Subject: EARNINGS
Coeur d'Alene Bancorp Announces Its First Quarter 2021 Results
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 |
||
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