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

Rhea-AI Summary

Coeur d'Alene Bancorp (OTC PINK:CDAB) reported net income of $413,517 or $0.22 per share for Q2 2022, slightly up from $408,913 in Q2 2021. Year-to-date net income was $644,772 or $0.34 per share, down from $928,429 in 2021. Total assets reached $251.2 million, a 6.8% increase year-over-year. Gross loans rose by 21% to $96.4 million. The investment portfolio totaled $104.5 million but showed an unrealized loss of $5.7 million. The bank maintains a strong liquidity position and five-star rating from Bauer Financial.

Positive

• Net income for Q2 2022 increased slightly by $3,604 compared to Q2 2021.
• Total assets increased by $16 million, representing a 6.8% year-over-year growth.
• Gross loans saw a significant rise of 21% compared to the same quarter in 2021.
• Core earnings excluding PPP increased by 62% year-over-year for Q2.

Negative

• Year-to-date net income decreased by $283,657 compared to 2021, attributed to the absence of PPP income.
• Earnings per share decreased from $0.49 to $0.34 for the six months ended June 30.
• Book value per share dropped from $11.28 to $9.13 year-over-year.
• Return on average assets (ROAA) declined from 0.74% to 0.65% for Q2.

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

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FAQ

What were the Q2 2022 earnings of Coeur d'Alene Bancorp (CDAB)?

Coeur d'Alene Bancorp reported net income of $413,517 or $0.22 per share for Q2 2022.

How did the total assets of Coeur d'Alene Bancorp (CDAB) change in 2022?

As of June 30, 2022, total consolidated assets were $251.2 million, an increase of $16 million or 6.8% compared to June 30, 2021.

What was the year-to-date income for Coeur d'Alene Bancorp (CDAB) as of June 30, 2022?

The year-to-date net income for Coeur d'Alene Bancorp was $644,772 or $0.34 per share.

What is the current book value per share for Coeur d'Alene Bancorp (CDAB)?

The book value per share decreased to $9.13 as of June 30, 2022, compared to $11.28 one year ago.