MCCALL, Idaho, July 31, 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 second quarter ended June 30, 2021.
The Company recognized net income of $1.4 million in the second quarter of 2021, bringing year-to-date net income for the first half of the year to $3.3 million. Book value per share increased to $7.48 per share at the end of the quarter, compared to $7.20 at the previous quarter end, and $6.41 the same time last year. “We remain focused on profitable growth of our balance sheet, and that focus ties directly to our improvement in shareholder value,” noted Todd Cooper, CEO.
The Company’s loan portfolio ended the period at $541 million, which included $221 million in Paycheck Protection Program (PPP) loans. This represented a growth in the loan portfolio—excluding PPP—of $30 million over the previous quarter, and growth of $121 million from 2Q 2020. Deposits ended the quarter at $405 million, which represented an increase of $15 million from the previous quarter and $122 million from 2Q 2020. Bryan Furlong, Chief Banking Officer, noted, “We continue to see an incredible opportunity in our markets for the People First customer service that Idaho First Bank delivers.”
Credit quality and portfolio performance both remain very strong. Driven by loan growth, the allowance for loan loss was increased to $4.2 million or 1.32% of loans, less held for sale and 100% government guaranteed loans at June 30, 2021. The bank funded $600,000 in provision to the allowance for loan loss in 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 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.