Coeur d’Alene Bancorp Announces Its First Quarter 2021 Results

Rhea-AI Summary

Coeur d’Alene Bancorp (OTC Pink: CDAB) reported a net income of $519,516 or $0.28 per share for Q1 2021, up from $242,160 or $0.13 per share in Q1 2020. Key highlights include a 47% increase in total assets to $213.2 million year-over-year, with total deposits rising 13.9% to $190.9 million. The bank achieved a 1.04% return on average assets (ROAA) and 9.94% return on average equity (ROAE). Strong deposit growth is attributed to an upward trend in the small business environment, despite challenges in loan portfolio growth.

Positive

• Net income increased to $519,516 or $0.28 per share, up from $242,160 or $0.13 per share year-over-year.
• Total assets grew by 47% to $213.2 million compared to $145.0 million in Q1 2020.
• Total deposits rose by 13.9% to $190.9 million year-over-year.

Negative

• Earnings benefitted significantly from non-recurring income related to PPP loan fees.
• Loan portfolio growth remains a challenge despite robust deposit growth.

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

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20210415006079/en/

FAQ

What are the financial results for Coeur d’Alene Bancorp (CDAB) in Q1 2021?

Coeur d’Alene Bancorp reported a net income of $519,516 or $0.28 per share in Q1 2021, an increase from $242,160 or $0.13 per share in Q1 2020.

How much did Coeur d’Alene Bancorp's total assets increase by in Q1 2021?

Total assets increased by 47% to $213.2 million in Q1 2021 compared to $145.0 million in March 2020.

What was the return on average assets (ROAA) for CDAB in Q1 2021?

The return on average assets (ROAA) for Coeur d’Alene Bancorp was 1.04% for Q1 2021.

How did Coeur d’Alene Bancorp's total deposits perform in Q1 2021?

Total deposits increased by 13.9% to $190.9 million in Q1 2021 from $126.6 million in Q1 2020.

What challenges did Coeur d’Alene Bancorp face in growing its loan portfolio in Q1 2021?

Despite strong deposit growth, the company identified challenges in growing its loan portfolio during Q1 2021.