ACCESS Newswire
14 Oct 2021, 04:19 GMT+10
Coeur d'Alene Bancorp (OTC PINK:CDAB), the parent company of bankcda, is pleased to announce its results for the third quarter 2021 and Year to Date 2021
COEUR D'ALENE, ID / ACCESSWIRE / October 13, 2021 / Coeur d'Alene Bancorp, today reported net income for third quarter 2021 of $433,810 compared to $408,913 in the linked quarter and $280,764 for third quarter 2020. Net income for nine months ended September 30, 2021 totaled $1,362,239 or $0.72 per share, compared to $737,208 or $0.39 per share, for nine months ended 2020. All results are unaudited.
Increased earnings for the current year and quarter are a result of increased non-interest income related to PPP fees and interchange revenue, coupled with decreased non-interest expense offset by increased tax provision compared to the same period one year ago. During second quarter 2020 we completed our core conversion to CSI resulting, in decreased processing costs moving forward; as well as, elimination of non-recurring conversion costs recognized in the prior year. As part of converting to CSI we also moved our card processing, resulting in significant increase in processing revenue and savings in processing fees. The decrease in loan loss provision expense is based on management's assessment of the local economy and improved qualitative risk factors compared to the prior year. The increased tax provision is due to increased pre-tax earnings compared to the prior year.
As of September 30, 2021 total consolidated assets were $240.05 million, an increase of $49.7 million or 26.1% compared to December 31, 2020 due to increased deposits and investments, offset by a decline in gross loans from PPP forgiveness. Total investment in debt securities increased $23.3 million ending the quarter $79.7 million. Total loans have decreased $4.5 million during the year primarily due to $7.2 million in PPP forgiveness. As of September 30, 2021, $2.6 million of PPP loans remain on our balance sheet which we anticipate receiving forgiveness by end of year.
Financial Highlights:
'We are pleased to report continued earnings and balance sheet growth both in the current quarter and year to date. Although earnings have increased in the current year, revenue related to PPP has been a significant factor and we anticipate the remainder of deferred revenue will be fully recognized by end of year. We continue to experience strong balance sheet growth, primarily in investments and deposits, but moderate loan demand will have an effect on earnings growth as we move forward in the continued low rate environment. Strong deposit growth and lack of meaningful loan growth has forced us to invest in lower yielding investment securities causing our net interest margin to compress. We continue to be asset sensitive putting us in a good position when rates rise' 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.
SOURCE: Coeur D Alene Bancorp
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