Business
Coeur d'Alene Bancorp Announces Its First Quarter 2022 Results
Coeur d'Alene Bancorp Announces Its First Quarter 2022 Results.
About this update from Coeur D Alene Bancorp
[{"type":"text","content":"COEUR D'ALENE, ID / ACCESSWIRE / April 11, 2022 / Coeur d'Alene Bancorp (OTC PINK:CDAB), the parent company of bankcda, is pleased to announce its results for the first quarter 2022.Coeur d'Alene Bancorp, today reported net income of $231,255 or $0.12 per share for first quarter 2022, compared to $519,516 or $0.28 per share for the first quarter 2021. All results are unaudited.As of March 31, 2022, total consolidated assets totaled $252.4 million, an increase of $39.2 million or 18.4% compared to March 31, 2021, with increases in investments, loans, and deposits. Total investment in debt securities increased $4.6 million during the quarter, ending the period at $98.5 million. At the end of the quarter, the bank's investment portfolio had an unrealized loss of $3.3 million due to rising interest rates. The portfolio has a duration of 2.7 years extending to 3.23 years with a 300-basis point increase in rates resulting in an 8.2% decrease in value. The short life of the portfolio will provide cashflow of $35.2 million or 35.7% over next 30 months. Total loans net of PPP increased $4.46 million during the quarter representing 5.47% growth. Total deposits increased $8.5 million or 3.86% during the quarter to end the period at $228.1 million."We started the year with reasonable growth in the key areas of our balance sheet and anticipate the trend to continue through the remainder of the year. Net income for the quarter was $231,255, the decrease from prior year is due the absence of paycheck protection plan revenue. Our balance sheet remains liquid with $59.5 million in cash and due from banks and strong cashflow from our investment portfolio, allowing us to take advantage of rising rates which we expect to contribute to increased earnings going forward. Loan demand was strong during the quarter, which we anticipate continuing for the next several quarters allowing for investment in higher yielding assets."Financial Highlights:Diluted earnings per share $0.12 for three months ended 2022 versus $0.27 per share for three months ended 2021.Net book value per share ended the quarter at $9.91 compared to $10.92 from one year ago.Annualized return on average asset (ROAA) was 0.37% and annualized return on average equity (ROAE) was 4.54% for three months ended 2022 compared to 1.04% and 9.94% for three months ended 2021, respective...