Coeur d’Alene Bancorp Announces Its Second Quarter and Year to Date 2023 Results

COEUR D'ALENE, ID / ACCESSWIRE / July 14, 2023 / Coeur d'Alene Bancorp (OTC Pink:CDAB), the parent company of bankcda, is pleased to announce its results for the second quarter 2023 and year to date 2023.

Coeur d'Alene Bancorp today reported net income for the second quarter of $543,152 or $0.29 per share, compared to $413,517 or $0.22 for the second quarter of 2022. Net income of $948,437 or $0.50 per share for the six months ended June 30, 2023, was also reported, compared to $644,772 or $0.34 per share for the six months ended 2022. All results are unaudited.

As of June 30, 2023, total consolidated assets were $236.4 million, a decrease of $14.8 million or 5.9% compared to June 30, 2022. Gross loans ended the period at $112 million compared to $96.5 million as of June 30, 2022, a 16% increase. Total deposits ended the quarter at $213.1 million compared to $228.9 million as of June 30, 2022.

"We are pleased with our performance so far this year with a 47% increase in year-to-date net income over the previous year and a 31% over the second quarter 2022. Loan demand remains strong, with an increase of 4.51% in the second quarter, which has historically been a slow period for us. The duration of our investment portfolio remains short at 2.24 years and continues to pay down as expected, which will provide liquidity in the coming quarters. We anticipate increased competition for deposits will put pressure on our net interest margin in the second half of the year." Said Wes Veach, President and Chief Executive Officer.

Financial Highlights :

• Diluted earnings per share were $0.50 per share for the six months ended 2023 versus $0.34 per share for the six months ended 2022.
• Net Book value per share increased to $9.79 compared to $9.13 from one year ago.
• Annualized return on average assets (ROAA) was 0.80% for the six months ended 2023 compared to 0.51% for the six months ended 2022.
• Annualized return on average equity (ROAE) was 10.45% for the six months ended 2023, compared 6.75% for the six months ended 2022.
• For the 6 months ended June 30, 2023, net interest margin was 3.55% compared to 2.37% for 6 months ended June 30, 2022.
• Total assets ended the period at $236.4 million, compared to $251.2 million one year ago and $238.5 million as of March 31, 2023.
• Gross loans were $112 million at quarter end, versus $96.5 million on June 30, 2022, and $107.3 million as of March 31, 2023.
• Total deposits were $213.1 million at quarter end, versus $228.9 million on June 30, 2022, and $214.7 million on March 31, 2023.
• All capital ratios continue to exceed regulatory minimums.
• Continue to be FIVE Star-rated by 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.

Forward-Looking Statements

This press release contains, among other things, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements preceded by, followed by, or that include the words "may," "could," "should," "would," "believe," "anticipate," "estimate," "expect," "intend," "plan," "projects," "outlook" or similar expressions. These statements are based upon the current belief and expectations of the Coeur d'Alene Bancorp's management team and are subject to significant risks and uncertainties that are subject to change based on various factors (many of which are beyond Coeur d'Alene Bancorp's control). Although Coeur d'Alene Bancorp believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, Coeur d'Alene Bancorp can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by Coeur d'Alene Bancorp or any other person that the future events, plans, or expectations contemplated by Coeur d'Alene Bancorp will be achieved.

All subsequent written and oral forward-looking statements attributable to Coeur d'Alene Bancorp or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. Coeur d'Alene Bancorp does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.

SOURCE: Coeur D Alene Bancorp