Coeur d'Alene Bancorp Announces Its Third Quarter 2020 Results
Coeur d'Alene Bancorp (OTC Pink: CDAB), the parent company of bankcda, is pleased to announce its results for the third quarter 2020.
Coeur d'Alene Bancorp, today reported net income for third quarter 2020 of $280,764 compared to $328,434 for third quarter 2019. Net income for nine months ended September 30, 2020 totaled $737,208, or $0.39 per share, compared to $1,048,821, or $0.64 per share, for nine months ended 2019. All results are unaudited.
Third Quarter 2020 Financial Highlights:
"Our local economy continues to rebound with a strong housing market and unemployment at 4.8% as of August. Idaho has been a leader in job recovery following the stay-at-home order and ranks fourth in number of reopened small businesses by state. Like many of our peers, we have experienced strong liquidity and deposit growth during 2020 with of 5.8% growth in the third quarter and 30.74% over the prior year. Historically low interest rates continue to put pressure on our net interest margin as loans and investments reprice and strong competition for new business affects offering rates. Although credit quality remains strong, we added $100,500 to our loan loss provision during the quarter due to the uncertainty over the coming months. Loan demand has increased in recent months allowing us to reallocate assets from cash or low yielding investment into loans at a significantly higher yield.
"We began submitting PPP loans to the SBA for forgiveness late in the quarter and received our first forgiveness payment in early October," said Wes Veach, President and Chief Executive Officer.
Coeur d'Alene Bancorp, parent company of bankcda, is headquartered in Coeur d'Alene, Idaho with branches in Coeur d'Alene, Hayden, Post Falls, and Kellogg.
For more information, visit www.bankcda.com or contact Wes Veach at 208-415-5006.
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