Coeur dAlene Bancorp Announces Its Fourth Quarter and 2020 Results

Coeur d’Alene Bancorp (OTC Pink: CDAB), the parent company of bankcda, is pleased to announce its results for the fourth quarter, and full year 2020.

Coeur d’Alene Bancorp today

reported net income of $1,291,283 or $0.69 per share for full year 2020, compared to $1,404,144 or $0.83 per share for year ended 2019. Net income for the fourth quarter totaled $554,076, compared to $355,323 for fourth quarter 2019. All results are unaudited.

2020 Financial Highlights

:

Diluted earnings per share $0.68 for twelve months ended 2020 versus $0.82 per share for twelve months ended 2019.
Net book value per share increased to $10.22, compared to $9.52 from one year ago.
Annualized return on average asset (ROAA) was 0.77% and annualized return on average equity (ROAE) was 6.74% for twelve months ended 2020, compared to 1.07% and 9.02% for twelve months ended 2019, respectively.
Total assets ended the year at $190.3 million, compared to $140.7 million as of December 30, 2019, an increase of 35.3%. Totals assets increased $10.2 million, or 5.7%, during the fourth quarter 2020.
Gross loans were $88.5 million at year end, versus $75.9 million at December 31, 2019. Loans, net of Paycheck Protection Program (PPP), totaled $78.8 million which represents a 3.7% increase over 2019.
Total deposits increased 39.11% to $168.1 million for the year, compared to $120.8 million as of December 31, 2019.
Net interest margin was 3.73%, including SBA PPP loans, and 3.52%, excluding PPP loans, compared to 4.28% for 2019.
Cost of funds was 0.17%, compared to 0.26% in 2019.
Asset quality remains strong with classified loans to Tier 1 Capital of 1.38% at December 31, 2020.
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.

“Our local economy remains stable with minimal negative effect from the pandemic. Inward migration to Kootenai County has increased for both businesses and consumers, which created a strong demand in the real estate market in the latter half of 2020. Idaho leads the nation with over 90% of small businesses that are open and operating.

“Earnings declined from prior year as a result of lower interest rates, significant expenses related to our core system conversion, and a full year of operation for our Post Falls branch. Revenue earned from originating Paycheck Protection Program (PPP) loans was a significant contribution to our bottom line. We experienced strong deposit growth with three of our four branches growing between 34% – 41% while our newest branch grew 200%. Historically low interest rates continue to put pressure on our net interest margin, but our strong core deposit base allowed us to reduce our funding costs to offset lost revenue. During the fourth quarter, we began processing PPP forgiveness with 59% of our loans forgiven, which was 100% of those submitted for forgiveness. Although credit quality remains strong, we added $160,500 to our loan loss provision during the second half of the year 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,” 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)

	December 31, 2020		December 31, 2019		September 30, 2020
Assets:
Cash and due from banks	$ 37,449,865		$ 9,026,080		$ 19,063,011
Securities available for sale, at fair value	56,392,216		47,139,257		53,274,459
Net Loans	86,477,766		74,445,557		97,674,625
Other assets	10,020,658		10,055,195		10,145,441
Total assets	$ 190,340,505		$ 140,666,089		$ 180,157,536

Liabilities and Shareholders’ Equity:
Total deposits	$ 168,079,796		$ 120,822,376		$ 158,299,338
Borrowings	298,265		360,764		313,890
Capital lease liability	561,518		620,684		571,103
Other liabilities	1,089,168		522,572		982,421
Shareholders’ equity	20,311,758		18,339,693		19,990,784
Total liabilities and shareholders’ equity	$ 190,340,505		$ 140,666,089		$ 180,157,536

Ratios:
Return on average assets	0.77	%	1.07	%	0.61	%
Return on average equity	6.74	%	9.02	%	5.24	%
Community bank leverage ratio ⁽¹⁾	10.04	%	12.36	%	10.45	%
Net interest margin (YTD) ⁽¹⁾	3.73	%	4.28	%	3.62	%
Net interest margin without PPP (YTD) ⁽¹⁾	3.52	%	4.28	%	3.42	%
Efficiency ratio (YTD) ⁽¹⁾	74.37	%	68.45	%	79.36	%
Nonperforming assets to tier 1 capital ⁽¹⁾	1.38	%	1.80	%	1.49	%
Nonperforming assets to total assets	0.14	%	0.22	%	0.15	%

⁽¹⁾ denotes bank-only ratios

Income Statement Overview
(unaudited)

	For the twelve months ended
	December 31, 2020	December 31, 2019
Interest income	$ 6,094,257	$ 5,573,694
Interest Expense	266,706	322,465
Net interest income	5,827,551	5,251,229
Loan loss provision	160,500	–
Noninterest income	763,574	779,501
Salaries and employee benefits	2,516,236	2,114,504
Occupancy Expense	553,973	496,787
Other noninterest expense	1,826,315	1,500,080
Income before income taxes	1,534,101	1,919,359
Income tax expense	242,818	515,215
Net income	$ 1,291,283	$ 1,404,144