Coeur d’Alene Bancorp Announces Its First Quarter 2023 Results

Coeur d'Alene Bancorp (OTC Pink:CDAB), the parent company of bankcda, is pleased to announce its results for the first quarter 2023.

COEUR D'ALENE, ID / ACCESSWIRE / April 12, 2023 / Coeur d'Alene Bancorp, today reported net income of $405,285 or $0.21 per share for first quarter 2023, compared to $231,255 or $0.12 per share for the first quarter 2022. All results are unaudited.

As of March 31, 2023, total consolidated assets were $238.5 million, a decrease of $13.86 million or 5.5% compared to March 31, 2022. The decrease in total assets was the result of declining cash balances related to declining deposits, and increased investment purchases and loan demand. Gross loans ended the period at $107.3 million compared to $86.3 million as of March 31, 2022, an increase of $20.98 million or 24.3%. Investments ended the period at $111.4 million compared to $98.5 million as of March 31, 2022. Total deposits were $214.7 million as of March 31, 2023, compared to $228.1 million at March 31, 2022, a 5.9% decrease.

"Given recent changes in economic and banking conditions and overall economic uncertainty, we implemented several strategies this quarter to better position the bank for a broader range of economic scenarios. We continue to be in a good position from a liquidity standpoint. The duration of our investment portfolio remains short, providing consistent monthly cashflow, with $8.8 million expected in the next two quarters. The recent bank failures had minimal impact to our deposit base and day-to-day operations. We were active in the investment market during the quarter to strengthen our liquidity position and increase the yield within our portfolio, which had a negative effect on earnings. Our balance sheet remains well positioned to take advantage of today's higher rate environment with strong cashflow that should allow us to increase our net interest margin over the next several quarters." Said Wes Veach, President, and Chief Executive Officer.

Financial Highlights:

• Diluted earnings per share were $0.21 for three months ended 2023 versus $0.12 per share for three months ended 2022.
• Net book value per share ended the quarter at $9.94 compared to $9.91 from one year ago.
• Annualized return on average asset (ROAA) was 0.67% and annualized return on average equity (ROAE) was 9.09% for three months ended 2023 compared to 0.37% and 4.54% for three months ended 2022, respectively.
• Total assets ended the period at $238.5 million compared to $252.4 million as of March 31, 2022, a decrease of 5.5%. Totals assets decreased $6.0 million, or 2.5%, during the first quarter of 2023.
• Gross loans were $107.3 million at quarter end, versus $86.3 million on March 31, 2022.
• Total deposits were $214.7 million, compared to $228.1 million as of March 31, 2022, a decrease of 5.9%. Deposits decreased $7.9 million representing a 3.5% decline for the first quarter.
• For the 3 months ended March 31, 2023, net interest margin was 3.54% compared to 2.23% for 3 months ended March 31, 2022.
• Asset quality remains strong with nonperforming assets to Tier 1 capital of 0.08% as of March 31, 2023.
• Continue to be FIVE Star-rated from Bauer Financial, which is their highest rating.
• We continue to far 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.

Forward-Looking Statements

This press release contains, among other things, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements preceded by, followed by, or that include the words "may," "could," "should," "would," "believe," "anticipate," "estimate," "expect," "intend," "plan," "projects," "outlook" or similar expressions. These statements are based upon the current belief and expectations of the Coeur d'Alene Bancorp's management team and are subject to significant risks and uncertainties that are subject to change based on various factors (many of which are beyond Coeur d'Alene Bancorp's control). Although Coeur d'Alene Bancorp believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, Coeur d'Alene Bancorp can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by Coeur d'Alene Bancorp or any other person that the future events, plans, or expectations contemplated by Coeur d'Alene Bancorp will be achieved.

All subsequent written and oral forward-looking statements attributable to Coeur d'Alene Bancorp or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. Coeur d'Alene Bancorp does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.

	Balance Sheet Overview
	(Unaudited)
		Mar 31, 2023				Mar 31, 2022				Dec 31, 2022
Assets:
Cash and due from banks		$	11,630,434			$	59,476,200			$	18,371,277
Securities available for sale, at fair value			111,440,827				98,494,866				110,519,021
Net loans			105,281,362				84,534,247				105,345,227
Other assets			10,157,167				9,859,765				10,260,762
Total assets		$	238,509,790			$	252,365,078			$	244,496,287
Liabilities and Shareholders' Equity:
Total deposits		$	214,730,653			$	228,096,801			$	222,596,015
Borrowings			-				220,140				-
Capital lease liability			455,017				473,802				420,493
Other liabilities			4,524,832				4,869,989				4,096,477
Shareholders' Equity			18,799,288				18,704,346				17,383,302
Total liabilities and shareholders' equity		$	238,509,790			$	252,365,078			$	244,496,287
Ratios:
Return on average assets			0.67	%			0.37	%			0.85	%
Return on average equity			9.09	%			4.54	%			11.97	%
Community bank leverage ratio (1)			11.34	%			10.05	%			10.48	%
Community bank leverage ratio			9.57	%			8.44	%			9.06	%
Net interest margin (YTD) (1)			3.54	%			2.23	%			2.79	%
Net interest margin without PPP (YTD) (1)			N/A				2.23	%			2.79	%
Efficiency ratio (YTD) (1)			60.09	%			76.80	%			61.90	%
Nonperforming assets to tier 1 capital (1)			0.07	%			0.63	%			0.27	%
Nonperforming assets to total assets			0.01	%			0.06	%			0.03	%
Nonperforming assets to tier 1 capital			0.08	%			0.75	%			0.31	%
(1) Denotes bank-only ratios

	Income Statement Overview
	(Unaudited)
		For the three months ended
		Mar 31, 2023				Mar 31, 2022
Interest income		$	2,288,793			$	1,398,475
Interest expense			257,998				115,993
Net interest income			2,030,795				1,282,482
Loan loss provision			45,000				-
Noninterest income			212,982				231,964
Salaries and employee benefits			771,428				654,616
Occupancy expense			157,433				156,064
Loss on sale			253,295				-
Other noninterest expense			467,822				407,865
Income before income taxes			548,800				295,901
Income tax expense			143,515				64,646
Net income		$	405,285			$	231,255

SOURCE: Coeur D Alene Bancorp

View source version on accesswire.com:
https://www.accesswire.com/748864/Coeur-dAlene-Bancorp-Announces-Its-First-Quarter-2023-Results