Coeur d’Alene Bancorp Announces Its First Quarter 2023 Results

Coeur d'Alene Bancorp (OTC Pink:CDAB), the parent company of bankcda, is pleased to announce its results for the first quarter 2023.

COEUR D'ALENE, ID / ACCESSWIRE / April 12, 2023 / Coeur d'Alene Bancorp, today reported net income of $405,285 or $0.21 per share for first quarter 2023, compared to $231,255 or $0.12 per share for the first quarter 2022. All results are unaudited.

As of March 31, 2023, total consolidated assets were $238.5 million, a decrease of $13.86 million or 5.5% compared to March 31, 2022. The decrease in total assets was the result of declining cash balances related to declining deposits, and increased investment purchases and loan demand. Gross loans ended the period at $107.3 million compared to $86.3 million as of March 31, 2022, an increase of $20.98 million or 24.3%. Investments ended the period at $111.4 million compared to $98.5 million as of March 31, 2022. Total deposits were $214.7 million as of March 31, 2023, compared to $228.1 million at March 31, 2022, a 5.9% decrease.

"Given recent changes in economic and banking conditions and overall economic uncertainty, we implemented several strategies this quarter to better position the bank for a broader range of economic scenarios. We continue to be in a good position from a liquidity standpoint. The duration of our investment portfolio remains short, providing consistent monthly cashflow, with $8.8 million expected in the next two quarters. The recent bank failures had minimal impact to our deposit base and day-to-day operations. We were active in the investment market during the quarter to strengthen our liquidity position and increase the yield within our portfolio, which had a negative effect on earnings. Our balance sheet remains well positioned to take advantage of today's higher rate environment with strong cashflow that should allow us to increase our net interest margin over the next several quarters." Said Wes Veach, President, and Chief Executive Officer.

Financial Highlights:

• Diluted earnings per share were $0.21 for three months ended 2023 versus $0.12 per share for three months ended 2022.
• Net book value per share ended the quarter at $9.94 compared to $9.91 from one year ago.
• Annualized return on average asset (ROAA) was 0.67% and annualized return on average equity (ROAE) was 9.09% for three months ended 2023 compared to 0.37% and 4.54% for three months ended 2022, respectively.
• Total assets ended the period at $238.5 million compared to $252.4 million as of March 31, 2022, a decrease of 5.5%. Totals assets decreased $6.0 million, or 2.5%, during the first quarter of 2023.
• Gross loans were $107.3 million at quarter end, versus $86.3 million on March 31, 2022.
• Total deposits were $214.7 million, compared to $228.1 million as of March 31, 2022, a decrease of 5.9%. Deposits decreased $7.9 million representing a 3.5% decline for the first quarter.
• For the 3 months ended March 31, 2023, net interest margin was 3.54% compared to 2.23% for 3 months ended March 31, 2022.
• Asset quality remains strong with nonperforming assets to Tier 1 capital of 0.08% as of March 31, 2023.
• 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.

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.bank or contact Wes Veach at 208-415-5006.

Forward-Looking Statements

This press release contains, among other things, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements preceded by, followed by, or that include the words "may," "could," "should," "would," "believe," "anticipate," "estimate," "expect," "intend," "plan," "projects," "outlook" or similar expressions. These statements are based upon the current belief and expectations of the Coeur d'Alene Bancorp's management team and are subject to significant risks and uncertainties that are subject to change based on various factors (many of which are beyond Coeur d'Alene Bancorp's control). Although Coeur d'Alene Bancorp believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, Coeur d'Alene Bancorp can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by Coeur d'Alene Bancorp or any other person that the future events, plans, or expectations contemplated by Coeur d'Alene Bancorp will be achieved.

All subsequent written and oral forward-looking statements attributable to Coeur d'Alene Bancorp or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. Coeur d'Alene Bancorp does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.

SOURCE: Coeur D Alene Bancorp