The announcement of financial results generally brings significant attention to any stock, and this morning it could happen to the Coeur D Alene Bancorp (OTC:CDAB) stock. The company had been in focus on Wednesday after it announced its financial results for the fourth fiscal quarter and the fiscal year 2024. Let’s take a closer look.
The Performance
Coeur D Alene Bancorp announced yesterday that it generated net income of $452,990 in the fourth fiscal quarter as opposed to $563,908 in the prior year quarter. The earnings per share also declined from $0.30 to $0.24 in the same period. In the 12-month period ended on December 31, 2024, Coeur D Alene Bancorp reported net income of $1,475,207 in comparison to $2,118,568 in the previous financial year. The earnings per share dropped to $0.78 in 2024 from $1.12 in the previous fiscal year. However, in the news release the company also stated that the results were unaudited.
Further Information
The company further noted that although there were considerable challenges brought about by higher interest rates, Coeur D Alene Bancorp was about to maintain its levels of deposits. At the same time, the company was also able to reduce its funding costs in the second half of 2024.
Key Quote
“Despite the challenges of the elevated interest rate environment and competition for deposits, we were able to maintain our deposit levels while lowering our funding costs in the second half of the year, allowing us to increase our net interest margin. Loan demand remained strong for a majority of the year, resulting in our third straight year of loan growth greater than 10%. The investment in our future growth in the Spokane market reduced our earnings for 2024, as we opened a loan origination office in Spokane Valley and will be opening a retail branch this month on 5-Mile Road.” Said Wes Veach, President and Chief Executive Officer.
