Coeur d’Alene Bancorp Announces Its Third Quarter 2024 Results

Rhea-AI Summary

Coeur d'Alene Bancorp (OTC PINK:CDAB) reported its third quarter 2024 results. Net income for Q3 2024 was $253,324 or $0.13 per share, compared to $561,223 or $0.30 in Q3 2023. For the nine months ended September 30, 2024, net income was $1,022,217 or $0.54 per share, down from $1,554,659 or $0.82 per share in the same period of 2023.

Total consolidated assets increased by 0.9% to $239.8 million. Gross loans grew by 6.4% to $125.3 million, while total deposits decreased by 5.1% to $203.4 million. The company's net interest margin for the nine months ended September 30, 2024, was 3.20%, down from 3.41% in the same period of 2023.

The decrease in net income was attributed to increased staffing expenses related to the Spokane market expansion and loan loss provisions totaling $180,000 for loan growth. Despite these challenges, the company maintains a strong liquidity position and continues to exceed the minimum Community Bank Leverage Ratio.

Positive

• Gross loans increased by 6.4% to $125.3 million compared to the previous year
• Total consolidated assets grew by 0.9% to $239.8 million
• Deposits increased by $6.6 million (3.3%) from the linked quarter
• Strong liquidity position allowed for $8.5 million paydown of borrowings
• Maintained FIVE Star rating from Bauer Financial
• Asset quality remains strong with nonperforming assets to Tier 1 capital of 0.00%

Negative

• Net income decreased to $253,324 in Q3 2024 from $561,223 in Q3 2023
• Earnings per share dropped to $0.13 in Q3 2024 from $0.30 in Q3 2023
• Total deposits decreased by 5.1% compared to the previous year
• Net interest margin declined to 3.20% from 3.41% year-over-year
• Increased staffing expenses due to Spokane market expansion
• Loan loss provisions of $180,000 impacted net income

Coeur d'Alene, Idaho: Coeur d'Alene Bancorp (OTC PINK:CDAB), the parent company of bankcda, is pleased to announce its results for the third quarter 2024.

COEUR D'ALENE, ID / ACCESSWIRE / October 16, 2024 / Coeur d'Alene Bancorp, today reported net income for the third quarter of $253,324 or $0.13 per share, compared to $561,223 or $0.30 for the third quarter of 2023. Net income of $1,022,217 or $0.54 per share for the nine months ended September 30, 2024, was also reported, compared to $1,554,659 or $0.82 per share for the nine months ended 2023. All results are unaudited.

As of September 30, 2024, total consolidated assets were $239.8 million, an increase of $2.1 million or 0.9% compared to September 30, 2023. Gross loans ended the period at $125.3 million compared to $117.8 million as of September 30, 2023, an increase of $7.5 million or 6.4%. Total deposits were $203.4 million as of September 30, 2024, compared to $214.2 million as of September 30, 2023, a 5.1% decrease.

"We are pleased to share our financial results for the third quarter of 2024, our balance sheet remains in a strong position with continued growth in loans and deposits. Gross loans increased $4.7 million or 3.9% during the quarter while deposits increased $6.6 million. Our strong liquidity position allowed us to paydown our borrowings by $8.5 million during the quarter which will improve our net interest margin moving forward. Net income is down compared to prior year and the linked quarter due to increased staffing expenses related to the Spokane market expansion, and loan loss provisions totaling $180,000 for loan growth. " Said Wes Veach, President, and Chief Executive Officer.

Financial Highlights:

• Diluted earnings per share were $0.54 for nine months ended 2024 versus $0.82 per share for nine months ended 2023.

• Net book value per share ended the quarter at $12.37 compared to $9.77 from one year ago.

• Annualized return on average asset (ROAA) was 0.57% and annualized return on average equity (ROAE) was 6.37% for nine months ended 2024 compared to 0.87% and 11.43 % for nine months ended 2023, respectively.

• Total assets ended the period at $239.8 million compared to $237.7 million as of September 30, 2023, an increase of 0.9%.

• Gross loans were $125.3 million at quarter end, versus $117.8 million on September 30, 2023.

• Total deposits were $203.4 million, compared to $214.2 million as of September 30, 2023, a decrease of 5.1%. Deposits increased $6.6 million representing a 3.3% increase from the linked quarter.

• For the nine months ended September 30, 2024, net interest margin was 3.20% compared to 3.41% for nine months ended September 30, 2023.

• Asset quality remains strong with nonperforming assets to Tier 1 capital of 0.00% as of September 30, 2024.

• 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, and a loan production office in Spokane Valley.

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)

		Sep 30, 2024				Sep 30, 2023				Jun 30, 2024
Assets:
Cash and due from banks		$	9,573,400			$	10,768,561			$	10,902,275
Securities available for sale, at fair value			96,787,716				100,972,429				100,236,264
Net loans			122,993,089				115,763,649				118,419,948
Other assets			10,449,503				10,191,717				10,229,007
Total assets		$	239,803,707			$	237,696,356			$	239,787,495
Liabilities and Shareholders' Equity:
Total deposits		$	203,369,574			$	214,239,165			$	196,809,232
Borrowings			7,000,000				-				15,500,000
Capital lease liability			354,462				423,915				371,979
Other liabilities			5,694,015				4,557,807				5,478,268
Shareholders' equity			23,385,656				18,475,469				21,628,016
Total liabilities and shareholders' equity		$	239,803,707			$	237,696,356			$	239,787,495
Ratios:
Return on average assets			0.57	%			0.87	%			0.65	%
Return on average equity			6.37	%			11.43	%			7.39	%
Community bank leverage ratio			10.33	%			10.06	%			10.47	%
Net interest margin (YTD)			3.20	%			3.41	%			3.17	%
Efficiency Ratio (YTD)			74.71	%			63.36	%			75.31	%
Nonperforming assets to total assets			0.00	%			0.01	%			0.00	%
Nonperforming assets to tier 1 capital			0.00	%			0.06	%			0.00	%

Income Statement Overview
(unaudited)

		For the three months ended								For the nine months ended
		Sep 30, 2024				Sep 30, 2023				Sep 30, 2024				Sep 30, 2023
Interest income		$	2,833,644			$	2,478,207			$	8,139,058			$	7,093,507
Interest expense			922,240				519,626				2,548,724				1,123,880
Net interest income			1,911,404				1,958,581				5,590,334				5,969,627
Loan loss provision			180,000				76,500				182,812				121,500
Noninterest income			242,024				233,532				695,001				681,912
Salaries and employee benefits			870,086				706,025				2,649,744				2,220,929
Occupancy expense			161,566				148,975				499,293				445,509
Loss on sale, net of gains			-				-				23,005				263,055
Other noninterest expense			552,460				546,506				1,546,731				1,547,923
Income before income taxes			389,316				714,108				1,383,751				2,052,622
Income tax expense			135,991				152,886				361,534				497,963
Net income		$	253,324			$	561,223			$	1,022,217			$	1,554,659

SOURCE: Coeur D Alene Bancorp

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FAQ

What was Coeur d'Alene Bancorp's (CDAB) net income for Q3 2024?

Coeur d'Alene Bancorp (CDAB) reported a net income of $253,324 or $0.13 per share for the third quarter of 2024.

How did CDAB's gross loans change in Q3 2024 compared to the previous year?

CDAB's gross loans increased by $7.5 million or 6.4%, reaching $125.3 million as of September 30, 2024, compared to $117.8 million on September 30, 2023.

What was the total deposit amount for CDAB as of September 30, 2024?

Total deposits for CDAB were $203.4 million as of September 30, 2024, representing a 5.1% decrease from $214.2 million on September 30, 2023.

How did CDAB's net interest margin change for the nine months ended September 30, 2024?

CDAB's net interest margin for the nine months ended September 30, 2024, was 3.20%, compared to 3.41% for the same period in 2023, showing a decrease.