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Coeur d’Alene Bancorp Announces Its Second Quarter and Year to Date 2022 Results

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Coeur d'Alene Bancorp (OTC PINK:CDAB), the Parent Company of bankcda, Is Pleased To Announce Its Results for the Second Quarter 2022 and Year to Date 2022.

COEUR D'ALENE, ID / ACCESSWIRE / July 15, 2022 / Coeur d'Alene Bancorp today reported net income for the second quarter of $413,517 or $0.22 per share, compared to $408,913 or $0.22 for the second quarter of 2021. Net income of $644,772 or $0.34 per share for the six months ended June 30, 2022, was also reported, compared to $928,429 or $0.49 per share for the six months ended 2021. All results are unaudited.

As of June 30, 2022, total consolidated assets were $251.2 million, an increase of $16 million or 6.8% compared to June 20, 2021. Gross loans ended the period at $96.4 million compared to $79.9 million net of PPP as of June 30, 2021, a 21% increase. We have continued adding to our investment portfolio which totaled $104.5 million at the end of the quarter. During the quarter, unrealized loss increased $2.4 million to $5.7 million or 5.17% of the investment portfolio. The duration of the investment portfolio remains short at 2.61 years. Total deposits ended the quarter at $228.9 million compared to $207.3 million as of June 30, 2021, and $228.1 million as of March 30, 2022.

"We were able to benefit during the second quarter from rising rates due to our strong liquidity position and core deposit base. Net income for the quarter was $413,517, compared to $408,913 for second quarter 2021 which included significant PPP income. Core earnings excluding PPP increased 62% year over year for the second quarter. Net income for six months ended was $644,772, down from prior year due to the absence of PPP income. Our strong liquidity position and short duration of our investment portfolio should allow us to benefit from continued rate increases anticipated in the second half of the year. Our local economy remains strong with an unemployment rate of 2.7% and increasing home values; but we are monitoring economic conditions closely in the west, based on the effect the greater region has on our local economy with most of our population growth coming from coastal markets," said Wes Veach, President, and Chief Executive Officer.

Financial Highlights:

  • Earnings per share of $0.34 for the six months ended 2022, versus $0.49 per share for the six months ended 2021.

  • Book value per share decreased to $9.13 compared to $11.28 from one year ago.

  • Annualized return on average assets (ROAA) was 0.65% for second quarter 2022, compared to 0.74% for second quarter 2021; and 0.51% for the six months ended 2022 compared to 0.88% for the six months ended 2021.

  • Annualized return on average equity (ROAE) was 6.75% for the six months ended 2022, compared 8.88% for the six months ended 2021.

  • Total assets ended the period at $251.2 million, compared to $235.2 million one year ago and $252.4 million as of March 31, 2022.

  • Total deposits were $228.9 million versus $207.3 million on June 30, 2021, and $228.1 million on March 31, 2022.

  • All capital ratios continue to exceed regulatory minimums.

  • Continue to be FIVE Star-rated from 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.


Balance Sheet Overview


(Unaudited)



Jun 30, 2022

Jun 30, 2021

Mar 31, 2022

Assets:



Cash and due from banks

$

41,883,707

$

68,757,235

$

59,476,200

Securities available for sale, at fair value

104,527,719

71,066,717

98,494,866

Net loans

94,652,225

85,441,816

84,534,247

Other assets

10,104,680

9,978,090

9,859,765

Total assets

$

251,168,332

$

235,243,858

$

252,365,078


Liabilities and Shareholders' Equity:

Total deposits

$

228,889,682

$

207,287,575

$

228,096,801

Borrowings

204,515

267,015

220,140

Capital lease liability

455,993

526,697

473,802

Other liabilities

4,347,959

929,796

4,869,989

Shareholders' Equity

17,270,182

26,232,776

18,704,346

Total liabilities and shareholders' equity

$

251,168,332

$

235,243,858

$

252,365,078


Ratios:

Return on average assets

0.51

%

0.88

%

0.37

%

Return on average equity

6.75

%

8.88

%

4.54

%

Community bank leverage ratio (1)

10.06

%

10.92

%

10.05

%

Community bank leverage ratio

8.46

%

9.18

%

8.44

%

Net interest margin (YTD) (1)

2.37

%

2.54

%

2.23

%

Net interest margin without PPP (YTD) (1)

2.38

%

2.62

%

2.23

%

Efficiency ratio (YTD) (1)

70.57

%

66.10

%

76.80

%

Nonperforming assets to tier 1 capital (1)

0.51

%

0.96

%

0.63

%

Nonperforming assets to total assets

0.05

%

0.10

%

0.06

%

Nonperforming assets to tier 1 capital

0.60

%

1.14

%

0.75

%

(1) Denotes bank-only ratios

Income Statement Overview

(Unaudited)



For the three months ended

For the six months ended


Jun 30, 2022

Jun 30, 2021

Jun 30, 2022

Jun 30, 2021

Interest income

$

1,624,914

$

1,344,884

$

3,023,389

$

2,625,617

Interest expense

118,414

55,833

234,407

111,676

Net interest income

1,506,500

1,289,050

2,788,982

2,513,941

Loan loss provision

-

-

-

-

Noninterest income

225,952

354,745

457,916

914,598

Salaries and employee benefits

610,036

585,800

1,264,652

1,179,305

Occupancy expense

147,568

135,962

303,632

275,902

Other noninterest expense

425,608

391,220

833,473

772,212

Income before income taxes

549,240

530,814

845,141

1,201,119

Income tax expense

135,723

121,901

200,369

272,690

Net income

$

413,517

$

408,913

$

644,772

$

928,429

SOURCE: Coeur D Alene Bancorp



View source version on accesswire.com:
https://www.accesswire.com/708785/Coeur-dAlene-Bancorp-Announces-Its-Second-Quarter-and-Year-to-Date-2022-Results