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Jan. 28, 2022, 7:42 p.m. EST

Peak Bancorp, Inc. Announces 4th Quarter 2021 Results

MCCALL, Idaho, Jan 28, 2022 (GLOBE NEWSWIRE via COMTEX) -- MCCALL, Idaho, Jan. 28, 2022 (GLOBE NEWSWIRE) -- Peak Bancorp, Inc., (the Company) /zigman2/quotes/202862757/composite IDFB -0.18% , 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 Statement Q4 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 Information Q4 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 Information Q4 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 %

COMTEX_401371491/2471/2022-01-28T19:42:17

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/zigman2/quotes/202862757/composite
US : U.S.: OTC
$ 10.98
-0.02 -0.18%
Volume: 50.00
Nov. 28, 2022 2:49p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$22.28 million
Rev. per Employee
$256,562
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