Business
Coeur d'Alene Bancorp Announces Its Fourth Quarter 2024 and Year to Date 2024 Results
Coeur d'Alene Bancorp Announces Its Fourth Quarter 2024 and Year to Date 2024 Results.
About this update from Coeur D Alene Bancorp
[{"type":"text","content":"Coeur d'Alene Bancorp (OTC Pink:CDAB), the parent company of bankcda, is pleased to announce its results for the fourth quarter 2024 and the year ended December 31, 2024. POST FALLS, ID / ACCESSWIRE / January 15, 2025 / Coeur d'Alene Bancorp today reported net income for the fourth quarter of $452,990 or $0.24 per share, compared to $563,908 or $0.30 for the fourth quarter of 2023. Net income of $1,475,207 or $0.78 per share for the twelve months ended December 31, 2024, was also reported, compared to $2,118,568 or $1.12 per share for the twelve months ended 2023. All results are unaudited.As of December 31, 2024, total consolidated assets were $241.4 million, an increase of $3.1 million or 1.3% compared to December 31, 2023. Gross loans ended the period at $133.9 million compared to $119.0 million as of December 31, 2023, an increase of $15.0 million or 12.6%. Total deposits were $195.5 million as of December 31, 2024, compared to $195.1 million as of December 31, 2023, a 0.2% increase."Despite the challenges of the elevated interest rate environment and competition for deposits, we were able to maintain our deposit levels while lowering our funding costs in the second half of the year, allowing us to increase our net interest margin. Loan demand remained strong for a majority of the year, resulting in our third straight year of loan growth greater than 10%. The investment in our future growth in the Spokane market reduced our earnings for 2024, as we opened a loan origination office in Spokane Valley, and will be opening a retail branch this month on 5-Mile Road." Said Wes Veach, President and Chief Executive Officer.Financial Highlights:Diluted earnings per share were $0.77 for twelve months ended 2024 versus $1.11 per share for twelve months ended 2023.Net book value per share ended the quarter at $12.36 compared to $10.89 from one year ago.Annualized return on average asset (ROAA) was 0.62% and annualized return on average equity (ROAE) was 6.77% for twelve months ended 2024, compared to 0.89% and 11.48% for twelve months ended 2023, respectively.Total assets ended the period at $241.4 million compared to $238.3 million as of December 31, 2023, an increase of 1.3%.Gross loans were $133.9 million at quarter end, versus $119.0 million on December 31, 2023.Total deposits were $195.5 million, compared to $195.1 millio...