On Thursday, Coeur d’Alene Bancorp (OTCMKTS:CDAB) was in the news after it announced its financial results for the third fiscal quarter of the year and also for the year so far. In light of the announcement, it may be a good move from investors to consider taking a closer look at some of the highlights from the financial results.
On Wednesday, CDAB stock soared 0.45% to $11.25 with more than 6.70K shares, compared to volume of 1.25K shares. The stock moved within a range of $11.20 – 11.25 after opening trade at $11.20.
Coeur d’Alene Bancorp Announces Its Third Quarter and Year to Date 2022 Results
In the third quarter, Coeur d’Alene Bancorp managed to bring in net income of $694,540, which worked out to $0.37 a share. That reflected a significant jump from the $433810 in net income in the prior year quarter. At the time, the earnings per share stood at $0.23.
On the other hand, the net income for the nine months that had ended on September 30, 2022 stood at $1,339,312, which worked out to $0.71 a share. In the prior year period, the corresponding figures were $1,362,239 or $0.72 a share. In this context, it is important to point out that all the figures released by Coeur d’Alene Bancorp yesterday were unaudited.
“We knew moving into 2022 that earnings were going to be under pressure due to minimal PPP revenue and compressed margins from our strong liquidity position. However, we are well positioned for the rising rate environment, allowing us to benefit from continued rate increases the last six months. Our liquidity position has allowed for improvement in the net interest margin which increased to 2.96% for the third quarter. We increased deposit rates at the time of the last federal reserve increase and anticipate continued increases to maintain our current deposit levels. At the end of the quarter our unrealized loss on securities available for sale was 6.51% of book value or $7.8 million. While we have increased our bond portfolio, the duration remains short at 2.49 years.” Said Wes Veach, President and Chief Executive Officer.