Business Wire | Apr 15, 2021 05:07PM EDT

Coeur d'Alene Bancorp Announces Its First Quarter 2021 Results

Apr. 15, 2021

COEUR D'ALENE, Idaho--(BUSINESS WIRE)--Apr. 15, 2021--Coeur d'Alene Bancorp (OTC Pink: CDAB), the parent company of bankcda, is pleased to announce its results for the first quarter 2021.

Coeur d'Alene Bancorp today reported net income of $519,516 or $0.28 per share for first quarter 2021, compared to $242,160 or $0.13 per share for the first quarter 2020. All results are unaudited.

Financial Highlights

* Diluted earnings per share $0.27 for three months ended 2021 versus $0.13 per share for three months ended 2020. * Net book value per share increased to $10.50 compared to $9.66 from one year ago. * Annualized return on average asset (ROAA) was 1.04% and annualized return on average equity (ROAE) was 9.94% for three months ended 2021 compared to 0.67% and 5.43% for three months ended 2020, respectively. * Total assets ended the period at $213.2 million compared to $145.0 million as of March 31, 2020, an increase of 47.0%. Totals assets increased $22.9 million, or 12.0%, during the first quarter 2021. * Gross loans were $90.1 million at quarter end, versus $74.8 million at March 31, 2020. Loans, net of Paycheck Protection Program (PPP), totaled $79.7 million which represents a 1.16% increase for the first quarter. * Total deposits were $190.9 million, compared to $126.6 million as of March 31, 2020. Deposits increased $23.3 million representing a 13.9% growth for the first quarter. * Cost of funds was 0.12% compared to 0.27% in 2020. * Asset quality remains strong with classified loans to Tier 1 capital of 1.27% at March 31, 2021. * Continue to be FIVE Star-rated from Bauer Financial, which is their highest rating. * We continue to far exceed minimum community bank leverage ratio.

"We continue to have strong deposit growth with a 13.9% increase in the quarter driven by inward migration and strong small business environment. A mild winter allowed minimal slowdown in both residential and commercial construction creating strong demand to start the year. Given our strong deposit growth and liquidity position over the past year, our primary challenge is growing our loan portfolio. During the quarter, we originated $8.7 million in new loans and maintain a robust pipeline for the coming months. Although earnings increased over the prior year, fees related to PPP loans and non-recurring income from a bond transaction provided a large portion of revenue. We originated 99 Paycheck Protection Program (PPP) loans during the quarter totaling $7 million. We continue to work with borrowers to obtain forgiveness for loans originated in 2020, to date 86% of loans have been forgiven. 100% of loans submitted for forgiveness have been forgiven. Credit quality remains strong," 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) Mar 31, 2021 Mar 31, 2020 Dec 31, 2020Assets:Cash and due from banks $ 45,745,875 $ 11,055,784 $ 37,449,866

Securities available for 69,566,177 50,653,637 56,392,216 sale, at fair valueNet Loans 87,926,565 73,332,917 86,477,766

Other assets 9,975,519 9,972,417 10,020,071

Total assets $ 213,214,136 $ 145,014,755 $ 190,339,919

Liabilities andShareholders' Equity:Total deposits $ 190,921,001 $ 126,557,276 $ 167,668,048

Borrowings 282,639 345,140 298,265

Capital lease liability 544,151 604,541 561,518

Other liabilities 907,303 196,830 1,089,168

Shareholders' equity 20,559,042 17,310,968 20,722,920

Total liabilities and $ 213,214,136 $ 145,014,755 $ 190,339,919 shareholders' equity Ratios:Return on average assets 1.04 % 0.67 % 0.77 %

Return on average equity 9.94 % 5.43 % 6.74 %

Community bank leverage 9.66 % 12.24 % 10.04 %ratio^(1)Net interest margin (YTD) ^ 2.61 % 3.84 % 3.73 %(1)Net interest margin without 2.69 % 3.52 %PPP (YTD) ^(1)Efficiency ratio (YTD)^ (1) 66.43 % 82.87 % 74.37 %

Nonperforming assets to tier 1.27 % 1.70 % 1.38 %1 capital ^(1)Nonperforming assets to 0.11 % 0.21 % 0.14 %total assets ^(1) denotes bank-onlyratiosIncome Statement Overview(unaudited)For the three months endedMar 31, 2021Mar 31, 2020Interest income$

1,280,733

$

1,376,424

Interest Expense55,843

91,092

Net interest income1,224,890

1,285,332

Loan loss provision-

-

Noninterest income559,853

230,190

Salaries and employee benefits593,506

619,147

Occupancy Expense139,940

138,592

Other noninterest expense380,992

461,873

Income before income taxes670,305

295,911

Income tax expense150,789

53,751

Net income$

519,516

$

242,160

View source version on businesswire.com: https://www.businesswire.com/news/home/20210415006079/en/

CONTACT: Wes Veach, 208-415-5006