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Coeur d’Alene Bancorp Announces Its Third Quarter 2024 Results

Wednesday, 16 October 2024 11:25 AM

Coeur D Alene Bancorp

Topic:
Earnings

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

Topic:
Earnings
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