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CACB Announces Return To Profitability In 2012 (3/25/13)
BEND, Ore., March 25, 2013 /PRNewswire/ -- Cascade Bancorp (NASDAQ: CACB) ("Company") the holding company for Bank of the Cascades ("Bank"), today announced net income of $1.3 million or $0.03 per share for the quarter ended December 31, 2012 and net income of $6.0 million or $0.13 per share for the full year 2012. The full details of the Company's 2012 results were filed in the Company's annual report on Form 10-K on March 25, 2013.
"We are pleased to announce that 2012 was a year of consecutive quarterly profitability, as well as full year profitability. 2012 was a year of transition and achievement of priorities as our bankers focused efforts on delivering consumer, mortgage, and business loan and deposits services. We also focused on continuing to improve our asset quality. Our progress was underscored with the removal of the Regulatory Order on March 7, 2013," said Terry Zink, President and Chief Executive Officer. Zink continued, "As a Northwest community bank with over $1 billion in assets, we are proud of our long-standing history of quality service and commitment to our communities. We believe that our accomplishments in 2012 laid the foundation for continued growth, as we look forward to serving our communities and delivering the advantages of local banking in 2013."
2012 Full Year Results:
In 2012 the Company recorded net income of $6.0 million or $0.13 per share. This compared to a net loss of ($47.3) million or ($1.08) per share for 2011. The return to profitability in 2012 is mainly attributable to significantly reduced credit costs, including a substantially lower loan loss provision and reduced cost incurred in disposition of OREO for 2012 as compared to 2011. The Company recorded a $1.1 million loan loss provision in 2012, significantly less than the $75.0 million loan loss provision made in 2011. 2012 OREO related expenses declined by $16.2 million compared to the prior year. 2012 also benefited from revitalized residential mortgage originations which contributed to an increase in mortgage banking income $3.8 million above the 2011 level.
The 2011 $75.0 million loan loss provision referenced above was mainly attributable to charge offs ensuing from its 2011 bulk sale of $110.0 million of certain non-performing and substandard loans undertaken to improve the asset quality of the bank. Elevated loan loss provision in 2011 was partially offset by a $32.8 million gain on the extinguishment of Trust Preferred debt in that year.
Full year 2012 net interest income declined $5.5 million or 10.0% from 2011 mainly due to lower outstanding loan balances. The Company's net interest margin ("NIM") increased to 4.11% for 2012 compared to 3.85% for 2011 primarily due to lower cost of funds associated with borrowings and time deposits.
Non-interest expense decreased $27.4 million or 32.9% compared to 2011 and was lower in virtually all categories in 2012. Much of the reduction was a result of lower credit related costs that reflect the improving economy.
At December 31, 2012, total assets were $1.3 billion materially unchanged from December 31, 2011. Total net loans declined $24.1 million to $829.1 million at December 31, 2012 compared to $853.2 million at December 31, 2011. The lower loan balance at December 31, 2012 was primarily a result of payoffs and pay-downs of borrowers. A renewed focus on loan growth enabled the Bank to increase its loan portfolio during the second half of 2012, and it anticipates continued progress in 2013. The investment portfolio increased to $259.4 million at December 31, 2012 as compared to $212.0 million a year earlier as the Company deployed excess liquidity into securities. OREO balances at December 31, 2012 were $6.6 million compared to $21.3 million at December 31, 2011, a $14.7 million or 69.2% decline from December 31, 2011.
Total deposits decreased $10.6 million or 1.0% at December 31, 2012 as compared to December 31, 2011. Core checking, savings and money market deposits increased 2.2% from year ago levels, partially offsetting a $31.6 million decline in time deposits over the respective periods.
http://www.prnewswire.com/news-releases/bank-of-the-cascades-announces-return-to-profitability-in-2012-199935691.html
CACB Announces Removal Of Regulatory Order (3/07/13)
BEND, Ore, March 7, 2013 /PRNewswire/ -- Cascade Bancorp (NASDAQ: CACB) ("Company") the holding company for Bank of the Cascades ("Bank"), today announced that the Bank's regulators have terminated the cease-and-desist order (the "Order") put in place in August of 2009. The Federal Deposit Insurance Corporation ("FDIC") and the Oregon Division of Finance and Corporate Securities ("DFCS") are the Bank's primary regulators. In connection with the termination of the Order, the Bank has entered into a memorandum of understanding with its regulators.
"Relief from the Order underscores significant progress made at Bank of the Cascades, and is a result of actions taken to strengthen its' financial position. Importantly, we believe this underscores the improvements in the economies of the communities and customers we serve," said Terry Zink , CEO. Termination of the Order recognizes the Bank's improved capital position which exceeds minimum capital ratios required to qualify as a 'well capitalized' institution.
Zink continued, "We are very pleased the Bank returned to profitability in 2012." He added, "We will be announcing our year-end and fourth quarter results prior to the end of March. As we have continued to move forward, we have also successfully focused our efforts on lending to small business and consumers." In that regard, the Bank is working hard to honor its commitment to extend $1 billion in credit between 2012 and 2014. "The revitalization of our mortgage production in 2012 was a priority accomplishment," said Zink. "In this lower interest rate climate, a local bank originator of mortgages can help customers reduce mortgage costs while contributing to the real estate recovery."
"On behalf of Bank of the Cascades and its many great employees, I would like to thank the community and our customers for their support over the past several years in an environment that was challenging to us all," said Ryan R. Patrick , Chairman of the Board of Directors. "The removal of the Order is a very positive inflection point in the history of the Bank. Our commitment to the economic well-being and prosperity of our customers has always been resolute; we look forward with confidence as we partner with our local businesses and retail customers into an optimistic future."
About Cascade Bancorp and Bank of the Cascades
Cascade Bancorp (NASDAQ: CACB), headquartered in Bend, Oregon, and its wholly owned subsidiary, Bank of the Cascades, operate in Oregon and Idaho markets. Founded in 1977, Bank of the Cascades offers full-service community banking through 31 branches in Central Oregon, Southern Oregon, Portland/Salem, and Boise/ Treasure Valley . The Bank has a business strategy that focuses on delivering the best in community banking for the financial well-being of customers and shareholders. It executes its strategy through the consistent delivery of full relationship banking focused on attracting and retaining value-driven customers. For further information, please visit our website at www.botc.com.
FORWARD LOOKING STATEMENTS
This release contains forward-looking statements about Cascade Bancorp's plans and anticipated results of operations and financial condition. These statements include, but are not limited to, our plans, objectives, expectations, and intentions and are not statements of historical fact. When used in this report, the word "expects," "believes," "anticipates," "could," "may," "will," "should," "plan," "predicts," "projections," "continue" and other similar expressions constitute forward-looking statements, as do any other statements that expressly or implicitly predict future events, results or performance, and such statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Certain risks and uncertainties and Cascade Bancorp's success in managing such risks and uncertainties could cause actual results to differ materially from those projected, including among others, the risk factors described in our annual report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") for the year ended December 31, 2011, as well as the following factors: local and national economic conditions could be less favorable than expected or could have a more direct and pronounced effect on us than expected and adversely affect our results of operations and financial condition; the local housing/real estate market could continue to decline for a longer period than we anticipate; the risks presented by a continued economic recession, which could continue to adversely affect credit quality, collateral values, including real estate collateral and OREO properties, investment values, liquidity and loan originations, reserves for loan losses and charge offs of loans and loan portfolio delinquency rates and may be exacerbated by our concentration of operations in the States of Oregon and Idaho generally, and Central Oregon, Southern and Northwest Oregon, and the greater Boise/Treasure Valley, Idaho area, specifically; interest rate changes could significantly reduce net interest income and negatively affect funding sources; competition among financial institutions could increase significantly; competition or changes in interest rates could negatively affect net interest margin, as could other factors listed from time to time in Cascade Bancorp's SEC reports; the reputation of the financial services industry could further deteriorate, which could adversely affect our ability to access markets for funding and to acquire and retain customers; and existing regulatory requirements , changes in regulatory requirements and legislation (including, without limitation, the Dodd-Frank Wall Street Reform and Consumer Protection Act) and our inability to meet those requirements, including capital requirements and increases in our deposit insurance premium, could adversely affect the businesses in which we are engaged, our results of operations and financial condition. These forward-looking statements speak only as of the date of this release. Cascade Bancorp undertakes no obligation to publish revised forward-looking statements to reflect the occurrence of unanticipated events or circumstances after the date hereof. Readers should carefully review all disclosures filed by Cascade Bancorp from time to time with the SEC.
SOURCE Cascade Bancorp
RELATED LINKS
http://www.botc.com
http://www.prnewswire.com/news-releases/bank-of-the-cascades-announces-removal-of-regulatory-order-196130921.html
CACB on Track to Meet $1 Billion Lending Pledge in Oregon & Idaho (1/29/13)
BEND, Ore., Jan. 29, 2013 /PRNewswire/ -- One year ago, Bank of the Cascades President and CEO Terry Zink publically pledged $1 billion in credit and loans to support the communities served by the Bank in Oregon and Idaho. The goal was to identify opportunities for the Bank to work together with business owners and consumers to strengthen local economies. Making good on his pledge, Zink announced this week that the Bank is on track, having achieved 1/3 of the three-year $1 billion lending pledge in 2012. The Bank delivered more than $300 million in small business, mortgage, consumer and commercial loans throughout Oregon and Idaho last year.
"We have experienced significant increases in both the number of loans and the dollar amounts of loans delivered in 2012," said Zink. "It's a positive step in the right direction for our communities as local business owners and consumers work toward sustainable economic health."
Responding to the advantages of a low rate environment and an improving housing market, the number of mortgage loans delivered by Bank of the Cascades tripled in 2012 at 839 compared to 263 in 2011. In 2012, refinancing and growing home purchases fueled the Bank's mortgage lending to a total of $158 million. In a continued effort to meet the home loan needs of its customers, Bank of the Cascades plans to hire 10 additional mortgage lenders to serve its Portland, Southern Oregon and Boise/Treasure Valley markets.
"Expanding our team with trusted lending expertise outside of Central Oregon is an important piece of the puzzle," said Zink. "We want to make sure that Portland, Salem, Southern Oregon and the Treasure Valley have access to local mortgage experts who know and understand the markets. This is important to us as a community bank because our decision makers are on-site and available to work directly with customers."
During the month of September 2012, Bank of the Cascades ranked number two on the Marketrack Lending Profile as compared to 43rd in 2011.
"We're on this list with some of the biggest industry players," said Vice President and Mortgage Center Manager Lance VanSooy . "It's a perfect example of our ability to provide competitive products with the personal service of a local bank."
On the business lending side, Bank of the Cascades has re-opened its Small Business Administration (SBA) department under the direction of Executive Vice President and Chief Lending Officer Walt Krumbholz and new SBA Lending Manager Cathie Hendrix . In 2012, the Bank delivered $5,695,842 in SBA loans as part of its commitment to provide credit opportunities to grow small business.
"Business owners are starting to recover from the financial challenges of the past few years and they are beginning to explore expansions and other opportunities," said Krumbholz. "We are looking forward to helping them meet their goals."
In the Portland District, the U.S. Small Business Administration ranked Bank of the Cascades seventh in a list of 35 small business lenders between September 30th, 2011, and September 30th, 2012. The Portland District area includes most counties in Oregon (with the exception of Eastern Oregon) and parts of SW Washington.
Consumer lending has also contributed to the Bank's progress toward its pledge.
"When we invest in personal loans, lines of credit and credit card services, our customers are able to increase their support of local businesses," said Zink. "It's a full circle boost to our local economies."
According to Zink, the Bank plans to continue to make good on its pledge over the next two years with an expanded team of experts and a high level of personal service.
"We expect to see continued growth and success in our Oregon and Idaho communities and we feel privileged to being part of that," said Zink.
Bank of the Cascades is the principal subsidiary of Cascade Bancorp (NASDAQ: CACB). Headquartered in Bend, Oregon, Bank of the Cascades delivers personalized relationship banking, competitive financial products, and advanced technology applied for the convenience of customers. Founded in 1977, Bank of the Cascades offers full-service community banking through 31 branches in Central Oregon, Southern Oregon, Portland/Salem and Idaho's Treasure Valley. Throughout its history, the Bank has been recognized for its long-standing commitment to partnership and support of its local and regional communities. For more information, visit www.botc.com.
SOURCE Bank of the Cascades
RELATED LINKS
http://www.botc.com
CACB Reports Continued Profitability (11/14/12)
Cascade Bancorp Announces Net Income of $1.8 Million for quarter ended September 30, 2012 and related filing of SEC Form 10-Q
BEND, Ore., Nov. 15, 2012 /PRNewswire/ -- Cascade Bancorp (NASDAQ: CACB). On November 14, 2012, Cascade Bancorp filed its September 30, 2012 quarterly report on Form 10-Q with the Securities and Exchange Commission. For the third quarter of 2012 Cascade Bancorp recorded net income of $1.8 million. The Company reported comparable earnings for the quarter ended June 30, 2012.
Total gross loan balances outstanding at September 30, 2012 were $862.7 million as compared to $845.5 million at June 30, 2012. The increase is a result of targeted portfolio growth in commercial lending as well as higher origination production from the Bank's consumer and mortgage channels. Total deposits at September 30, 2012 were $1.07 billion as compared to $1.05 billion at June 30, 2012. The increase in deposits reflects seasonal deposit flows for the Company's customers. The net interest margin for the September 30, 2012 quarter was a solid 4.07%. Credit quality trends continued to improve with non-performing assets at 1.51% of total assets as compared to the prior quarter level of 1.70%. The annualized rate of net charge-offs to loans for the third quarter was 1.21% as compared to the prior quarter of 2.70%. The reserve for loan losses as of September 30, 2012 was $35.6 million or 4.13% of gross loans. A portion of the Company's charge offs as well as its lower reserve levels relate to the Company's proactive efforts to remediate loans classified as substandard in its portfolio.
Terry Zink, President and CEO of Cascade Bancorp commented, "We are pleased with the results for the third quarter including the stability of year-to-date earnings. The results suggest that our focus on putting local deposits to work by making loans to our local business, mortgage, and consumer customers is building toward sustainable growth and positive earnings trends for the future. Importantly, our improving credit quality may be a positive indicator of improving economic health of the communities we serve."
About Cascade Bancorp and Bank of the Cascades
Cascade Bancorp (NASDAQ: CACB), headquartered in Bend, Oregon, and its wholly owned subsidiary, Bank of the Cascades, operate in Oregon and Idaho markets. Founded in 1977, Bank of the Cascades offers full-service community banking through 32 branches in Central Oregon, Southern Oregon, Portland/Salem, and Boise/Treasure Valley. The Bank has a business strategy that focuses on delivering the best in community banking for the financial well-being of customers and shareholders. It executes its strategy through the consistent delivery of full relationship banking focused on attracting and retaining value-driven customers. For further information, please visit our website at www.botc.com.
http://www.prnewswire.com/news-releases/bank-of-the-cascades-reports-continued-profitability-179524271.html
Profits rise at Bank of the Cascades (8/14/12)
Cascade Bancorp Files Second Quarter Results and Announces Net Income of $1.8 Million
BEND, Ore., Aug. 14, 2012 /PRNewswire/ -- Cascade Bancorp (NASDAQ: CACB). On August 14, 2012, Cascade Bancorp filed its June 30, 2012 quarterly report on Form 10-Q with the Securities and Exchange Commission. For the second quarter of 2012 Cascade Bancorp recorded net income of $1.8 million. This compares to $1.1 million for the quarter ended March 31, 2012 and $2.0 million for the year ago quarter. Earnings in the year ago quarter were a result of tax credits recognized in that period.
Total loan balances outstanding at June 30, 2012 were $845 million as compared to $870 million at March 31, 2012. The decline is a result of continued payoffs and pay-downs within the loan portfolio. Total deposits at June 30, 2012 were $1.054 billion as compared to $1.093 billion at March 31, 2012. The decline in deposits was related to a planned reduction in certain premium priced municipal deposits. The net interest margin for the June 30, 2012 quarter was a solid 4.18%. Credit quality continued to improve with non-performing assets at 1.70% of assets as compared to the prior quarter level of 2.03%. The annualized rate of net charge-offs to loans was 2.70% for the second quarter as compared to the prior quarter of 0.48%. The higher rate of charge-offs were in part related to the Company's focused efforts to remediate the remaining loans classified as substandard in its portfolio. In addition, the reserve for loan losses as of June 30, 2012 was $38.2 million or 4.52% of gross loans as compared to $44.0 million or 5.04% at March 31, 2012.
Terry Zink, President and CEO of Cascade Bancorp commented, "I view our second quarter profit as evidence that prior actions to build capital and maintain strong loan loss reserves are taking hold. We continue to see improving core operating performance as we navigate through the credit environment. Our top priority is putting local deposits to work by making loans to our local business, mortgage, and consumer customers to help to revitalize the economies of the communities we serve."
Ryan R. Patrick Named Chairman of the Board of Cascade Bancorp
Cascade Bancorp President and Chief Executive Officer Terry Zink announced that Ryan R. Patrick has been named Chairman of the Board. Mr. Patrick has served as a director of the Company since 1998. During this time, he has served as chair of the Audit and Enterprise Risk Management and Trust Committees, and as Trustee of the Company's 401(k) Profit Sharing Plan. Mr. Patrick, a certified public accountant, is a partner in the firm of Patrick Casey & Co., LLP. Mr. Patrick and his wife Glenna reside in Bend, Oregon.
Terry Zink commented, "On behalf of the Board of Directors, we are very pleased to welcome Ryan as Board Chair. Throughout his tenure on the Board he has combined unyielding commitment with exceptional financial understanding to embrace strategies focused on enhancing shareholder value. He was a valued advocate in the Bank's successful capital raise, and has now shifted his focus to strategic growth of the company." Zink continued, "In addition to his business and financial expertise, Ryan also has a deep rooted commitment to community banking and the Northwest communities served by Bank of the Cascades. We welcome his leadership and proven ability to serve in the best interests of our company and its shareholders."
Mr. Patrick follows retiring Chairman Dr. Gary Hoffman. Dr. Hoffman served on the Bank's Board for 28 years, the past seven as Chairman. Dr. Hoffman served on the Audit and Enterprise Risk Management Committee and the Nominating and Governance Committee. Dr. Hoffman is a retired surgeon with Bend Memorial Clinic.
Mr. Patrick commented, "It is an honor to follow in Dr. Hoffman's footsteps. His contribution to Bank of the Cascades is significant. Over the years and through several economic cycles, Dr. Hoffman maintained a steadfast focus on serving the shareholders of the company while also serving the customers, employees and communities of the Bank." Patrick continued, "I speak for the entire Board as I acknowledge and sincerely thank Dr. Hoffman for his service and ongoing legacy to Bank of the Cascades."
Reeves Appointed Chief Banking Officer
Zink has also announced that Charles "Chip" Reeves has been appointed to serve as Executive Vice President and Chief Banking Officer of Bank of the Cascades. In this role, Reeves will spearhead the Bank's lending, deposit, and branch banking teams toward increased commercial and consumer banking business across our footprint. "Chip is an outstanding banker and community leader" said Zink. "I look forward to his leadership and impact as we build a strong community bank for our customers and shareholders."
Reeves brings over 20 years of banking and financial expertise to the position. He most recently served as Executive Vice President at Fifth Third Bank, a $115 billion bank in the Midwest. Reeves holds a Bachelor of Arts from Miami University in Oxford, Ohio. Throughout his career Reeves has been actively involved with community and industry leadership programs, including serving on the Board of Directors for several organizations. He is relocating to Bend with his wife Michelle and their four children.
About Cascade Bancorp and Bank of the Cascades
Cascade Bancorp (NASDAQ: CACB), headquartered in Bend, Oregon, and its wholly owned subsidiary, Bank of the Cascades, operate in Oregon and Idaho markets. Founded in 1977, Bank of the Cascades offers full-service community banking through 32 branches in Central Oregon, Southern Oregon, Portland/Salem, and Boise/Treasure Valley. The Bank has a business strategy that focuses on delivering the best in community banking for the financial well-being of customers and shareholders. It executes its strategy through the consistent delivery of full relationship banking focused on attracting and retaining value-driven customers. For further information, please visit our website at www.botc.com.
FORWARD LOOKING STATEMENTS
This release contains forward-looking statements about Cascade Bancorp's plans and anticipated results of operations and financial condition. These statements include, but are not limited to, our plans, objectives, expectations, and intentions and are not statements of historical fact. When used in this report, the word "expects," "believes," "anticipates," "could," "may," "will," "should," "plan," "predicts," "projections," "continue" and other similar expressions constitute forward-looking statements, as do any other statements that expressly or implicitly predict future events, results or performance, and such statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Certain risks and uncertainties and Cascade Bancorp's success in managing such risks and uncertainties could cause actual results to differ materially from those projected, including among others, the risk factors described in our annual report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") for the year ended December 31, 2011, as well as the following factors: we continue to operate under the regulatory order with the Federal Deposit Insurance Corporation ("FDIC") and the Oregon Division of Finance and Corporate Securities ("DFCS"), and the written agreement entered into with the Federal Reserve Bank and DFCS, which restricts our ability to take certain actions; local and national economic conditions could be less favorable than expected or could have a more direct and pronounced effect on us than expected and adversely affect our results of operations and financial condition; the local housing/real estate market could continue to decline for a longer period than we anticipate; the risks presented by a continued economic recession, which could continue to adversely affect credit quality, collateral values, including real estate collateral and OREO properties, investment values, liquidity and loan originations, reserves for loan losses and charge offs of loans and loan portfolio delinquency rates and may be exacerbated by our concentration of operations in the States of Oregon and Idaho generally, and Central Oregon, Southern and Northwest Oregon, and the greater Boise/Treasure Valley, Idaho area, specifically; interest rate changes could significantly reduce net interest income and negatively affect funding sources; competition among financial institutions could increase significantly; competition or changes in interest rates could negatively affect net interest margin, as could other factors listed from time to time in Cascade Bancorp's SEC reports; the reputation of the financial services industry could further deteriorate, which could adversely affect our ability to access markets for funding and to acquire and retain customers; and existing regulatory requirements, changes in regulatory requirements and legislation and our inability to meet those requirements, including capital requirements and increases in our deposit insurance premium, could adversely affect the businesses in which we are engaged, our results of operations and financial condition. These forward-looking statements speak only as of the date of this release. Cascade Bancorp undertakes no obligation to publish revised forward-looking statements to reflect the occurrence of unanticipated events or circumstances after the date hereof. Readers should carefully review all disclosures filed by Cascade Bancorp from time to time with the SEC.
SOURCE Cascade Bancorp
http://www.prnewswire.com/news-releases/profits-rise-at-bank-of-the-cascades-166169896.html
CACB Returns to Profitability: Cascade Bancorp Files First Quarter Results and Announces Net Income of $1.1 Million (5/04/12)
BEND, Ore., May 4, 2012 /PRNewswire/ -- Bank of the Cascades, a wholly-owned subsidiary of Cascade Bancorp (NASDAQ: CACB), today announced a return to profitability. On May 4, 2012, Cascade Bancorp filed its March 31, 2012 quarterly report on Form 10-Q with the Securities and Exchange Commission. For the first quarter of 2012 Cascade Bancorp recorded net income of $1.1 million. Total deposits at the end of the first quarter of 2012 were stable compared to 2011 year-end, while the loan portfolio declined in the period compared to 2011 year-end due to continued payoffs and pay-downs of loan balances. The net interest margin for the first quarter of this year increased from 2011 year-end to 4.31%, net charge-offs were improved compared to the last quarter of 2011 at 0.48% of loans (annualized rate). Cascade Bancorp also increased its reserve for loan losses as of the first quarter of 2012 to $44.0 million or 5.04% of outstanding loans. The year-ago 2011 first quarter net income was $31.0 million, which included a $32.8 million after-tax extraordinary gain on extinguishment of the Cascade Bancorp's junior subordinated debentures; excluding this gain, the net loss for the first quarter of 2011 was approximately ($1.8) million.
Terry Zink president and CEO of Cascade Bancorp commented, "I am excited with our first quarter profit. Cascade Bancorp has fought its way through a tough economic cycle and we believe that we are finally climbing out. We believe that we have sufficient capital and reserves and are focused on helping to revitalize the communities we serve. Our top priority is putting local deposits to work in the form of business and consumer loans, including mortgages." He continued, "We are aggressively pursuing new opportunities to provide quality credit to help businesses expand, foster job creation and continue to contribute to the economies of Oregon and Idaho which we are proud to serve."
Lee Appointed Chief Credit Officer
Zink has also announced that Daniel Lee has been appointed to serve as Executive Vice President and Chief Credit Officer of Cascade Bancorp and Bank of the Cascades. In this role, Lee has assumed responsibility for the oversight and administration of the bank's loan portfolio including all consumer, mortgage and business loans and lines of credit. Lee's focus will be on ensuring the quality of the loan portfolio while making competitive credit opportunities available to the bank's markets.
Lee brings over thirty years of banking and financial expertise, including executive positions with a number of organizations. He most recently served as Executive Vice President at a $2 billion bank in Indianapolis, Indiana. Lee holds a BS and MBA from Indiana University. Throughout his career Lee has been actively involved with community and industry leadership programs.
Zink commented, "It is a pleasure to welcome Dan to our team and to the Pacific Northwest as he brings valuable expertise and insights. I look forward to Dan helping us build a strong community bank for our customers and investors."
About Cascade Bancorp and Bank of the Cascades
Cascade Bancorp (NASDAQ: CACB), headquartered in Bend, Oregon, and its wholly owned subsidiary, Bank of the Cascades, operate in Oregon and Idaho markets. Founded in 1977, Bank of the Cascades offers full-service community banking through 32 branches in Central Oregon, Southern Oregon, Portland/Salem, and Boise/Treasure Valley. The Bank has a business strategy that focuses on delivering the best in community banking for the financial well-being of customers and shareholders. It executes its strategy through the consistent delivery of full relationship banking focused on attracting and retaining value driven customers. For further information, please visit our web site at www.botc.com.
FORWARD LOOKING STATEMENTS
This release contains forward-looking statements about Cascade Bancorp's plans and anticipated results of operations and financial condition. These statements include, but are not limited to, our plans, objectives, expectations, and intentions and are not statements of historical fact. When used in this report, the word "expects," "believes," "anticipates," "could," "may," "will," "should," "plan," "predicts," "projections," "continue" and other similar expressions constitute forward-looking statements, as do any other statements that expressly or implicitly predict future events, results or performance, and such statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Certain risks and uncertainties and Cascade Bancorp's success in managing such risks and uncertainties could cause actual results to differ materially from those projected, including among others, the risk factors described in our annual report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") for the year ended December 31, 2011, as well as the following factors: we continue to operate under the regulatory order with the Federal Deposit Insurance Corporation ("FDIC") and the Oregon Division of Finance and Corporate Securities ("DFCS"), and the written agreement entered into with the Federal Reserve Bank and DFCS, which restricts our ability to take certain actions; local and national economic conditions could be less favorable than expected or could have a more direct and pronounced effect on us than expected and adversely affect our results of operations and financial condition; the local housing/real estate market could continue to decline for a longer period than we anticipate; the risks presented by a continued economic recession, which could continue to adversely affect credit quality, collateral values, including real estate collateral and OREO properties, investment values, liquidity and loan originations, reserves for loan losses and charge offs of loans and loan portfolio delinquency rates and may be exacerbated by our concentration of operations in the States of Oregon and Idaho generally, and Central Oregon, Southern and Northwest Oregon, and the greater Boise/Treasure Valley, Idaho area, specifically; interest rate changes could significantly reduce net interest income and negatively affect funding sources; competition among financial institutions could increase significantly; competition or changes in interest rates could negatively affect net interest margin, as could other factors listed from time to time in Cascade Bancorp's SEC reports; the reputation of the financial services industry could further deteriorate, which could adversely affect our ability to access markets for funding and to acquire and retain customers; and existing regulatory requirements, changes in regulatory requirements and legislation and our inability to meet those requirements, including capital requirements and increases in our deposit insurance premium, could adversely affect the businesses in which we are engaged, our results of operations and financial condition. These forward-looking statements speak only as of the date of this release. Cascade Bancorp undertakes no obligation to publish revised forward-looking statements to reflect the occurrence of unanticipated events or circumstances after the date hereof. Readers should carefully review all disclosures filed by Cascade Bancorp from time to time with the SEC.
SOURCE Cascade Bancorp
http://www.prnewswire.com/news-releases/bank-of-the-cascades-returns-to-profitability-cascade-bancorp-files-first-quarter-results-and-announces-net-income-of-11-million-150227345.html
This is one of my favorite banks. Terry Zink is a first class guy who understands banking and was brought in by Mr. David Bolger to turn this ship around. This is a long term buy and hold investment.
CACB Leadership Looks Ahead for 2012 (3/27/12)
President & CEO Terry Zink Continues to Direct Focus on Lending
BEND, Ore., March 27, 2012 /PRNewswire/ -- Cascade Bancorp (NASDAQ: CACB). On March 27, 2012, Cascade Bancorp filed its 2011 annual report on Form 10-K with the Securities and Exchange Commission. For the year ended December 31, 2011 Cascade Bancorp recorded a net loss of $47.3 million compared to a net loss of $13.7 million in 2010. The 2011 loss was primarily due to a loan loss provision of $75.0 million for the year, $54.0 million of which related to the bulk sale of $110.0 million of mainly non-performing and substandard loans in September 2011. The objective of the bulk sale was to improve the risk profile of the Company's loan portfolio, thereby positioning the Company for a stronger future. As of December 31, 2011, Cascade Bancorp's wholly owned subsidiary, Bank of the Cascades, (the "Bank") had regulatory capital ratios in excess of 'well capitalized' regulatory benchmarks, and at the same time maintained a reserve for loan losses at over $43 million or 4.89% of gross loans; a level among the highest for community banks in the West.
"The year 2011 ushered in a time of transition for the banking industry as well as for our company," said Zink. "As we enter our 35th year, I believe that we are moving into a position of strength. We believe that, for the most part, the credit problems in our loan portfolio have been identified and addressed. This enables us to return Cascade to its top priority of putting local deposits to work in the communities we serve in the form of business and consumer loans, including mortgages. This is our opportunity to further enhance the vitality of the markets we serve," he added.
According to Zink, the Bank's experienced lenders are aggressively pursuing new opportunities to provide quality credit to help businesses expand, foster job creation, give individuals and families better purchasing power, and drive the economic engines of communities in Central and Southern Oregon, Portland, Salem and Idaho.
"I believe we have the best combination of talent, local knowledge, expertise, passion and determination to accomplish our lending goals," said Zink.
Earlier this year, Zink announced a pledge to lend $1 billion over the next three years to support the economic vitality of the Bank's local communities and customers. When Zink made the pledge, he said, "Bank of the Cascades is a community bank and the success or failure of our bank resides in the success or failure of the communities we serve."
More information about the Cascade Bancorp's operations and performance during 2011, including financial statements, can be found in its Annual Report on Form 10-K. The report will be available on the Cascade Bancorp's website at www.botc.com.
About Cascade Bancorp and Bank of the Cascades
Cascade Bancorp (NASDAQ: CACB), headquartered in Bend, Oregon, and its wholly owned subsidiary, Bank of the Cascades, operates in Oregon and Idaho markets. Founded in 1977, Bank of the Cascades offers full-service community banking through 32 branches in Central Oregon, Southern Oregon, Portland/Salem, and Boise/Treasure Valley. The Bank has a business strategy that focuses on delivering the best in community banking for the financial well-being of customers and shareholders. It executes its strategy through the consistent delivery of full relationship banking focused on attracting and retaining value driven customers. For further information, please visit our web site at www.botc.com.
FORWARD LOOKING STATEMENTS
This release contains forward-looking statements about Cascade Bancorp's plans and anticipated results of operations and financial condition. These statements include, but are not limited to, our plans, objectives, expectations, and intentions and are not statements of historical fact. When used in this report, the word "expects," "believes," "anticipates," "could," "may," "will," "should," "plan," "predicts," "projections," "continue" and other similar expressions constitute forward-looking statements, as do any other statements that expressly or implicitly predict future events, results or performance, and such statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Certain risks and uncertainties and Cascade Bancorp's success in managing such risks and uncertainties could cause actual results to differ materially from those projected, including among others, the risk factors described in our annual report on Form 10-K filed with the Securities and Exchange
Commission (the "SEC") for the year ended December 31, 2011, as well as the following factors: we continue to operate under the regulatory order with the Federal Deposit Insurance Corporation ("FDIC") and the Oregon Division of Finance and Corporate Securities ("DFCS"), and the written agreement entered into with the Federal Reserve Bank and DFCS, which restricts our ability to take certain actions; local and national economic conditions could be less favorable than expected or could have a more direct and pronounced effect on us than expected and adversely affect our results of operations and financial condition; the local housing/real estate market could continue to decline for a longer period than we anticipate; the risks presented by a continued economic recession, which could continue to adversely affect credit quality, collateral values, including real estate collateral and OREO properties, investment values, liquidity and loan originations, reserves for loan losses and charge offs of loans and loan portfolio delinquency rates and may be exacerbated by our concentration of operations in the States of Oregon and Idaho generally, and the Oregon communities of Central Oregon, Northwest Oregon, Southern Oregon and the greater Boise area, specifically; interest rate changes could significantly reduce net interest income and negatively affect funding sources; competition among financial institutions could increase significantly; competition or changes in interest rates could negatively affect net interest margin, as could other factors listed from time to time in Cascade Bancorp's SEC reports; the reputation of the financial services industry could further deteriorate, which could adversely affect our ability to access markets for funding and to acquire and retain customers; and existing regulatory requirements, changes in regulatory requirements and legislation and our inability to meet those requirements, including capital requirements and increases in our deposit insurance premium, could adversely affect the businesses in which we are engaged, our results of operations and financial condition. These forward-looking statements speak only as of the date of this release. Cascade Bancorp undertakes no obligation to publish revised forward-looking statements to reflect the occurrence of unanticipated events or circumstances after the date hereof. Readers should carefully review all disclosures filed by Cascade Bancorp from time to time with the SEC.
SOURCE Cascade Bancorp
http://www.prnewswire.com/news-releases/cascade-bancorp-leadership-looks-ahead-for-2012-144453295.html
I am already green here on my shares. I was buying the bottom the last 2 years here, glad I did. I am in for the long haul, but I agree it has a long rally ahead of it.
We have 3 PE firms with a total of 73.1% of the shares. These 3 cannot buy more but they won't be selling anytime soon either. That leaves only 26.9% of the stocks in play. Subtracting what the insiders/officers/etc hold (I need to see who holds what) means there is even less shares available each day.
Thinking out loud this is a good opportunity before prices go much higher.
I have less than 1 million shares, :(
LOL!
Green Equity Investors V, LP owns 24.4 percent (1/28/11)
Controls 11,468,750 shares.
http://sec.gov/Archives/edgar/data/865911/000119312511025860/dsc13d.htm
Lightyear Fund II, LP owns 24.31 percent (1/28/11)
Controls 11,438,500 shares.
http://sec.gov/Archives/edgar/data/865911/000119312511024491/dsc13d.htm
WL Ross & Co LLC Transaction History:
On November 16, 2010, WLR entered into a securities purchase agreement (the “Agreement”) with the Company to invest approximately $46 million of new capital in exchange for newly issued securities of the Company. The Agreement is filed as Exhibit 2 hereto. On January 27, 2011, WLR and the Company entered into an amendment to the Agreement, which is filed as Exhibit 3 hereto.
On January 28, 2011, pursuant to the terms of the Agreement, WLR acquired 11,468,750 newly issued shares of Common Stock at a purchase price of $4.00 per share with cash consideration of $45,875,000. The funding for the purchase price of the shares of Common Stock was obtained through equity contributions from the limited partners of WLR’s affiliated funds.
WL Ross & Co LLC owns 24.4 percent (1/28/11)
Controls 11,468,750 shares.
http://sec.gov/Archives/edgar/data/865911/000134100411000435/sc13d.htm
Parent company, Cascade Bancorp, recently announced...
... the $177 million capital raise with four leading investors acting independently.
interesting days ahead
;)
Am I the only one that rode CACB to glory today?
FWIW, after the reverse split, the non insider float on CACB will be under 300,000 shares by my count. They are taking the OS down to 2.85 million after the R/S. 90% diltution with the new shares first at .40, then a 10?1 reverse split taking the share count back to near where it was. Shorts are getting killed there today, as I suggested recently.
Todays' volume is only enough to cover half the shares that were short yesterday:
http://shortsqueeze.com/?symbol=cacb&submit=Short+Quote%99
The news is out, the deal is done!!!!
http://ih.advfn.com/p.php?pid=nmona&article=45270296&symbol=CACB
WOW, 94 days to cover shorts here, Holy COW!
http://shortsqueeze.com/?symbol=cacb&submit=Short+Quote%99
This may be a buy here. Shorts have exploded. Shorts need 46 days to cover based on daily average volume!
http://shortsqueeze.com/?symbol=cacb&submit=Short+Quote%99
Market seems to buying the news here today. Is there anyone here that tell us in laymans language what the capital ratios double speak in that report is really telling us? Do they need to raise capital and dilute soon? Or not?
WOW!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
This could get real interesting. Shorts need 66 days to cover according to this!
http://shortsqueeze.com/?symbol=cacb&submit=Short+Quote%99
FWIW, not that anybody cares, LOL, I bought more shares of CSAB for the long haul (years) today. I was seriously thinking about it and doing more updated DD, when I discovered insider buying the last 6 weeks at today's prices!!!!
http://eresearch.fidelity.com/eresearch/goto/evaluate/technicalAnalysis.jhtml?symbols=CASB
http://eresearch.fidelity.com/eresearch/goto/evaluate/technicalAnalysis.jhtml?symbols=CASB
I wonder if this news is related to the new small business government TARP help bill passed a week ago, aimed at the regional banks and small business loan growth.
http://ih.advfn.com/p.php?pid=nmona&article=44641110&symbol=FBC
If so CASB and CACB could be planning a PR like the one above!
I bought my first shares at $2, so yes 50 cents is a buy IMHO too!!! LOL.
All the regional banks have been rallying this past week, Seems to be quarterly game, up 300 to 400% pre earnings, than slow bleed down 75% to old or new lows. Right now it is in the early rally phases to a run back to $2, if history repeats itself.
My friend lives in Bend, Or...
He say's CACB could be the wild card to beef up your portfolio.
.45 might be a buy
Awfully quite here today, LOL, always quite here, but CASB is already up 25-35% today and we are following up 8% too.
More signs of life here. Considering people were watching the windows on wall street this morning for jumpers, and taking beats on it, we had an even nicer day here today than most of the market. Up 6.35% on the day.
Signs of life here today and in CASB again!!!! And on a nasty down day, and down week, and down month. I noticed other banks like C and BAC were up today too.
I think we will see a nice rebound this week..
At this point I am deep in the red, down maybe 15% but will hold it for the long haul, 1-2 years out. Word is this one will survive, and thrive. May be bumpy along the way.
Let me guess. You bought it at the low for the day........lol
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Cascade Bancorp
1100 N.W. Wall Street
Bend, Oregon 97701
(541) 385-6205
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