Business
Coeur d’Alene Bancorp Announces Its Second Quarter and Year to Date 2023 Results
Coeur d’Alene Bancorp Announces Its Second Quarter and Year to Date 2023 Results.
About this update from Coeur D Alene Bancorp
[{"type":"text","content":"COEUR D'ALENE, ID / ACCESSWIRE / July 14, 2023 / Coeur d'Alene Bancorp (OTC Pink:CDAB), the parent company of bankcda, is pleased to announce its results for the second quarter 2023 and year to date 2023.Coeur d'Alene Bancorp today reported net income for the second quarter of $543,152 or $0.29 per share, compared to $413,517 or $0.22 for the second quarter of 2022. Net income of $948,437 or $0.50 per share for the six months ended June 30, 2023, was also reported, compared to $644,772 or $0.34 per share for the six months ended 2022. All results are unaudited.As of June 30, 2023, total consolidated assets were $236.4 million, a decrease of $14.8 million or 5.9% compared to June 30, 2022. Gross loans ended the period at $112 million compared to $96.5 million as of June 30, 2022, a 16% increase. Total deposits ended the quarter at $213.1 million compared to $228.9 million as of June 30, 2022."We are pleased with our performance so far this year with a 47% increase in year-to-date net income over the previous year and a 31% over the second quarter 2022. Loan demand remains strong, with an increase of 4.51% in the second quarter, which has historically been a slow period for us. The duration of our investment portfolio remains short at 2.24 years and continues to pay down as expected, which will provide liquidity in the coming quarters. We anticipate increased competition for deposits will put pressure on our net interest margin in the second half of the year." Said Wes Veach, President and Chief Executive Officer.Financial Highlights :Diluted earnings per share were $0.50 per share for the six months ended 2023 versus $0.34 per share for the six months ended 2022.Net Book value per share increased to $9.79 compared to $9.13 from one year ago.Annualized return on average assets (ROAA) was 0.80% for the six months ended 2023 compared to 0.51% for the six months ended 2022.Annualized return on average equity (ROAE) was 10.45% for the six months ended 2023, compared 6.75% for the six months ended 2022.For the 6 months ended June 30, 2023, net interest margin was 3.55% compared to 2.37% for 6 months ended June 30, 2022.Total assets ended the period at $236.4 million, compared to $251.2 million one year ago and $238.5 million as of March 31, 2023.Gross loans were $112 million at quarter end, versus $96.5 million on June 30, 20...