Bank of the Cascades, a wholly-owned subsidiary of Cascade Bancorp (CACB: Quote), announced a return to profitability.
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.
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.
The company 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. 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.
by RTT Staff Writer
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