Coeur d’Alene Bancorp Announces Second Quarter 2024 Financial Results

Coeur d'Alene Bancorp (OTC PINK:CDAB), the parent company of bankcda, reported net income for Q2 2024 at $383,459 or $0.20 per share, a decrease from $543,152 or $0.29 per share in Q2 2023. Net income for the first six months of 2024 was $768,893 or $0.41 per share, down from $993,437 or $0.53 per share in the same period last year. All results are unaudited.

As of June 30, 2024, total consolidated assets grew by 1.4% to $239.8 million, compared to the previous year. Gross loans increased by 7.6% to $120.6 million, while total deposits fell by 7.6% to $196.8 million. Investments stood at $100.2 million, slightly down from $103.3 million the previous year.

The company's diluted earnings per share were $0.40 for the first six months of 2024, compared to $0.52 in the same period in 2023. The net interest margin decreased to 3.17% from 3.44%. However, asset quality remained strong with nonperforming assets at 0.00%. Coeur d'Alene Bancorp continues to receive the highest Five Star rating from Bauer Financial.

"Despite a challenging environment, our asset quality remains strong, and we maintain a stable deposit base," said Wes Veach, President and CEO. The company anticipates opening its first retail location in Spokane in early Q4 2024.