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Coeur d’Alene Bancorp Announces Its Fourth Quarter 2019 Results and Record Full Year Net Income

January 13, 2020 GMT

COEUR D’ALENE, Idaho--(BUSINESS WIRE)--Jan 13, 2020--

Coeur d’Alene Bancorp (OTC Pink: CDAB), the parent company of bankcda, is pleased to announce its results for the fourth quarter and full year 2019.

Coeur d’Alene Bancorp, today reported record net income of $1,404,144 or $0.83 per share for full year 2019, compared to $1,301,133 or $0.98 per share for year ended 2018. Net income for fourth quarter 2019 totaled $355,323, compared to $388,064 for fourth quarter 2018. All results are unaudited.

“We generated record profits for the year with pre-tax income increasing 24.06% and net income increasing 7.92% over 2018 levels. Balance sheet strategies and a strong core deposit base allowed for minimal margin compression following three interest rate cuts. We continue to focus on managing non-interest expense and that was evident with an increase of only 2.50% over the prior year while opening a new branch location,” said Wes Veach, President and Chief Executive Officer.

“We were able to continue building on the momentum gained in the third quarter with asset growth of $2.9 million, deposit growth of $2.6 million and loan growth of $942 thousand during the fourth quarter.

“We signed an agreement to convert our third-party core processing services to Computer Services Inc. (CSI) during the fourth quarter. Although this decision will benefit the bank in the coming years with greater efficiency and better technology offerings, it will impact 2020. We anticipate the conversion to increase information technology costs in the coming year, as well as, demand time of key bank employees for a successful transition. Many of the cost incurred in 2020 will be recouped in later years,” said Veach.

Highlights

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)
Dec 31, 2019Dec 31, 2018Sep 30, 2019
Assets:
Cash and due from banks

$

9,026,080

 

$

13,299,872

 

$

14,321,077

 

Securities available for sale, at fair value

$

47,139,257

 

 

32,989,423

 

 

41,012,184

 

Net Loans

$

74,445,557

 

 

71,584,279

 

 

73,499,592

 

Other assets

$

10,055,195

 

 

8,430,429

 

 

8,961,853

 

Total assets

$

140,666,089

 

$

126,304,003

 

$

137,794,706

 

 
Liabilities and Shareholders' Equity:
Total deposits

$

120,822,376

 

$

114,127,216

 

$

118,176,510

 

Borrowings

$

360,764

 

 

423,264

 

 

376,389

 

Capital lease liability

$

620,684

 

 

36,552

 

 

633,549

 

Other liabilities

$

522,572

 

 

433,145

 

 

597,407

 

Shareholders' equity

$

18,339,693

 

 

11,283,826

 

 

18,010,851

 

Total liabilities and shareholders' equity

$

140,666,089

 

$

126,304,003

 

$

137,794,706

 

 
Ratios:
Return on average assets

 

1.07

%

 

1.06

%

 

1.09

%

Return on average equity

 

9.02

%

 

12.01

%

 

9.40

%

Tier 1 leverage ratio (1)

 

12.36

%

 

9.13

%

 

12.90

%

Net interest margin (YTD) (1)

 

4.28

%

 

4.27

%

 

4.41

%

Efficiency ratio (YTD) (1)

 

68.45

%

 

71.99

%

 

68.78

%

Nonperforming assets to tier 1 capital (1)

 

1.80

%

 

2.61

%

 

1.91

%

Nonperforming assets to total assets

 

0.22

%

 

0.24

%

 

0.24

%

 
(1) denotes bank-only ratios
Income Statement Overview
(unaudited)
For the twelve months ended
Dec 31, 2019Dec 31, 2018
Interest income

$

5,573,694

$

5,174,628

Interest Expense

$

322,465

$

269,224

Net interest income

$

5,251,229

$

4,905,404

Loan loss provision

$

-

$

-

Noninterest income

$

779,501

$

653,009

Salaries and employee benefits

$

2,114,504

$

2,106,511

Occupancy Expense

$

496,787

$

430,491

Other noninterest expense

$

1,500,080

$

1,474,260

Income before income taxes

$

1,919,359

$

1,547,151

Income tax expense

$

515,215

$

246,018

Net income

$

1,404,144

$

1,301,133

 

View source version on businesswire.com:https://www.businesswire.com/news/home/20200113005793/en/

Wes Veach, 208-415-5006

KEYWORD: IDAHO UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES FINANCE

SOURCE: Coeur d’Alene Bancorp

Copyright Business Wire 2020.

PUB: 01/13/2020 12:53 PM/DISC: 01/13/2020 12:53 PM

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