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Monday, May 13, 2013 9:24:44 PM
BEND, Ore., May 13, 2013 /PRNewswire/ -- Cascade Bancorp (NASDAQ: CACB) ("Company") the holding company for Bank of the Cascades ("Bank"), today announced net income of $1.7 million or $0.04 per share for the quarter ended March 31, 2013. The full details of the Company's first quarter 2013 results were filed with the SEC in the Company's quarterly report on Form 10-Q on May 13, 2013.
Financial Highlights and Summary of the First Quarter of 2013 (period ended March 31, 2013)
•Net Income: $1.7 million or $0.04 per share compared to $1.1 million and $0.02 per share for the year ago quarter.
•Loans: Gross loans up $19.0 million or 8.75% (annualized) compared to December 31, 2012.
•Deposits: Total deposits up $28.0 million or 11.06% (annualized) compared to December 31, 2012.
•Credit Quality: Remediated $57.2 million of loans classified as special mention or substandard during the first quarter of 2013, representing 6.52% of total loans.
•Credit Quality: Reserve for loan losses at $24.5 million or 2.80% of loans. No loan loss provision was made in the first quarter of 2013.
•Credit Quality: Net charge-offs for the quarter were $2.7 million, or 1.25% of loans (annualized) mainly related to resolution of special mention and substandard loans.
•Credit Quality: Non-performing assets were 1.65% of total assets at March 31, 2013 compared to 2.03% at March 31, 2012.
•Net Interest Margin ("NIM"): NIM was 3.92% at March 31, 2013 compared to 4.31% at March 31, 2012.
"We are pleased that first quarter 2013 continues a trend of consecutive quarterly profitability for the Company. When we are successful, our communities are successful," commented Terry Zink, President and Chief Executive Officer. He continued, "As a catalyst for economic growth, our priority is to deliver business and consumer credit, including mortgage loans to support purchase and refinance needs. We are encouraged by signs of improvement in our local economies and we will continue to seek out opportunities to assist our customers and neighbors." Zink continued, "Our recent progress is underscored by the removal of the Regulatory Order on March 7, 2013. Our management team continues to focus on actions to build sustainable asset quality and quality core earnings. As we build for our future, we are committed to delivering services of value and convenience to our customers, while also reinforcing the choice to bank local in each of our communities."
At March 31, 2013, total assets were $1.3 billion materially unchanged from December 31, 2012. Total net loans increased $21.7 million to $850.8 million at March 31, 2013 compared to $829.1 million at December 31, 2012. Construction loans outstanding at March 31, 2013 were down from December 31, 2012, while commercial real estate and residential real estate loan balances were higher over the same period. Cash and cash equivalents increased $31.7 million from December 31, 2012 to March 31, 2013, a result of a $28.0 million increase in deposits over the same period. The investment portfolio declined by $24.9 million from December 31, 2012 to March 31, 2013 due to paydowns and maturities of securities. OREO balances at March 31, 2013 were $5.7 million compared to $6.6 million at December 31, 2012.
Loan portfolio quality continued to improve during the first quarter of 2013 with a $57.2 million reduction in loans classified as special mention or substandard as compared to December 31, 2012. The improvement was achieved through a combination of payoffs, paydowns, note sales and/or restructuring of adversely risk rated legacy loans. This improvement in loan portfolio quality underpins the key priorities of the Bank which include revitalizing quality loan and deposit growth as well as reducing the legacy special mention and substandard assets in the Bank's portfolio. Management believes the reserve for loan losses of $24.5 million at March 31, 2013 is adequate to support achievement of this priority.
Total deposits increased $28.0 million from December 31, 2012 to March 31, 2013. Core checking, savings and money market deposits increased $25.3 million while time deposits increased slightly.
http://www.prnewswire.com/news-releases/bank-of-the-cascades-first-quarter-2013-results-207283361.html
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