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Coeur d’Alene Bancorp Announces Its Third Quarter 2019 Results

October 14, 2019

COEUR D’ALENE, Idaho--(BUSINESS WIRE)--Oct 14, 2019--

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

Coeur d’Alene Bancorp, today reported net income of $1,048,821 or $0.64 per share for nine months ended September 30, 2019, compared to $913,070 or $0.69 per share for nine months ended 2018. Income for third quarter 2019 totaled $328,434 compared to $347,507 third quarter 2018. Total assets ended the quarter at $137,794,706 compared to $126,158,730 as of June 30, 2019, an increase of 9.22%. All results are unaudited.

“We had a bounce-back quarter with solid asset and deposit growth,” said Wes Veach, President & Chief Executive Officer. “Deposits grew $10.3 million during the quarter representing 9.56% growth. Although loan growth was limited during the quarter at $819 thousand, we originated $6.2 million in new loan volume. We continue to maintain a strong liquidity position.

“We added investment securities of $6.5 million with a weighted-average taxable equivalent yield of 2.67% during the third quarter to offset a decline in the fed funds rate. These securities replaced $3.5M in investments that were either sold, matured or called that had a weighted-average taxable equivalent yield of 1.76%. The addition of these securities had little effect on the weighted-average life of the portfolio which was 4.37 years at September 30, 2019.

“We opened a branch in Post Falls, Idaho during the quarter which is our fourth location and third in Kootenai County,” said Veach.

Third Quarter 2019 Financial Highlights:

Coeur d’Alene Bancorp, parent company of bankcda, is headquartered in Coeur d’Alene, Idaho with branches in Coeur d’Alene, Hayden, Kellogg and Post Falls.

For more information, visit www.bankcda.com or contact Wes Veach at 208-415-5006.

Balance Sheet Overview

(Unaudited)
Sep 30, 2019Sep 30, 2018June 30, 2019
Assets:
Cash and due from banks

$

14,321,077

 

$

10,388,335

 

$

6,418,964

 

Securities available for sale, at fair value

 

41,012,184

 

 

31,100,779

 

 

38,849,637

 

Net Loans

 

73,499,592

 

 

73,824,032

 

 

72,708,622

 

Other assets

 

8,961,854

 

 

8,410,951

 

 

8,181,507

 

Total assets

$

137,794,706

 

$

123,724,096

 

$

126,158,730

 

 
Liabilities and Shareholders' Equity:
Total deposits

$

118,176,510

 

$

111,668,790

 

$

107,863,571

 

Borrowings

 

376,389

 

 

438,889

 

 

392,014

 

Capital Lease Liability

 

633,549

 

 

38,594

 

 

32,429

 

Other liabilities

 

597,407

 

 

517,069

 

 

390,841

 

Shareholder’s Equity

 

18,010,850

 

 

11,060,753

 

 

17,479,874

 

Total liabilities and shareholders' equity

$

137,794,706

 

$

123,724,096

 

$

126,158,730

 

 
Ratios:
Return on average assets

 

1.09

%

 

0.99

%

 

1.14

%

Return on average equity

 

9.40

%

 

11.36

%

 

10.41

%

Tier 1 leverage ratio (1)

 

12.90

%

 

9.07

%

 

13.11

%

Net interest margin (YTD) (1)

 

4.41

%

 

4.28

%

 

4.51

%

Efficiency ratio (YTD) (1)

 

68.78

%

 

72.45

%

 

67.74

%

Nonperforming assets to tier 1 capital

 

1.91

%

 

2.77

%

 

2.05

%

Nonperforming assets to total assets

 

0.24

%

 

0.25

%

 

0.27

%

 
(1) denotes bank-only ratios
Income Statement Overview
(unaudited)
For the nine months ended
Sep 30, 2019Sep 30, 2018
Interest income

$

4,194,605

$

3,852,857

Interest Expense

 

231,778

 

185,387

Net interest income

 

3,962,826

 

3,667,470

Loan loss provision

 

-

 

-

Noninterest income

 

592,639

 

477,229

Salaries and employee benefits

 

1,633,228

 

1,564,591

Occupancy Expense

 

354,587

 

330,497

Other noninterest expense

 

1,115,967

 

1,111,653

Income before income taxes

 

1,451,685

 

1,137,958

Income tax expense

 

402,864

 

224,888

Net income

$

1,048,821

$

913,070

 

View source version on businesswire.com:https://www.businesswire.com/news/home/20191014005685/en/

CONTACT: Wes Veach, 208-415-5006

www.bankcda.com

KEYWORD: UNITED STATES NORTH AMERICA IDAHO

INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES FINANCE

SOURCE: Coeur d’Alene Bancorp

Copyright Business Wire 2019.

PUB: 10/14/2019 04:45 PM/DISC: 10/14/2019 04:45 PM

http://www.businesswire.com/news/home/20191014005685/en