Coeur D Alene Bancorp (OTC:CDAB) On Radar After Quarterly Earnings

Yesterday, Coeur D Alene Bancorp (OTC:CDAB) was in focus after the company announced its financial results for the third fiscal quarter that ended on September 30, 2024. It could be a good time to take a look into the performance a bit more closely.

Coeur d’Alene Bancorp Announces Its Third Quarter 2024 Results

The company announced that it recorded net income to the tune of $253,324 for the quarter, which worked out to $0.13 a share. However, in the prior year quarter, Coeur D Alene Bancorp had reported net income of $561,223, which translated to $0.30 a share.

In the nine-month period ended on September 30, 2024, the company generated net income of $1,022,217, which worked out to $0.54 a share. In the same period in 2023, the net income was $1,554,659, which made the earnings per share $0.82. The company also stated that the numbers it released yesterday were unaudited.

Consolidated Assets

Coeur D Alene Bancorp reported aggregate consolidated assets of $239.8 million at the end of the quarter, which reflected a 0.9% or $2.1 million rise from the year ago period. The gross loans at the end of the period went up to $125.3 million from $117.8 million at the end of the prior year quarter. That worked out to a year-on-year rise of 6.4%. Total deposits stood at $203.4 million, which reflected a decline from $214.2 million in the prior year quarter.

Management Comment

“We are pleased to share our financial results for the third quarter of 2024. Our balance sheet remains in a strong position with continued growth in loans and deposits. Gross loans increased $4.7 million, or 3.9%, during the quarter, while deposits increased $6.6 million. Our strong liquidity position allowed us to pay down our borrowings by $8.5 million during the quarter, which will improve our net interest margin moving forward. Net income is down compared to the prior year and the linked quarter due to increased staffing expenses related to the Spokane market expansion and loan loss provisions totaling $180,000 for loan growth.” Said Wes Veach, President and Chief Executive Officer.