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

Wednesday, July 14, 2021 1:35 PM
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Earnings

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 

 
                

SOURCE: Coeur d'Alene Bancorp

Coeur D Alene Bancorp
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