Coeur d'Alene Bancorp Announces Its Second Quarter and Year to Date 2021 Results

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07/14/2021 - 01:35 PM

COEUR D'ALENE, ID / ACCESSWIRE / July 14, 2021 / Coeur d'Alene Bancorp (OTC PINK:CDAB), the parent company of bankcda, is pleased to announce its results for the second quarter 2021 and year to date 2021.

Coeur d'Alene Bancorp today reported net income for the second quarter of $408,913 or $0.22 per share, compared to $214,283 or $0.11 for the second quarter of 2020. Net income of $928,429 or $0.49 per share for the six months ended June 30, 2021 was also reported, compared to $456,444 or $0.24 per share for the six months ended 2020. All results are unaudited.

Financial Highlights:

Earnings per share of $0.49 for the six months ended 2021, versus $0.24 per share for the six months ended 2020.
Book value per share increased to $11.28 compared to $10.33 from one year ago.
Annualized return on average assets (ROAA) was 0.74% for second quarter 2021, compared to 0.52% for second quarter 2020; and 0.88% for the six months ended 2021 compared to 0.59% for the six months ended 2020.
Annualized return on average equity (ROAE) was 8.88% for the six months ended 2021, compared 4.97% for the six months ended 2020.
Total assets ended the period at $235.2 million, compared to $171.5 million one year ago and $213.2 million as of March 31, 2021.
Total deposits were $207.3 million versus $150.3 million at June 30, 2020 and $190.9 million at March 31, 2021. Non-interest bearing deposits remain strong at 36.7% of total deposits.
Continue to be FIVE Star-rated from Bauer Financial, which is their highest rating.
All capital ratios continue to exceed regulatory minimums.

"We were able to improve our quarterly and year-to-date earnings over prior year with increased non-interest income related to PPP origination fees, and continued expense control including reduced expense related to our IT conversion in June of 2020. Historically low interest rates continue to be a challenge, but continue to provide opportunities as businesses consider expansion or refinancing current debt" said Wes Veach, President and Chief Executive Officer.

"Our local economy remains strong, driving growth in both loans and deposits with $13 million in new loans originated during the quarter and deposit growth of over $16 million. Similar to the first quarter, the majority of our lending opportunities are commercial construction, which will fund throughout the remainder of the year and become permanent financing upon completion. We continue to work with customers in obtaining PPP forgiveness for first and second round loans. To date, 94% of first round PPP loans have been forgiven. We anticipate the majority of active PPP loans being forgiven by year-end" added Veach.

Veach also noted "during the quarter we successfully completed a $5 million subordinated debt offering, which will be used to support our continued growth. Upon completion of the offering, $4.25 million was down streamed to the bank increasing bank capital ratios, as well as, our legal lending limit."

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, Idaho.

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

	Balance Sheet Overview
	(Unaudited)
		Jun 30, 2021			Jun 30, 2020			Mar 31, 2021
Assets:
Cash and due from banks		$	68,757,235		$	12,414,066		$	45,745,875
Securities available for sale, at fair value			71,066,717			52,381,851			69,566,177
Net Loans			85,441,816			96,440,995			87,926,565
Other assets			9,978,090			10,297,569			9,975,519
Total assets		$	235,243,858		$	171,534,481		$	213,214,136

Liabilities and Shareholders' Equity:
Total deposits		$	207,287,575		$	150,292,874		$	190,921,001
Borrowings			267,015			329,514			282,639
Capital lease liability			526,697			587,955			544,151
Other liabilities			929,796			874,429			907,303
Shareholders' equity			26,232,776			19,449,709			20,559,042
Total liabilities and shareholders' equity		$	235,243,858		$	171,534,481		$	213,214,135

Ratios:
Return on average assets			0.88	%		0.59	%		1.04	%
Return on average equity			8.88	%		4.97	%		10.00	%
Community bank leverage ratio⁽¹⁾			10.91	%		10.86	%		9.66	%
Net interest margin (YTD) ⁽¹⁾			2.54	%		3.57	%		2.61	%
Net interest margin without PPP (YTD) ⁽¹⁾			2.62	%		3.75	%		2.69	%
Efficiency ratio (YTD)⁽¹⁾			66.10	%		82.06	%		66.43	%
Nonperforming assets to tier 1 capital ⁽¹⁾			0.96	%		1.59	%		1.27	%
Nonperforming assets to total assets			0.10	%		0.17	%		0.11	%

⁽¹⁾denotes bank-only ratios

	Income Statement Overview
	(unaudited)
		For the three months ended				For the six months ended
		Jun 30, 2021		Jun 30, 2020		Jun 30, 2021		Jun 30, 2020
Interest income		$	1,344,884	$	1,424,085	$	2,625,617	$	2,800,509
Interest Expense			55,833		58,934		111,676		150,026
Net interest income			1,289,050		1,365,151		2,513,941		2,650,483
Loan loss provision			-		-		-		-
Noninterest income			354,745		163,040		914,598		393,230
Salaries and employee benefits			585,800		643,991		1,179,305		1,263,138
Occupancy Expense			135,962		128,718		275,902		267,310
Other noninterest expense			391,220		505,286		772,212		967,159
Income before income taxes			530,814		250,196		1,201,119		546,106
Income tax expense			121,901		35,911		272,690		89,662
Net income		$	408,913	$	214,284	$	928,429	$	456,444