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 2019.
Coeur d’Alene Bancorp, today reported record net income of $1,404,144 or $0.83 per share for full year 2019, compared to $1,301,133 or $0.98 per share for year ended 2018. Net income for fourth quarter 2019 totaled $355,323, compared to $388,064 for fourth quarter 2018. All results are unaudited.
“We generated record profits for the year with pre-tax income increasing 24.06% and net income increasing 7.92% over 2018 levels. Balance sheet strategies and a strong core deposit base allowed for minimal margin compression following three interest rate cuts. We continue to focus on managing non-interest expense and that was evident with an increase of only 2.50% over the prior year while opening a new branch location,” said Wes Veach, President and Chief Executive Officer.
“We were able to continue building on the momentum gained in the third quarter with asset growth of $2.9 million, deposit growth of $2.6 million and loan growth of $942 thousand during the fourth quarter.
“We signed an agreement to convert our third-party core processing services to Computer Services Inc. (CSI) during the fourth quarter. Although this decision will benefit the bank in the coming years with greater efficiency and better technology offerings, it will impact 2020. We anticipate the conversion to increase information technology costs in the coming year, as well as, demand time of key bank employees for a successful transition. Many of the cost incurred in 2020 will be recouped in later years,” said Veach.
Highlights
- Diluted earnings per share $0.82 for twelve months ended 2019 versus $0.97 per share for twelve months ended 2018.
- Return on average asset (ROAA) was 1.07% and return on average equity (ROAE) was 9.02% for twelve months ended 2019, compared 1.06% and 12.01%, respectively, for twelve months ended 2018.
- Net book value per share increased to $9.52, compared to $8.80 from one year ago.
- Total assets increased 11.37% to $140.7 million for the year, compared to $126.3 million as of December 31, 2018, and $137.8 million at September 30, 2019.
- Total deposits increased 5.69% to $120.8 million for the year, compared to $114.1 million as of December 31, 2018. Non-Interest bearing deposits comprise 27% of total deposits.
- Gross loan were $75.9 million at year-end, versus $73.2 million at December 31, 2018, and $74.9 million at September 30, 2019.
- Addition of two in-market commercial lenders.
- Continue to be FIVE Star-rated from Bauer Financial, which is their highest rating.
- All capital ratios continue to exceed regulatory minimums.
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) | ||||||||||||
| Dec 31, 2019 | Dec 31, 2018 | Sep 30, 2019 | ||||||||||
| Assets: | ||||||||||||
| Cash and due from banks | $ | 9,026,080 | $ | 13,299,872 | $ | 14,321,077 | ||||||
| Securities available for sale, at fair value | $ | 47,139,257 | 32,989,423 | 41,012,184 | ||||||||
| Net Loans | $ | 74,445,557 | 71,584,279 | 73,499,592 | ||||||||
| Other assets | $ | 10,055,195 | 8,430,429 | 8,961,853 | ||||||||
| Total assets | $ | 140,666,089 | $ | 126,304,003 | $ | 137,794,706 | ||||||
| Liabilities and Shareholders' Equity: | ||||||||||||
| Total deposits | $ | 120,822,376 | $ | 114,127,216 | $ | 118,176,510 | ||||||
| Borrowings | $ | 360,764 | 423,264 | 376,389 | ||||||||
| Capital lease liability | $ | 620,684 | 36,552 | 633,549 | ||||||||
| Other liabilities | $ | 522,572 | 433,145 | 597,407 | ||||||||
| Shareholders' equity | $ | 18,339,693 | 11,283,826 | 18,010,851 | ||||||||
| Total liabilities and shareholders' equity | $ | 140,666,089 | $ | 126,304,003 | $ | 137,794,706 | ||||||
| Ratios: | ||||||||||||
| Return on average assets | 1.07 | % | 1.06 | % | 1.09 | % | ||||||
| Return on average equity | 9.02 | % | 12.01 | % | 9.40 | % | ||||||
| Tier 1 leverage ratio(1) | 12.36 | % | 9.13 | % | 12.90 | % | ||||||
| Net interest margin (YTD) (1) | 4.28 | % | 4.27 | % | 4.41 | % | ||||||
| Efficiency ratio (YTD) (1) | 68.45 | % | 71.99 | % | 68.78 | % | ||||||
| Nonperforming assets to tier 1 capital (1) | 1.80 | % | 2.61 | % | 1.91 | % | ||||||
| Nonperforming assets to total assets | 0.22 | % | 0.24 | % | 0.24 | % | ||||||
| (1) denotes bank-only ratios | ||||||||||||
| Income Statement Overview | ||||||
| (unaudited) | ||||||
| For the twelve months ended | ||||||
| Dec 31, 2019 | Dec 31, 2018 | |||||
| Interest income | $ | 5,573,694 | $ | 5,174,628 | ||
| Interest Expense | $ | 322,465 | $ | 269,224 | ||
| Net interest income | $ | 5,251,229 | $ | 4,905,404 | ||
| Loan loss provision | $ | - | $ | - | ||
| Noninterest income | $ | 779,501 | $ | 653,009 | ||
| Salaries and employee benefits | $ | 2,114,504 | $ | 2,106,511 | ||
| Occupancy Expense | $ | 496,787 | $ | 430,491 | ||
| Other noninterest expense | $ | 1,500,080 | $ | 1,474,260 | ||
| Income before income taxes | $ | 1,919,359 | $ | 1,547,151 | ||
| Income tax expense | $ | 515,215 | $ | 246,018 | ||
| Net income | $ | 1,404,144 | $ | 1,301,133 | ||
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