Business
Coeur d’Alene Bancorp Announces Its Third Quarter and Year to Date 2021 Results
Coeur d’Alene Bancorp Announces Its Third Quarter and Year to Date 2021 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 third quarter 2021 and Year to Date 2021COEUR 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:Diluted earnings per share $0.71 for nine months ended 2021 versus $0.39 per share for nine months ended 2020.Net book value per share increased to $11.48 compared to $10.62 from one year ago and $11.28 per share for the linked quarter.Annualized return on average asset (ROAA) was 0.82% and annualized return on average equity (R...