Spokane airport sets passenger and cargo volume record

Spokane International Airport announced that 2017 established new record totals for passengers and air cargo activity. Total passenger count totaled 3,550,912, exceeding the previous record of 3,472,901 reached in 2007. Air cargo totaled 72,376.3 tons (144,752,600 pounds) in 2017, exceeding the previous record of 69,217.6 tons set in 2015.

Nancy Vorhees, Spokane Airport Board chair, said the new passenger record was achieved through the investments by American, Southwest and United Airlines in new nonstop service to San Diego, Chicago O’Hare, San Francisco, Dallas/Fort Worth and Sacramento.

“The customer response to these additional flights is a strong indicator of market demand for travel between the Spokane/Coeur d’Alene region and California, the Midwest, and South Central United States,” Vorhees said.

“We sincerely appreciate the investment made by our airline partners in opening up more efficient nonstop service to cities that are important to our business and leisure activity markets. In addition to the new nonstop service, our network performed well in city pairs that the airlines have served historically.”

The effects of e-commerce and changing consumer buying habits led to the increase in freight handled at the airport, Vorhees said.

New nonstop service from Spokane to San Jose by Southwest Airlines is slated to start April 8 and Frontier Airlines will return with Denver service beginning April 30.

Cd’A Bancorp announces fourth quarter, 2017 results

Coeur d’Alene Bancorp, the parent company of bankcda, announced its quarterly results for the fourth quarter, and full year 2017.

Earnings declined due to non-recurring expenses incurred in the fourth quarter totaling $181,622, primarily related to writing down the deferred tax asset as a result of the newly enacted tax cut and jobs act. Earnings for the fourth quarter totaled $28,135, or $0.02 per share, compared to $81,992, or $0.06, for the same quarter last year.

Net income for 2017 totaled $413,071, or $0.31 per share, compared to $254,810, or $0.19 per share in 2016, a 63 percent increase.

Deferred tax assets and liabilities represent future deductions and taxable items, and are measured using tax rates expected to apply to taxable income in future years. The enactment of the tax legislation resulted in a one-time expense of $133,000 to write down the value of a deferred tax asset.

Highlights:

- Tangible book value per share increased to $7.99, compared to $7.65 from one year ago.

- Total assets ended the year at $117.6 million, compared to $106.1 million from one year ago, which is a 10.83 percent increase.

- Gross loans were $72.5 million as compared to $70.4 million from the prior year, representing growth of 2.98 percent. “Loans originated during the year totaled $19 million, which is money invested in our community that strengthens and grows our local economy,” said President and CEO Wes Veach.

- Total deposits ended the year at $106.4 million, compared to $93.1 million in 2016, a 14.28 percent increase. All capital ratios continue to exceed regulatory minimums.

“I am very pleased with what was accomplished in 2017 from both financial and strategic perspectives. We were able to increase assets and deposits by double digit percentages while significantly increasing earnings over the prior year, even after incurring a $133,000 one-time expense,” Veach said. “Our economy continues to grow and should remain strong for the coming years creating continued growth opportunities for us in both loans and deposits. We hope to benefit going forward from the reduction in business income tax, with a 33 percent reduction in our effective tax rate.”

The bank continues to maintain its five-star rating with Bauer Financial, an independent rating agency.

Coeur d’Alene Bancorp stock is not actively traded, and no broker currently makes a market in or quotes its stock. The bank keeps a list of interested buyers and sellers.

As of Dec. 31, 2017, the book value per share was $7.99. The last trade known to the company was for $7.84. The transfer agent for the company’s stock is bankcda.

Coeur d’Alene Bancorp, parent company of bankcda, is headquartered in Coeur d’Alene with branches in Coeur d’Alene, Hayden and Kellogg.

For more information visit www.bankcda.com or contact Wes Veach at 208-415-5006.

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