Coeur d’Alene Bancorp Announces Its Third Quarter and Year to Date 2021 Results

Coeur d'Alene Bancorp (OTC PINK:CDAB), the parent company of bankcda, is pleased to announce its results for the third quarter 2021 and Year to Date 2021

COEUR D'ALENE, ID / ACCESSWIRE / October 13, 2021 / Coeur d'Alene Bancorp, today reported net income for third quarter 2021 of $433,810 compared to $408,913 in the linked quarter and $280,764 for third quarter 2020. Net income for nine months ended September 30, 2021 totaled $1,362,239 or $0.72 per share, compared to $737,208 or $0.39 per share, for nine months ended 2020. All results are unaudited.

Increased earnings for the current year and quarter are a result of increased non-interest income related to PPP fees and interchange revenue, coupled with decreased non-interest expense offset by increased tax provision compared to the same period one year ago. During second quarter 2020 we completed our core conversion to CSI resulting, in decreased processing costs moving forward; as well as, elimination of non-recurring conversion costs recognized in the prior year. As part of converting to CSI we also moved our card processing, resulting in significant increase in processing revenue and savings in processing fees. The decrease in loan loss provision expense is based on management's assessment of the local economy and improved qualitative risk factors compared to the prior year. The increased tax provision is due to increased pre-tax earnings compared to the prior year.

As of September 30, 2021 total consolidated assets were $240.05 million, an increase of $49.7 million or 26.1% compared to December 31, 2020 due to increased deposits and investments, offset by a decline in gross loans from PPP forgiveness. Total investment in debt securities increased $23.3 million ending the quarter $79.7 million. Total loans have decreased $4.5 million during the year primarily due to $7.2 million in PPP forgiveness. As of September 30, 2021, $2.6 million of PPP loans remain on our balance sheet which we anticipate receiving forgiveness by end of year.

Financial Highlights:

  • Diluted earnings per share $0.71 for nine months ended 2021 versus $0.39 per share for nine months ended 2020.
  • Net book value per share increased to $11.48 compared to $10.62 from one year ago and $11.28 per share for the linked quarter.
  • Annualized return on average asset (ROAA) was 0.82% and annualized return on average equity (ROAE) was 8.61% for nine months ended 2021, compared to 0.61% and 5.24% for nine months ended 2020, respectively.
  • Total assets ended the quarter at $240.05 million compared to $180.2 million as of September 30, 2020, an increase of 33.2%.
  • Gross loans were $83.97 million at quarter end, versus $100.2 million at September 30, 2020, and $87.6 million at June 30, 2021. Gross loans net of PPP ended the quarter at $81.3 million compared to $79.9 million at June 30, 2021.
  • Total deposits were $211.6 million versus $158.3 million at September 30, 2020, and $207.3 million at June 30, 2021.
  • For the first nine months of 2021, net interest margin was 2.45%, including SBA PPP loans, and 2.51%, excluding PPP loans; compared to 3.42% and 3.67% for the first nine months of 2020, respectively.
  • Asset quality remains strong with classified loans to Tier 1 capital of 0.88% at September 30, 2021.
  • Continue to be FIVE Star-rated from Bauer Financial, which is their highest rating.
  • We continue to far exceed the minimum community bank leverage ratio.

"We are pleased to report continued earnings and balance sheet growth both in the current quarter and year to date. Although earnings have increased in the current year, revenue related to PPP has been a significant factor and we anticipate the remainder of deferred revenue will be fully recognized by end of year. We continue to experience strong balance sheet growth, primarily in investments and deposits, but moderate loan demand will have an effect on earnings growth as we move forward in the continued low rate environment. Strong deposit growth and lack of meaningful loan growth has forced us to invest in lower yielding investment securities causing our net interest margin to compress. We continue to be asset sensitive putting us in a good position when rates rise" 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 or contact Wes Veach at 208-415-5006.

Balance Sheet Overview


Sep 30, 2021Sep 30, 2020Dec 31, 2020

Cash and due from banks$68,430,651$19,063,012$37,449,866
Securities available for sale, at fair value79,706,10653,274,45956,392,216
Net loans82,019,38897,674,62586,477,766
Other assets9,889,82610,145,44110,020,071
Total assets$240,045,971$180,157,536$190,339,919

Liabilities and Shareholders' Equity:
Total deposits$211,624,231$158,299,338$167,668,048
Capital lease liability509,154571,103561,518
Other liabilities5,986,914982,4211,089,168
Shareholders' Equity21,674,28219,990,78420,722,920
Total liabilities and shareholders??? equity$240,045,971$180,157,536$190,339,919

Return on average assets0.82%0.61%0.77%
Return on average equity8.61%5.24%6.74%
Community bank leverage ratio (1)10.13%10.43%10.04%
Net interest margin (YTD) (1)2.45%3.42%3.28%
Net interest margin without PPP (YTD) (1)2.51%3.67%3.52%
Efficiency ratio (YTD) (1)64.95%79.36%74.37%
Nonperforming assets to tier 1 capital (1)0.88%1.49%1.38%
Nonperforming assets to total assets0.09%0.15%0.14%
(1) Denotes bank-only ratios

Income Statement Overview


For the three months endedFor the nine months ended
Sep 30, 2021Sep 30, 2020Sep 30, 2021Sep 30, 2020
Interest income$1,375,123$1,490,508$4,000,740$4,291,017
Interest expense55,34761,434167,023211,460
Net interest income1,319,7771,429,0743,833,7174,079,557
Loan loss provision-100,500-100,500
Noninterest income467,811184,3211,382,409577,551
Salaries and employee benefits599,445616,2091,778,7501,879,347
Occupancy expense139,241149,187415,143416,497
Other noninterest expense452,066420,5221,224,2781,387,681
Income before income taxes596,837326,9771,797,956873,083
Income tax expense163,02746,213435,717135,875
Net income$433,810$280,764$1,362,239$737,208

SOURCE: Coeur D Alene Bancorp

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