Coeur d’Alene Bancorp Announces Its First Quarter 2021 Results
04/15/2021 - 05:07 PM
Coeur d’Alene Bancorp (OTC Pink: CDAB), the parent company of bankcda, is pleased to announce its results for the first quarter 2021.
Coeur d’Alene Bancorp today reported net income of $519,516 or $0.28 per share for first quarter 2021, compared to $242,160 or $0.13 per share for the first quarter 2020. All results are unaudited.
Financial Highlights :
Diluted earnings per share $0.27 for three months ended 2021 versus $0.13 per share for three months ended 2020.
Net book value per share increased to $10.50 compared to $9.66 from one year ago.
Annualized return on average asset (ROAA) was 1.04% and annualized return on average equity (ROAE) was 9.94% for three months ended 2021 compared to 0.67% and 5.43% for three months ended 2020, respectively.
Total assets ended the period at $213.2 million compared to $145.0 million as of March 31, 2020, an increase of 47.0% . Totals assets increased $22.9 million , or 12.0% , during the first quarter 2021.
Gross loans were $90.1 million at quarter end, versus $74.8 million at March 31, 2020. Loans, net of Paycheck Protection Program (PPP), totaled $79.7 million which represents a 1.16% increase for the first quarter.
Total deposits were $190.9 million , compared to $126.6 million as of March 31, 2020. Deposits increased $23.3 million representing a 13.9% growth for the first quarter.
Cost of funds was 0.12% compared to 0.27% in 2020.
Asset quality remains strong with classified loans to Tier 1 capital of 1.27% at March 31, 2021.
Continue to be FIVE Star-rated from Bauer Financial, which is their highest rating.
We continue to far exceed minimum community bank leverage ratio.
“We continue to have strong deposit growth with a 13.9% increase in the quarter driven by inward migration and strong small business environment. A mild winter allowed minimal slowdown in both residential and commercial construction creating strong demand to start the year. Given our strong deposit growth and liquidity position over the past year, our primary challenge is growing our loan portfolio. During the quarter, we originated $8.7 million in new loans and maintain a robust pipeline for the coming months. Although earnings increased over the prior year, fees related to PPP loans and non-recurring income from a bond transaction provided a large portion of revenue. We originated 99 Paycheck Protection Program (PPP) loans during the quarter totaling $7 million . We continue to work with borrowers to obtain forgiveness for loans originated in 2020, to date 86% of loans have been forgiven. 100% of loans submitted for forgiveness have been forgiven. Credit quality remains strong,” said Wes Veach, President and Chief Executive Officer.
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.com or contact Wes Veach at 208-415-5006.
Balance Sheet Overview
(Unaudited)
Mar 31, 2021
Mar 31, 2020
Dec 31, 2020
Assets:
Cash and due from banks
$
45,745,875
$
11,055,784
$
37,449,866
Securities available for sale, at fair value
69,566,177
50,653,637
56,392,216
Net Loans
87,926,565
73,332,917
86,477,766
Other assets
9,975,519
9,972,417
10,020,071
Total assets
$
213,214,136
$
145,014,755
$
190,339,919
Liabilities and Shareholders' Equity:
Total deposits
$
190,921,001
$
126,557,276
$
167,668,048
Borrowings
282,639
345,140
298,265
Capital lease liability
544,151
604,541
561,518
Other liabilities
907,303
196,830
1,089,168
Shareholders' equity
20,559,042
17,310,968
20,722,920
Total liabilities and shareholders' equity
$
213,214,136
$
145,014,755
$
190,339,919
Ratios:
Return on average assets
1.04
%
0.67
%
0.77
%
Return on average equity
9.94
%
5.43
%
6.74
%
Community bank leverage ratio(1)
9.66
%
12.24
%
10.04
%
Net interest margin (YTD) (1)
2.61
%
3.84
%
3.73
%
Net interest margin without PPP (YTD) (1)
2.69
%
3.52
%
Efficiency ratio (YTD) (1)
66.43
%
82.87
%
74.37
%
Nonperforming assets to tier 1 capital (1)
1.27
%
1.70
%
1.38
%
Nonperforming assets to total assets
0.11
%
0.21
%
0.14
%
(1) denotes bank-only ratios
Income Statement Overview
(unaudited)
For the three months ended
Mar 31, 2021
Mar 31, 2020
Interest income
$
1,280,733
$
1,376,424
Interest Expense
55,843
91,092
Net interest income
1,224,890
1,285,332
Loan loss provision
-
-
Noninterest income
559,853
230,190
Salaries and employee benefits
593,506
619,147
Occupancy Expense
139,940
138,592
Other noninterest expense
380,992
461,873
Income before income taxes
670,305
295,911
Income tax expense
150,789
53,751
Net income
$
519,516
$
242,160
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