Coeur d’Alene Bancorp Announces Its Second Quarter 2019 Results

COEUR D’ALENE, Idaho--()--Coeur d’Alene Bancorp (OTC Pink: CDAB), the parent company of bankcda, is pleased to announce its results for the second quarter 2019.

Coeur d’Alene Bancorp, today reported net income increased 27.74% to $720,386 or $0.47 per share for six months ended June 30, 2019, from $565,563 or $0.42 per share for six months ended 2018. All results are unaudited.

“After a record year of profits in 2018 and strong first quarter, we are pleased with the continued improvement in Q2,” said Wes Veach, President & Chief Executive Officer. Our net interest margin improved 22 basis points from June 30, 2018. Despite a slow start to the year, loans grew 2.14% quarter over quarter and were flat year over year. Deposits declined during the quarter due to several large depositors seeking higher yields, but our liquidity position remains strong.

“During the second quarter we completed a $5 million capital raise and began construction on our fourth branch in Post Falls. The Post Falls branch will be our first new location in six years, we anticipate opening in late third quarter.”

Second Quarter 2019 Financial Highlights:

  • Completed $5 million private placement at $9 per share.
  • Diluted earnings per share of $0.47 for six months ended 2019 versus $0.42 for six month ended 2018.
  • Net book value per share increased to $9.15 compared to $8.45 from one year ago.
  • Annualized return on average asset (ROAA) was 1.14% and annualized return on average equity (ROAE) was 10.41% for six months ended 2019 compared 0.93% and 10.67% respectively for six months ended 2018.
  • Net interest income was $2.7 million, an increase of 10.03% over prior year.
  • Total deposits were $107.9 million versus $114.4 million at June 30, 2018 and $114.0 million March 31, 2019. Non-interest bearing deposit remain strong at 26.29% of total deposits.
  • Asset quality remains strong with classified loans to Tier 1 capital of 3.56% 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 minimums.
Balance Sheet Overview
(Unaudited)
June 30, 2019 June 30, 2018 Dec 31, 2018
Assets:
Cash and due from banks

$

6,418,964

 

$

14,876,101

 

$

13,299,872

 

Securities available for sale, at fair value

 

38,849,637

 

 

30,171,967

 

 

32,989,423

 

Net Loans

 

72,708,622

 

 

72,581,248

 

 

71,584,279

 

Other assets

 

8,181,507

 

 

8,514,804

 

 

8,430,430

 

Total assets

$

126,158,730

 

$

126,144,121

 

$

126,304,003

 

 
Liabilities and Shareholders' Equity:
Total deposits

$

107,863,571

 

$

114,405,381

 

$

114,127,216

 

Borrowings

 

392,014

 

 

454,514

 

 

423,264

 

Other liabilities

 

423,270

 

 

470,228

 

 

469,696

 

Shareholder’s Equity

 

17,479,874

 

 

10,813,998

 

 

11,283,826

 

Total liabilities and shareholders' equity

$

126,158,730

 

$

126,144,121

 

$

126,304,003

 

 
Ratios:
Return on average assets

 

1.14

%

 

0.93

%

 

1.06

%

Return on average shareholders’ equity

 

10.41

%

 

10.67

%

 

12.36

%

Tier 1 leverage ratio(1)

 

13.10

%

 

8.88

%

 

9.22

%

Net interest margin (1)

 

4.51

%

 

4.29

%

 

4.27

%

Efficiency ratio (1)

 

67.74

%

 

72.88

%

 

71.99

%

Classified loans to tier 1 capital

 

3.56

%

 

5.94

%

 

9.15

%

 
(1) denotes bank-only ratios
Income Statement Overview
(unaudited)

For the six months ended

June 30, 2019 June 30, 2018
Interest income

$

2,823,886

 

$

2,547,603

 

Interest Expense

 

153,838

 

 

120,939

 

Net interest income

 

2,670,048

 

 

2,426,664

 

Loan loss provision

 

-

 

 

-

 

Noninterest income

 

414,179

 

 

307,862

 

Salaries and employee benefits

 

1,097,292

 

 

1,049,485

 

Occupancy Expense

 

223,958

 

 

219,217

 

Other noninterest expense

 

727,447.41

 

 

727,663

 

Income before income taxes

 

1,035,530

 

 

738,160

 

Income tax expense

 

315,143

 

 

172,597

 

Net income

$

720,386

 

$

565,563

 

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

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

Contacts

Wes Veach, 208-415-5006

Release Summary

Coeur d’Alene Bancorp Announces Its Second Quarter 2019 Results

Contacts

Wes Veach, 208-415-5006