Coeur d’Alene Bancorp Announces Its Third Quarter and Year to Date 2023 Results

PRESS RELEASE
Published October 18, 2023

COEUR d'ALENE, ID / ACCESSWIRE / October 18, 2023 / Coeur d'Alene Bancorp (OTC PINK:CDAB), the parent company of bankcda, is pleased to announce its results for the third quarter 2023 and year to date 2023.

Coeur d'Alene Bancorp today reported net income for third quarter 2023 of $561,223 or $0.30 per share compared to $694,540 or $0.37 per share for third quarter 2022. Net income for nine months ended September 30, 2023, totaled $1,554,659 or $0.82 per share, compared to $1,339,312 or $0.71 per share, for nine months ended 2022. All results are unaudited.

As of September 30, 2023, total consolidated assets were $237.7 million, a decrease of $24.6 million or 9.4% compared to September 30, 2022. Gross loans ended the period at $117.8 million compared to $98.9 million as of September 30, 2022, a 19% increase. Total deposits ended the quarter at $214.2 million compared to $241.5 million as of September 30, 2022.

"Overall bank performance remains strong, although quarterly profitability is down compared to prior year it increased over the linked quarter and for nine months ended over prior year." Said Wes Veach, President, and Chief Executive Officer. "Year over year our net interest margin has expanded 91 basis points. Current quarter net interest margin of 3.41% contract 3 basis points compared to the linked quarter of 3.44%"

"Our liquidity position remains strong with on-balance sheet cash and investments. Though deposits have decreased from the previous year they have stabilized and grew slightly in the quarter. Credit quality remains solid with minimal levels of adversely classified and nonperforming loans. Loan demand remains strong with 19% growth year over year."

Financial Highlights:

  • Diluted earnings per share $0.82 for nine months ended 2023 versus $0.70 per share for nine months ended 2022.
  • Net book value per share increased to $9.77 compared to $8.63 from one year ago and $9.69 per share for the linked quarter.
  • Annualized return on average asset (ROAA) was 0.87% and annualized return on average equity (ROAE) was 11.43% for nine months ended 2023, compared to 0.70% and 9.63% for nine months ended 2022, respectively.
  • Total assets ended the quarter at $237.7 million compared to $262.3 million as of September 30, 2022, and $236.4 million as of June 30, 2023.
  • Gross loans were $117.8 million at quarter end, versus $98.9 million at September 30, 2022, and $112.1 million as of June 30, 2023.
  • Total deposits were $214.2 million at quarter end, versus $241.5 million at September 30, 2022, and $213.1 million at June 30, 2023.
  • For the first nine months of 2023, net interest margin was 3.41% compared to 2.50% for the first nine months of 2022.
  • Asset quality remains strong with nonperforming assets to Tier 1 capital of 0.06% at September 30, 2023.
  • Continue to be FIVE Star-rated from Bauer Financial, which is their highest rating.
  • We continue to exceed the minimum community bank leverage ratio.

Coeur d'Alene Bancorp, parent company of bankcda, is headquartered in Coeur d'Alene, Idaho with branches in Coeur d'Alene, Hayden, Post Falls, and Kellogg.

For more information, visit www.bankcda.bank or contact Wes Veach at 208-415-5006.

Balance Sheet Overview
(Unaudited)


Sep 30, 2023 Sep 30, 2022 Jun 30, 2023
Assets:



Cash and due from banks
$10,768,561 $44,723,533 $12,689,001
Securities available for sale, at fair value
100,972,429 110,436,851 103,254,381
Net loans
115,763,649 97,050,969 110,192,220
Other assets
10,191,717 10,097,748 10,247,109
Total assets
$237,696,356 $262,309,102 $236,382,711

Liabilities and Shareholders' Equity:
Total deposits
$214,239,165 $241,511,812 $213,078,287
Borrowings
- - -
Capital lease liability
423,915 438,198 441,024
Other liabilities
4,557,807 4,032,436 4,353,771
Shareholders' Equity
18,475,469 16,326,655 18,509,629
Total liabilities and shareholders' equity
$237,696,356 $262,309,102 $236,382,711

Ratios:
Return on average assets
0.87% 0.70% 0.80%
Return on average equity
11.43% 9.63% 10.45%
Community bank leverage ratio
10.06% 8.55% 9.96%
Net interest margin (YTD)
3.41% 2.50% 3.44%
Efficiency ratio (YTD)
63.36% 66.89% 63.08%
Nonperforming assets to total assets
0.01% 0.04% 0.01%
Nonperforming assets to tier 1 capital
0.06% 0.45% 0.07%
Income Statement Overview
(Unaudited)
For the three months ended For the nine months ended
Sep 30, 2023 Sep 30, 2022 Sep 30, 2023 Sep 30, 2022
Interest income$2,478,207 $2,021,153 $7,093,507 $5,044,542
Interest expense 519,626 140,435 1,123,880 374,842

Net interest income

1,958,581 1,880,718 5,969,627 4,669,700
Loan loss provision 76,500 - 121,500 -
Noninterest income 233,532 240,777 681,912 698,693
Salaries and employee benefits 706,025 608,424 2,220,929 1,873,076
Occupancy expense 148,975 145,675 445,509 449,307
Loss on sale, net of gains - - 263,055 -
Other noninterest expense 546,506 434,848 1,547,923 1,268,321
Income before income taxes 714,108 932,547 2,052,622 1,777,688
Income tax expense 152,886 238,007 497,963 438,376

Net income

$561,223 $694,540 $1,554,659 $1,339,312

SOURCE: Coeur D Alene Bancorp



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