Coeur d’Alene Bancorp Announces Its Second Quarter and Year to Date 2023 Results

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COEUR D’ALENE, ID / ACCESSWIRE / July 14, 2023 / Coeur d’Alene Bancorp (OTC Pink:CDAB), the parent company of bankcda, is pleased to announce its results for the second quarter 2023 and year to date 2023.

Coeur d’Alene Bancorp today reported net income for the second quarter of $543,152 or $0.29 per share, compared to $413,517 or $0.22 for the second quarter of 2022. Net income of $948,437 or $0.50 per share for the six months ended June 30, 2023, was also reported, compared to $644,772 or $0.34 per share for the six months ended 2022. All results are unaudited.

As of June 30, 2023, total consolidated assets were $236.4 million, a decrease of $14.8 million or 5.9% compared to June 30, 2022. Gross loans ended the period at $112 million compared to $96.5 million as of June 30, 2022, a 16% increase. Total deposits ended the quarter at $213.1 million compared to $228.9 million as of June 30, 2022.

“We are pleased with our performance so far this year with a 47% increase in year-to-date net income over the previous year and a 31% over the second quarter 2022. Loan demand remains strong, with an increase of 4.51% in the second quarter, which has historically been a slow period for us. The duration of our investment portfolio remains short at 2.24 years and continues to pay down as expected, which will provide liquidity in the coming quarters. We anticipate increased competition for deposits will put pressure on our net interest margin in the second half of the year.” Said Wes Veach, President and Chief Executive Officer.

Financial Highlights :

Diluted earnings per share were $0.50 per share for the six months ended 2023 versus $0.34 per share for the six months ended 2022.
Net Book value per share increased to $9.79 compared to $9.13 from one year ago.
Annualized return on average assets (ROAA) was 0.80% for the six months ended 2023 compared to 0.51% for the six months ended 2022.
Annualized return on average equity (ROAE) was 10.45% for the six months ended 2023, compared 6.75% for the six months ended 2022.
For the 6 months ended June 30, 2023, net interest margin was 3.55% compared to 2.37% for 6 months ended June 30, 2022.
Total assets ended the period at $236.4 million, compared to $251.2 million one year ago and $238.5 million as of March 31, 2023.
Gross loans were $112 million at quarter end, versus $96.5 million on June 30, 2022, and $107.3 million as of March 31, 2023.
Total deposits were $213.1 million at quarter end, versus $228.9 million on June 30, 2022, and $214.7 million on March 31, 2023.
All capital ratios continue to exceed regulatory minimums.
Continue to be FIVE Star-rated by Bauer Financial, which is their highest rating.

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.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)

		Jun 30, 2023			Jun 30, 2022			Mar 31, 2023
Assets:
Cash and due from banks		$	12,689,001		$	41,883,707		$	11,630,434
Securities available for sale, at fair value			103,254,381			104,527,719			111,440,827
Net loans			110,192,220			94,652,225			105,281,362
Other assets			10,247,109			10,104,680			10,157,167
Total assets		$	236,382,711		$	251,168,332		$	238,509,790

Liabilities and Shareholders’ Equity:
Total deposits		$	213,078,287		$	228,889,682		$	214,730,653
Borrowings			–			204,515			–
Capital lease liability			441,024			455,993			455,017
Other liabilities			4,353,771			4,347,959			4,524,832
Shareholders’ Equity			18,509,629			17,270,182			18,799,288
Total liabilities and shareholders’ equity		$	236,382,711		$	251,168,332		$	238,509,790

Ratios:
Return on average assets			0.80	%		0.51	%		0.67	%
Return on average equity			10.45	%		6.75	%		9.09	%
Community bank leverage ratio			10.04	%		8.46	%		9.57	%
Net interest margin (YTD)			3.44	%		2.27	%		3.43	%
Efficiency ratio (YTD)			67.03	%		73.98	%		70.17	%
Nonperforming assets to total assets			0.01	%		0.05	%		0.01	%
Nonperforming assets to tier 1 capital			0.07	%		0.60	%		0.08	%

	Income Statement Overview
	(Unaudited)

	For the three months ended				For the six months ended
	Jun 30, 2023		Jun 30, 2022		Jun 30, 2023		Jun 30, 2022
Interest income	$	2,326,508	$	1,624,914	$	4,615,300	$	3,023,389
Interest expense		346,257		118,414		604,254		234,407
Net interest income		1,980,251		1,506,500		4,011,046		2,788,982
Loan loss provision		45,000		–		90,000		–
Noninterest income		235,399		225,952		448,381		457,916
Salaries and employee benefits		743,477		610,036		1,514,905		1,264,652
Occupancy expense		139,102		147,568		296,535		303,632
Loss on sale, net of gains		9,760		–		263,055		–
Other noninterest expense		533,596		425,608		1,001,418		833,473
Income before income taxes		744,715		549,240		1,293,514		845,141
Income tax expense		201,563		135,723		345,077		200,369
Net income	$	543,152	$	413,517	$	948,437	$	644,772