Coeur d’Alene Bancorp Announces Its First 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 our quarterly results for the first quarter 2020

Coeur d’Alene Bancorp reported net earnings of $242,160 or $0.13 per share for the first quarter of 2020, compared to net income of $332,380 or $0.25 per share for the first quarter of 2019.

“Earnings declined compared prior periods due, in part, to net interest margin compression that resulted from five interest rate cuts in seven months. Increased operating expenses incurred during the quarter reflect expansion into the Post Falls market, investments made in acquiring key talent, and our upcoming core conversion all in effort to position ourselves for continued growth,” said Wes Veach, President and Chief Executive Officer.

“Prior to the COVID-19 pandemic, our local economy was strong and our balance sheet was expanding as supported by deposit growth of 4.75% during the quarter. Loan growth continues to be a challenge due to increased competition driven by the low rate environment. We have had success developing new customer relationships; however, loan growth has been impacted by loan payoffs. In response to the recent interest rate cuts, we increased our investment portfolio in an effort to increase yields and substantially cut deposit rates.

“Moving forward, we continue to maintain a strong core deposit base which allows us to manage our interest costs and maintain our strong liquidity position. Our capital position continues to be well above the temporary 8% minimum set by our primary regulators. In March, Congress passed the CARES Act creating the Paycheck Protection Program (PPP) to assist small business by offering short term loans that are 100% guaranteed by the Small Business Administration. To date, we have processed $20 million in requests to assist businesses in our community. Adding PPP loans to our balances sheet will provide increased yield over our current mix, as well as, provide fee income.”

Highlights

  • Diluted earnings per share of $0.13 for three months ended 2020 versus $0.25 for three months ended 2019.
  • Return on average assets (ROAA) was 0.67% and return on average equity (ROAE) was 5.43% for the three months ended 2020 compared to 1.05% and 11.07%, respectively, for the three months ended 2019.
  • Net book value per share increased to $9.66, compared to $9.05 from one year ago.
  • Total assets ended the quarter at $145.0 million, compared to $127.9 million as of March 31, 2019, an increase of 13.36%. Total assets increased $4.35 million from $140.7 million as of December 31, 2019
  • Total deposits ended the quarter at $126.6 million, compared to $114.0 million as of March 31, 2019, a 10.98% increase. Non-Interest-bearing deposits increased 3.61% year-over-year and 1.87% in the first quarter.
  • Gross loan were $74.8 million at quarter end, versus $72.6 million at March 31, 2019, and $75.9 million at December 31, 2019
  • The bank continues to be FIVE Star-rated from Bauer Financial, which is their highest rating.
  • All capital ratios continue to exceed regulatory minimums.

Coeur d’Alene Bancorp, the 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)
Mar 31, 2020 Mar 31, 2019 Dec 31, 2019
Assets:
Cash and due from banks

$

11,055,784

 

$

13,418,358

 

$

9,026,080

 

Securities available for sale, at fair value

 

50,653,637

 

 

35,119,856

 

 

47,139,257

 

Net Loans

 

73,332,917

 

 

71,153,148

 

 

74,445,557

 

Other assets

 

9,972,417

 

 

8,236,496

 

 

10,055,195

 

Total assets

$

145,014,755

 

$

127,927,858

 

$

140,666,089

 

 
Liabilities and Shareholders’ Equity:
Total deposits

$

126,557,276

 

$

114,040,007

 

$

120,822,376

 

Borrowings

 

345,140

 

 

407,640

 

 

360,764

 

Capital lease liability

 

604,541

 

 

34,495

 

 

620,684

 

Other liabilities

 

196,830

 

 

1,519,555

 

 

522,572

 

Shareholders’ equity

 

17,310,968

 

 

11,926,161

 

 

18,339,693

 

Total liabilities and shareholders’ equity

$

145,014,755

 

$

127,927,858

 

$

140,666,089

 

 
Ratios:
Return on average assets

 

0.67

%

 

1.05

%

 

1.07

%

Return on average equity

 

5.43

%

 

11.07

%

 

9.02

%

Community bank leverage ratio(1)

 

12.24

%

 

9.32

%

 

12.36

%

Net interest margin (YTD) (1)

 

3.84

%

 

4.75

%

 

4.28

%

Efficiency ratio (YTD) (1)

 

82.87

%

 

64.89

%

 

68.45

%

Nonperforming assets to tier 1 capital (1)

 

1.70

%

 

2.78

%

 

1.80

%

Nonperforming assets to total assets

 

0.21

%

 

0.26

%

 

0.22

%

 
(1) denotes bank-only ratios
Income Statement Overview
(unaudited)
For the twelve months ended
Mar 31, 2020 Mar 31, 2019
Interest income

$

1,376,424

$

1,485,480

Interest Expense

 

91,092

 

79,013

Net interest income

 

1,285,332

 

1,406,467

Loan loss provision

 

 

Noninterest income

 

230,190

 

157,422

Salaries and employee benefits

 

619,147

 

548,095

Occupancy Expense

 

138,592

 

114,242

Other noninterest expense

 

461,872

 

362,969

Income before income taxes

 

295,911

 

538,583

Income tax expense

 

53,751

 

206,203

Net income

$

242,160

$

332,380

 

Contacts

Wes Veach, 208-415-5006

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