Q3 2020 Press Release

Coeur d’Alene Bancorp Announces Its Third Quarter 2020 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 third quarter 2020.

Coeur d’Alene Bancorp, today reported net income for third quarter 2020 of $280,764 compared to $328,434 for third quarter 2019. Net income for nine months ended September 30, 2020 totaled $737,208, or $0.39 per share, compared to $1,048,821, or $0.64 per share, for nine months ended 2019. All results are unaudited.

Third Quarter 2020 Financial Highlights:

  • Diluted earnings per share $0.39 for nine months ended 2020 versus $0.64 per share for nine months ended 2019.
  • Net book value per share increased to $9.93 compared to $9.33 from one year ago.
  • Annualized return on average asset (ROAA) was 0.61% and annualized return on average equity (ROAE) was 5.24% for nine months ended 2020 compared to 1.09% and 9.40% for nine months ended 2019, respectively.
  • Total assets ended the quarter at $180.2 million compared to $137.8 million as of September 30, 2019, an increase of 30.7%.
  • Gross loans were $100.2 million at quarter end, versus $75.0 million at September 30, 2019, and $98.9 million at June 30, 2020.
  • Total deposits were $158.3 million versus $118.2 million at September, 2019, and $150.3 million June 30, 2019.
  • For the first nine months of 2020, net interest margin was 3.62%, including SBA PPP loans, and 3.42%, excluding PPP loans, compared to 4.41% for the first nine months of 2019.
  • Asset quality remains strong with classified loans to Tier 1 capital of 1.49% at September 30, 2020.
  • Continue to be FIVE Star-rated from Bauer Financial, which is their highest rating.

We continue to far exceed minimum community bank leverage ratio.

“Our local economy continues to rebound with a strong housing market and unemployment at 4.8% as of August. Idaho has been a leader in job recovery following the stay-at-home order and ranks fourth in number of reopened small businesses by state. Like many of our peers, we have experienced strong liquidity and deposit growth during 2020 with of 5.8% growth in the third quarter and 30.74% over the prior year. Historically low interest rates continue to put pressure on our net interest margin as loans and investments reprice and strong competition for new business affects offering rates. Although credit quality remains strong, we added $100,500 to our loan loss provision during the quarter due to the uncertainty over the coming months. Loan demand has increased in recent months allowing us to reallocate assets from cash or low yielding investment into loans at a significantly higher yield."

“We began submitting PPP loans to the SBA for forgiveness late in the quarter and received our first forgiveness payment in early October,” said Wes Veach, President and Chief Executive Officer.

Coeur d’Alene Bancorp, the 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.com or Contact Wes Veach at 208-415-5006.