. These dangers and uncertainties embody, however should not restricted to, financial situations, the regulatory surroundings, loan concentrations, distributors, workers, know-how, competitors, and curiosity charges. Readers are cautioned to not place undue reliance on the forward-looking statements. Idaho First Bank has no obligation to publicly replace forward-looking statements after the date of this launch. This assertion is included for the categorical function of invoking PSLRA’s secure
harbor provisions.

CONTACT:
Todd Cooper
President and CEO – Peak Bancorp, Inc.
208.630.2092 – This e-mail handle is being protected against spambots. You want JavaScript enabled to view it.

Peak Bancorp, Inc.
Consolidated Financial Highlights (unaudited)
(Dollars in hundreds, besides per share)
                 
For the six months ended June 30:   2021       2020     Change
  Net curiosity revenue $11,671     $6,008     $5,663     94 %
  Provision for loan losses   1,100       570       530     93 %
  Mortgage banking revenue   871       123       748     606 %
  Other noninterest revenue   377       270       108     40 %
  Noninterest bills   7,309       4,620       2,690     58 %
    Net revenue earlier than taxes   4,510       1,211       3,299     272 %
  Tax provision   1,210       328       882     269 %
    Net revenue $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’ fairness   39,209       29,322       9,888     34 %
                 
  Nonaccrual loans         413       (413 )   -100 %
  Accruing loans greater than 90 days late   10             10      
  Other actual property owned                    
                 
    Total nonperforming property   10       413       (403 )   -98 %
                 
  Book worth per share   7.48       6.41       1.07     17 %
  Shares excellent   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 complete 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 property   800,762       475,708       325,055     68 %
  Assets   816,648       488,254       328,394     67 %
  Deposits   390,383       241,087       149,296     62 %
  Stockholders’ fairness   36,322       28,040       8,283     30 %
                 
  Loans to deposits   188 %     165 %        
  Net curiosity margin   2.94 %     2.54 %        
READ:   Refinance Student Loans With a Cosigner in 3 Steps
Peak Bancorp, Inc.
Quarterly Consolidated Financial Highlights (unaudited)
(Dollars in hundreds)
                     
Income Statement Q2 2021   Q1 2021   This autumn 2020   Q3 2020   Q2 2020
  Net curiosity revenue $ 5,680     $ 5,990     $ 5,556     $ 5,106     $ 4,054  
  Provision for loan losses   600       500             500       500  
  Mortgage banking revenue   403       468       541       253       45  
  Other noninterest revenue   195       182       172       169       134  
  Noninterest bills   3,760       3,549       4,646       3,695       2,540  
    Net revenue earlier than taxes   1,918       2,592       1,622       1,332       1,193  
  Tax provision   515       695       432       357       319  
    Net revenue $ 1,403     $ 1,897     $ 1,190     $ 975     $ 874  
                     
Period End Information Q2 2021   Q1 2021   This autumn 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 actual property owned                            
  Quarterly web 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   This autumn 2020   Q3 2020   Q2 2020
  Loans $674,937     $795,479     $843,342     $833,805     $620,647  
  Earning property   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’ fairness   38,003       34,623       32,757       31,055       28,126  
                     
  Loans to deposits   166 %     213 %     271 %     299 %     217 %
  Net curiosity margin   3.03 %     2.86 %     2.48 %     2.28 %     2.23 %
READ:   TPACKing for a Wonderful Educational Trip/Group 3