Coeur d'Alene Bancorp CDAB, the parent company of bankcda, is pleased to announce its results for the second quarter 2019.
Coeur d'Alene Bancorp, today reported net income increased 27.74% to $720,386 or $0.47 per share for six months ended June 30, 2019, from $565,563 or $0.42 per share for six months ended 2018. All results are unaudited.
"After a record year of profits in 2018 and strong first quarter, we are pleased with the continued improvement in Q2," said Wes Veach, President & Chief Executive Officer. Our net interest margin improved 22 basis points from June 30, 2018. Despite a slow start to the year, loans grew 2.14% quarter over quarter and were flat year over year. Deposits declined during the quarter due to several large depositors seeking higher yields, but our liquidity position remains strong.
"During the second quarter we completed a $5 million capital raise and began construction on our fourth branch in Post Falls. The Post Falls branch will be our first new location in six years, we anticipate opening in late third quarter."
Second Quarter 2019 Financial Highlights:
- Completed $5 million private placement at $9 per share.
- Diluted earnings per share of $0.47 for six months ended 2019 versus $0.42 for six month ended 2018.
- Net book value per share increased to $9.15 compared to $8.45 from one year ago.
- Annualized return on average asset (ROAA) was 1.14% and annualized return on average equity (ROAE) was 10.41% for six months ended 2019 compared 0.93% and 10.67% respectively for six months ended 2018.
- Net interest income was $2.7 million, an increase of 10.03% over prior year.
- Total deposits were $107.9 million versus $114.4 million at June 30, 2018 and $114.0 million March 31, 2019. Non-interest bearing deposit remain strong at 26.29% of total deposits.
- Asset quality remains strong with classified loans to Tier 1 capital of 3.56% at June 30, 2019.
- Continue to be FIVE Star-rated from Bauer Financial, which is their highest rating.
- All capital ratios continue to exceed regulatory minimums.
| Balance Sheet Overview | |||||||||
| (Unaudited) | |||||||||
| June 30, 2019 | June 30, 2018 | Dec 31, 2018 | |||||||
| Assets: | |||||||||
| Cash and due from banks | $ |
6,418,964 |
|
$ |
14,876,101 |
|
$ |
13,299,872 |
|
| Securities available for sale, at fair value |
|
38,849,637 |
|
|
30,171,967 |
|
|
32,989,423 |
|
| Net Loans |
|
72,708,622 |
|
|
72,581,248 |
|
|
71,584,279 |
|
| Other assets |
|
8,181,507 |
|
|
8,514,804 |
|
|
8,430,430 |
|
| Total assets | $ |
126,158,730 |
|
$ |
126,144,121 |
|
$ |
126,304,003 |
|
| Liabilities and Shareholders' Equity: | |||||||||
| Total deposits | $ |
107,863,571 |
|
$ |
114,405,381 |
|
$ |
114,127,216 |
|
| Borrowings |
|
392,014 |
|
|
454,514 |
|
|
423,264 |
|
| Other liabilities |
|
423,270 |
|
|
470,228 |
|
|
469,696 |
|
| Shareholder's Equity |
|
17,479,874 |
|
|
10,813,998 |
|
|
11,283,826 |
|
| Total liabilities and shareholders' equity | $ |
126,158,730 |
|
$ |
126,144,121 |
|
$ |
126,304,003 |
|
| Ratios: | |||||||||
| Return on average assets |
|
1.14 |
% |
|
0.93 |
% |
|
1.06 |
% |
| Return on average shareholders' equity |
|
10.41 |
% |
|
10.67 |
% |
|
12.36 |
% |
| Tier 1 leverage ratio(1) |
|
13.10 |
% |
|
8.88 |
% |
|
9.22 |
% |
| Net interest margin (1) |
|
4.51 |
% |
|
4.29 |
% |
|
4.27 |
% |
| Efficiency ratio (1) |
|
67.74 |
% |
|
72.88 |
% |
|
71.99 |
% |
| Classified loans to tier 1 capital |
|
3.56 |
% |
|
5.94 |
% |
|
9.15 |
% |
| (1) denotes bank-only ratios | |||||||||
| Income Statement Overview | ||||||
| (unaudited) | ||||||
For the six months ended |
||||||
| June 30, 2019 | June 30, 2018 | |||||
| Interest income | $ |
2,823,886 |
|
$ |
2,547,603 |
|
| Interest Expense |
|
153,838 |
|
|
120,939 |
|
| Net interest income |
|
2,670,048 |
|
|
2,426,664 |
|
| Loan loss provision |
|
- |
|
|
- |
|
| Noninterest income |
|
414,179 |
|
|
307,862 |
|
| Salaries and employee benefits |
|
1,097,292 |
|
|
1,049,485 |
|
| Occupancy Expense |
|
223,958 |
|
|
219,217 |
|
| Other noninterest expense |
|
727,447.41 |
|
|
727,663 |
|
| Income before income taxes |
|
1,035,530 |
|
|
738,160 |
|
| Income tax expense |
|
315,143 |
|
|
172,597 |
|
| Net income | $ |
720,386 |
|
$ |
565,563 |
|
Coeur d'Alene Bancorp, parent company of bankcda, is headquartered in Coeur d'Alene, Idaho with branches in Coeur d'Alene, Hayden and Kellogg.
For more information, visit www.bankcda.com or contact Wes Veach at 208-415-5006.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190715005124/en/
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