Cascade Bancorp 1Q EPS 2c >CACB
Cascade Bancorp 1Q Net $900,000 >CACB
Form 10-Q on May 8, 2014.
First Quarter 2014 Financial Highlights
-- Net income for the first quarter of 2014 was $0.9 million or $0.02 per
diluted share compared to $1.7 million or $0.04 per diluted share for the
first quarter of 2013.
-- Stockholders' equity increased to $190.3 million or $4.00 per share at
March 31, 2014 as compared to $188.7 million or $3.97 per share at
December 31, 2013.
-- Gross loans at March 31, 2014 totaled $1.0 billion, an increase of 14.9%
and 1.1% compared to March 31, 2013 and December 31, 2013, respectively.
-- As of March 31, 2014, substandard loans were reduced by 4.9% to $39.2
million compared to December 31, 2013.
-- Non-performing assets improved to 0.65% of total assets at March 31, 2014
compared to 0.81% at December 31, 2013 and net recoveries for the first
quarter of 2014 were $0.9 million, as compared to net charge-offs of $2.7
million in the first quarter of 2013.
-- Total deposits as of March 31, 2014 decreased $4.7 million or 0.40%
compared to December 31, 2013.
-- Net Interest Margin ("NIM") was 3.83% as of March 31, 2014 compared to
4.11% for the quarter ended December 31, 2013.
Terry Zink, President and Chief Executive Officer of Cascade Bancorp, commented, "The first quarter marked a critical inflection point in Cascades' recent history as we focus our strategy toward becoming a leading Pacific Northwest community bank with strong return metrics." He continued by saying, "Assuming we receive the requisite shareholder approvals, we expect to close our proposed merger with Home Federal Bancorp ("Home Federal") in mid-May."
Mr. Zink went on to say, "Upon the anticipated closing of the merger, we look forward to welcoming Home Federal Bank customers to Bank of the Cascades and realizing the opportunities to enhance efficiencies while delivering expanded services and conveniences."
Greg Newton, Chief Financial Officer, added, "Much of our focus during this quarter was preparation for the merger with Home Federal. We are pleased that our credit quality metrics continued to improve during the quarter with reductions in both substandard loans and non-performing assets, while loans and deposits were stable during our seasonally slower winter quarter." He added, "Also, during this quarter we continued to re-balance the loan portfolio in favor of commercial and industrial loans. This loan type was up $19.3 million or 7.6% from the prior quarter while commercial real estate loans declined $8.3 million or 1.5% during the quarter. This resulted in modest overall loan growth in our seasonally weakest period."