Coeur d’Alene Bancorp Announces Its Third Quarter 2020 Results

 

COEUR D’ALENE, Idaho–(BUSINESS WIRE)–Coeur d’Alene Bancorp (OTC Pink: CDAB), the parent company of bankcda, is pleased to announce its results for the third quarter 2020.

Coeur d’Alene Bancorp, today reported net income for third quarter 2020 of $280,764 compared to $328,434 for third quarter 2019. Net income for nine months ended September 30, 2020 totaled $737,208, or $0.39 per share, compared to $1,048,821, or $0.64 per share, for nine months ended 2019. All results are unaudited.

Third Quarter 2020 Financial Highlights:

  • Diluted earnings per share $0.39 for nine months ended 2020 versus $0.64 per share for nine months ended 2019.
  • Net book value per share increased to $9.93 compared to $9.33 from one year ago.
  • Annualized return on average asset (ROAA) was 0.61% and annualized return on average equity (ROAE) was 5.24% for nine months ended 2020 compared to 1.09% and 9.40% for nine months ended 2019, respectively.
  • Total assets ended the quarter at $180.2 million compared to $137.8 million as of September 30, 2019, an increase of 30.7%.
  • Gross loans were $100.2 million at quarter end, versus $75.0 million at September 30, 2019, and $98.9 million at June 30, 2020.
  • Total deposits were $158.3 million versus $118.2 million at September, 2019, and $150.3 million June 30, 2019.
  • For the first nine months of 2020, net interest margin was 3.62%, including SBA PPP loans, and 3.42%, excluding PPP loans, compared to 4.41% for the first nine months of 2019.
  • Asset quality remains strong with classified loans to Tier 1 capital of 1.49% at September 30, 2020.
  • Continue to be FIVE Star-rated from Bauer Financial, which is their highest rating.
  • We continue to far exceed minimum community bank leverage ratio.

“Our local economy continues to rebound with a strong housing market and unemployment at 4.8% as of August. Idaho has been a leader in job recovery following the stay-at-home order and ranks fourth in number of reopened small businesses by state. Like many of our peers, we have experienced strong liquidity and deposit growth during 2020 with of 5.8% growth in the third quarter and 30.74% over the prior year. Historically low interest rates continue to put pressure on our net interest margin as loans and investments reprice and strong competition for new business affects offering rates. Although credit quality remains strong, we added $100,500 to our loan loss provision during the quarter due to the uncertainty over the coming months. Loan demand has increased in recent months allowing us to reallocate assets from cash or low yielding investment into loans at a significantly higher yield.

“We began submitting PPP loans to the SBA for forgiveness late in the quarter and received our first forgiveness payment in early October,” 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)
September 30,
2020
September 30,
2019
June 30, 2020
Assets:
Cash and due from banks

$

19,063,011

 

$

14,321,077

 

$

12,414,066

 

Securities available for sale, at fair value

$

53,274,459

 

 

41,012,184

 

$

52,381,851

 

Net Loans

$

97,674,625

 

 

73,499,592

 

$

96,440,995

 

Other assets

$

10,145,441

 

 

8,961,854

 

$

10,297,569

 

Total assets

$

180,157,536

 

$

137,794,707

 

$

171,534,481

 

 
Liabilities and Shareholders’ Equity:
Total deposits

$

158,299,338

 

$

118,176,510

 

$

150,292,874

 

Borrowings

$

313,890

 

 

376,390

 

$

329,514

 

Capital lease liability

$

571,103

 

 

633,549

 

$

587,955

 

Other liabilities

$

982,421

 

 

597,408

 

$

874,429

 

Shareholders’ equity

$

19,990,784

 

 

18,010,850

 

$

19,449,709

 

Total liabilities and shareholders’ equity

$

180,157,536

 

$

137,794,707

 

$

171,534,481

 

 
Ratios:
Return on average assets

 

0.61

%

 

1.09

%

 

0.59

%

Return on average equity

 

5.24

%

 

9.40

%

 

4.97

%

Community bank leverage ratio(1)

 

10.45

%

 

12.90

%

 

10.86

%

Net interest margin (YTD) (1)

 

3.62

%

 

4.41

%

 

3.61

%

Net interest margin without PPP (YTD) (1)

 

3.42

%

 

4.41

%

 

3.50

%

Efficiency ratio (YTD) (1)

 

79.36

%

 

68.78

%

 

82.06

%

Nonperforming assets to tier 1 capital (1)

 

1.49

%

 

1.91

%

 

1.59

%

Nonperforming assets to total assets

 

0.15

%

 

0.24

%

 

0.17

%

 
(1) denotes bank-only ratios
Income Statement Overview
(unaudited)
 For the nine months ended
 September 30,
2020
 September 30,
2019
Interest income 

$

4,291,017

 

$

4,194,605

Interest Expense 

$

211,460

 

$

231,777

Net interest income 

$

4,079,557

 

$

3,962,828

Loan loss provision 

$

100,500

 

$

Noninterest income 

$

577,551

 

$

592,639

Salaries and employee benefits 

$

1,879,347

 

$

1,633,228

Occupancy Expense 

$

416,497

 

$

354,587

Other noninterest expense 

$

1,387,681

 

$

1,115,967

Income before income taxes 

$

873,083

 

$

1,451,685

Income tax expense 

$

135,875

 

$

402,864

Net income 

$

737,208

 

$

1,048,821

 

Contacts

Wes Veach, 208-415-5006