logo
Share SHARE
FONT-SIZE Plus   Neg

Bank Of The Cascades Says Returns To Profitability - Quick Facts

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

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Google's 1-gigabit fiber network will arrive in Atlanta, Charlotte, N.C., Raleigh-Durham, N.C. and Nashville, Tenn., according to The Wall Street Journal. For now, Google has passed over Salt Lake City, San Antonio, Phoenix, Portland, Ore. and San Jose, Calif., cities the company said earlier last... Boston was recently selected by the U.S. Olympic Committee to be the country's candidate for the 2024 Games, trumping proposals from Los Angeles and San Francisco. Boston is a vibrant, resilient, incredibly interesting place to live and work. But here are five reasons that the city may be a poor fit... Software giant Microsoft Corp. said Monday after the markets closed that its second quarter profit fell 11% from last year, hurt mainly by integration and restructuring costs as well as higher income tax expenses even as revenue increased 8% due to strong sales of its gadgets and cloud-based products.
comments powered by Disqus
RELATED NEWS
Trade CACB now with 
Follow RTT