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 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:
- Diluted earnings per share were $0.64 for nine months ended 2019 versus $0.68 per share for nine months ended 2018.
- Net book value per share increased to $9.33 compared to $8.71 from one year ago.
- Annualized return on average asset was 1.09% and annualized return on average equity was 12.90% for nine months ended 2019 compared to 0.99% and 11.36%, respectively, for nine months ended 2018.
- Gross loan were $75.0 million at quarter-end, compared to $75.5 million as of September 30, 2018, and $74.2 million as of June 30, 2019
- Total deposits were $118.2M compared to $111.7M as of September 30, 2018 and $107.9M as of June 30, 2019. Noninterest bearing deposits comprise 27.6% of total deposits and continue to be a significant portion of total deposits.
- Year-to-date net interest margin increased 13 basis points on a year-over-year basis to 4.41% for 3Q19, compared to 4.28% for 3Q18; but decreased 10 basis points since 2Q19.
- Asset quality remains strong with nonperforming assets of $325,817, or 1.91% of tier 1 capital, compared to $312,591, or 2.77% of tier 1 capital at September 2018, and $340,825, or 2.05% of tier 1 capital at June 30, 2019.
- Continue to be FIVE Star-rated from Bauer Financial, which is their highest rating.
- All capital ratios continue to exceed regulatory guidelines for a well-capitalized financial institution.
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, 2019 | Sep 30, 2018 | June 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, 2019 | Sep 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 |
Contacts
Wes Veach, 208-415-5006
www.bankcda.com
