Consolidated Financial Statements December 31, 2021 and 2020 Coeur d'Alene Bancorp and Subsidiary

Eide Bailly Independent Auditor’s Report

The Board of Directors
Coeur d'Alene Bancorp and Subsidiary
Coeur d'Alene, Idaho

Opinion

We have audited the consolidated financial statements of Coeur d'Alene Bancorp and Subsidiary (the
Bank), which comprise the consolidated balance sheets as of December 31, 2021 and 2020, and the
related consolidated statements of income, comprehensive income, changes in stockholders’ equity,
and cash flows for the years then ended, and the related notes to the consolidated financial statements.
In our opinion, the accompanying consolidated financial statements present fairly, in all material
respects, the financial position of the Bank as of December 31, 2021 and 2020, and the results of its
operations and its cash flows for years then ended, in accordance with accounting principles generally
accepted in the United States of America.

Basis for Opinion

We conducted our audits in accordance with auditing standards generally accepted in the United States
of America (GAAS). Our responsibilities under those standards are further described in the Auditor’s
Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are
required to be independent of the Bank, and to meet our other ethical responsibilities, in accordance
with the relevant ethical requirements relating to our audits. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Responsibilities of Management for the Consolidate Financial Statements


Management is responsible for the preparation and fair presentation of these consolidated financial
statements in accordance with accounting principles generally accepted in the United States of America;
and for the design, implementation, and maintenance of internal control relevant to the preparation
and fair presentation of consolidated financial statements that are free from material misstatement,
whether due to fraud or error.

In preparing the consolidated financial statements, management is required to evaluate whether there
are conditions or events, considered in the aggregate, that raise substantial doubt about the Bank’s
ability to continue as a going concern for one year after the date that the consolidated financial
statements are available to be issued.

Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements


Our objectives are to obtain reasonable assurance about whether the consolidated financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s
report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute
assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always
detect a material misstatement when it exists. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control. Misstatements are
considered material if there is a substantial likelihood that, individually or in the aggregate, they would
influence the judgment made by a reasonable user based on the consolidated financial statements.
In performing an audit in accordance with GAAS, we:

  • Exercise professional judgment and maintain professional skepticism throughout the audit.
  • Identify and assess the risks of material misstatement of the consolidated financial statements,
    whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements
  • Obtain an understanding of internal control relevant to the audit in order to design auditprocedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Bank’s internal control. Accordingly, no such opinion is expressed.
  • Evaluate the appropriateness of accounting policies used and the reasonableness of significant
    accounting estimates made by management, as well as evaluate the overall presentation of the
    consolidated financial statements.
  • Conclude whether, in our judgment, there are conditions or events, considered in the aggregate,
    that raise substantial doubt about the Bank’s ability to continue as a going concern for a
    reasonable period of time.


We are required to communicate with those charged with governance regarding, among other matters,
the planned scope and timing of the audit, significant audit findings, and certain internal control–related
matters that we identified during the audit.

Eide Bailly
Boise, Idaho
March 1, 2022

Download Full Report