COEUR d'ALENE, ID / ACCESSWIRE / January 16, 2024 / Coeur d'Alene Bancorp (OTC PINK:CDAB), the parent company of bankcda, is pleased to announce its results for the fourth quarter 2023 and the year ended December 31, 2023.
Coeur d'Alene Bancorp today reported net income for the fourth quarter 2023 of $563,908 compared to $561,223 in the linked quarter and $825,017 for the fourth quarter 2022. Net income for the 12 months ended December 31, 2023, totaled $2,118,568 or $1.12 per share, compared to $2,164,328 or $1.14 per share, for the 12 months ended December 31, 2022. All results are unaudited.
As of December 31, 2023, total consolidated assets were $238.3 million, a decrease of $6.2 million or 2.5%, compared to December 31, 2022. Total investment in debt securities decreased $4.3 million during the year, ending the year at $106.2 million. Total loans increased $11.65 million during the year, ending the year at $118.95 million. Total deposits decreased $27.5 million during the year, to end at $195.1 million, a decrease of 12.3%.
The board of directors Coeur d'Alene Bancorp declared a cash dividend of $0.30 per share on December 17, 2023. The dividend will be paid on January 17, 2024, to shareholders of record on December 29, 2023.
"Although earnings were down 2% from prior year totaling $2.12 million, we feel the year was a success based on continued rate pressure and the decision early in the year to reposition a portion of our investment portfolio generating net losses of approximately $263,055. 2023 presented challenges related to managing liquidity and earnings as deposit offering rates continued to rise due to competitive pressure causing our cost of funds to increase 0.50%. Deposits declined 12.3% ending the period at a 33-month low of $195.1 million. In the fourth quarter we borrowed $15.5 million from the BTFP using a portion of our bond portfolio as collateral, locking in a one-year fixed rate. Loan demand remained strong with growth of 10.9% during the year, helping offset rising funding costs." Said Wes Veach, President, and Chief Executive Officer.
"During the fourth quarter we hired two lenders based in the Spokane market with the intent of opening a loan production office in the first quarter and the possibility of a full-service branch to follow. We remain optimistic about 2024 due continued loan demand and increased cash flow from our bond portfolio allowing for reinvestment at higher yields."
"Based on our overall financial condition, solid capital levels, outstanding asset quality metrics, we believe we are well positioned for the impacts associated with a slowing economy and the possibility of lower rates in 2024" said Veach. "In addition, our financial strength and continued strong earnings has allowed the payment of a cash dividend for the second straight year."
Financial Highlights:
Diluted earnings per share of $1.11 for the 12 months ended December 31, 2023, versus $1.14 per share for the 12 months ended December 31, 2022.
Net book value per share increased to $10.89 compared to $9.19 on December 31, 2022, and increased $1.12 from $9.77 at the end of the linked quarter.
Annualized return on average asset (ROAA) was 0.89% and annualized return on average equity (ROAE) was 11.48% for the 12 months ended December 31, 2023, compared to 0.87% and 11.43% for the 12 months ended December 31, 2022, respectively.
Total assets ended the year at $238.3 million compared to $244.5 million as of December 31, 2022, a decrease of 2.5%. Totals assets increased $599,203, or 0.25%, during the fourth quarter 2023.
Gross loans were $118.95 million at quarter-end versus $107.3 million on December 31, 2022, and $117.8 million on September 30, 2023.
Total deposits were $195.1 million at quarter-end versus $222.6 million on December 31, 2022, and $214.2 million on September 30, 2023.
For the 12 months ended December 31, 2023, net interest margin was 3.38% compared to 2.69% for the 12 months ended December 31, 2022.
Asset quality remains strong with nonperforming assets to Tier 1 capital of 0.06% on December 31, 2023.
Continue to be FIVE Star-rated from Bauer Financial, which is their highest rating.
We continue to exceed the minimum community bank leverage ratio.
Coeur d'Alene Bancorp, parent company of bankcda, is headquartered in Coeur d'Alene, Idaho. bankcda has branches in Coeur d'Alene, Hayden, Post Falls, and Kellogg.
For more information, visit www.bankcda.bank or contact Wes Veach at 208-415-5006.
Forward-Looking Statements
This press release contains, among other things, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements preceded by, followed by, or that include the words "may," "could," "should," "would," "believe," "anticipate," "estimate," "expect," "intend," "plan," "projects," "outlook" or similar expressions. These statements are based upon the current belief and expectations of the Coeur d'Alene Bancorp's management team and are subject to significant risks and uncertainties that are subject to change based on numerous factors (many of which are beyond Coeur d'Alene Bancorp's control). Although Coeur d'Alene Bancorp believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, Coeur d'Alene Bancorp can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by Coeur d'Alene Bancorp or any other person that the future events, plans, or expectations contemplated by Coeur d'Alene Bancorp will be achieved.
All subsequent written and oral forward-looking statements attributable to Coeur d'Alene Bancorp or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. Coeur d'Alene Bancorp does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.
