Coeur d’Alene Bancorp Announces Its First Quarter 2021 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 first quarter 2021.

Coeur d’Alene Bancorp today reported net income of $519,516 or $0.28 per share for first quarter 2021, compared to $242,160 or $0.13 per share for the first quarter 2020. All results are unaudited.

Financial Highlights:

  • Diluted earnings per share $0.27 for three months ended 2021 versus $0.13 per share for three months ended 2020.
  • Net book value per share increased to $10.50 compared to $9.66 from one year ago.
  • Annualized return on average asset (ROAA) was 1.04% and annualized return on average equity (ROAE) was 9.94% for three months ended 2021 compared to 0.67% and 5.43% for three months ended 2020, respectively.
  • Total assets ended the period at $213.2 million compared to $145.0 million as of March 31, 2020, an increase of 47.0%. Totals assets increased $22.9 million, or 12.0%, during the first quarter 2021.
  • Gross loans were $90.1 million at quarter end, versus $74.8 million at March 31, 2020. Loans, net of Paycheck Protection Program (PPP), totaled $79.7 million which represents a 1.16% increase for the first quarter.
  • Total deposits were $190.9 million, compared to $126.6 million as of March 31, 2020. Deposits increased $23.3 million representing a 13.9% growth for the first quarter.
  • Cost of funds was 0.12% compared to 0.27% in 2020.
  • Asset quality remains strong with classified loans to Tier 1 capital of 1.27% at March 31, 2021.
  • Continue to be FIVE Star-rated from Bauer Financial, which is their highest rating.
  • We continue to far exceed minimum community bank leverage ratio.

“We continue to have strong deposit growth with a 13.9% increase in the quarter driven by inward migration and strong small business environment. A mild winter allowed minimal slowdown in both residential and commercial construction creating strong demand to start the year. Given our strong deposit growth and liquidity position over the past year, our primary challenge is growing our loan portfolio. During the quarter, we originated $8.7 million in new loans and maintain a robust pipeline for the coming months. Although earnings increased over the prior year, fees related to PPP loans and non-recurring income from a bond transaction provided a large portion of revenue. We originated 99 Paycheck Protection Program (PPP) loans during the quarter totaling $7 million. We continue to work with borrowers to obtain forgiveness for loans originated in 2020, to date 86% of loans have been forgiven. 100% of loans submitted for forgiveness have been forgiven. Credit quality remains strong,” 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)
Mar 31, 2021 Mar 31, 2020 Dec 31, 2020
Assets:
Cash and due from banks

$

45,745,875

 

$

11,055,784

 

$

37,449,866

 

Securities available for sale, at fair value

 

69,566,177

 

 

50,653,637

 

 

56,392,216

 

Net Loans

 

87,926,565

 

 

73,332,917

 

 

86,477,766

 

Other assets

 

9,975,519

 

 

9,972,417

 

 

10,020,071

 

Total assets

$

213,214,136

 

$

145,014,755

 

$

190,339,919

 

 
Liabilities and Shareholders’ Equity:
Total deposits

$

190,921,001

 

$

126,557,276

 

$

167,668,048

 

Borrowings

 

282,639

 

 

345,140

 

 

298,265

 

Capital lease liability

 

544,151

 

 

604,541

 

 

561,518

 

Other liabilities

 

907,303

 

 

196,830

 

 

1,089,168

 

Shareholders’ equity

 

20,559,042

 

 

17,310,968

 

 

20,722,920

 

Total liabilities and shareholders’ equity

$

213,214,136

 

$

145,014,755

 

$

190,339,919

 

 
Ratios:
Return on average assets

 

1.04

%

 

0.67

%

 

0.77

%

Return on average equity

 

9.94

%

 

5.43

%

 

6.74

%

Community bank leverage ratio(1)

 

9.66

%

 

12.24

%

 

10.04

%

Net interest margin (YTD) (1)

 

2.61

%

 

3.84

%

 

3.73

%

Net interest margin without PPP (YTD) (1)

 

2.69

%

 

3.52

%

Efficiency ratio (YTD) (1)

 

66.43

%

 

82.87

%

 

74.37

%

Nonperforming assets to tier 1 capital (1)

 

1.27

%

 

1.70

%

 

1.38

%

Nonperforming assets to total assets

 

0.11

%

 

0.21

%

 

0.14

%

 
(1) denotes bank-only ratios
Income Statement Overview
(unaudited)
For the three months ended
Mar 31, 2021 Mar 31, 2020
Interest income

$

1,280,733

$

1,376,424

Interest Expense

 

55,843

 

91,092

Net interest income

 

1,224,890

 

1,285,332

Loan loss provision

 

 

Noninterest income

 

559,853

 

230,190

Salaries and employee benefits

 

593,506

 

619,147

Occupancy Expense

 

139,940

 

138,592

Other noninterest expense

 

380,992

 

461,873

Income before income taxes

 

670,305

 

295,911

Income tax expense

 

150,789

 

53,751

Net income

$

519,516

$

242,160

 

Contacts

Wes Veach, 208-415-5006

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