Cascade Financial (CASB)

[ALERTS100%to10000%GAIN]

CASB~~~Significant items for the third quarter of 2010 include:

Provision for loan losses of $8.0 million; a 31.8% decrease on a sequential quarter basis;
Net charge-offs of $7.6 million; a 34.9% decrease on a sequential quarter basis;
Nonperforming assets to total assets declined to 6.36% from 6.57% on a sequential quarter basis;
Total allowance for loan losses increased to 2.51% of total loans, up from 2.36% three months earlier and 2.02% a year ago;
Loan portfolio mix improved with a 16.8% reduction in real estate construction loans compared to three months earlier, and a 54.2% reduction from a year ago. Land acquisition and development/land loans are a component of this portfolio and declined $5.6 million, down 7.6% from three months earlier, and down 58.4% from one year ago;
Personal checking accounts increased 29.8% from one year ago, and declined 15.2% on a sequential quarter basis due to cross-sell efforts into savings and money market accounts and CDs;
A reduction in average interest rates paid on interest checking and CDs combined to reduce the cost of deposits by 8 basis points compared to the preceding quarter;
Risk based capital ratio at 10.7%.


m1999
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