Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

Bank Of The Cascades Says Returns To Profitability - Quick Facts

RELATED NEWS
Trade CACB now with 

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.

Register
To receive FREE breaking news email alerts for Cascade Bancorp Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
After moving moderately lower in early trading on Monday, stocks have seen further downside as the trading day has progressed. With the drop on the day, the Dow has pulled back well off last Friday's record closing high. After reporting four consecutive monthly increases, the National Association of Realtors released a report on Monday showing an unexpected drop in U.S. existing home sales in the month of August. NAR said existing home sales fell 1.8 percent to a seasonally adjusted annual rate of 5.05 million in August. The European Central Bank remains ready to use additional unconventional tools to counter risks to the inflation outlook and to boost the euro area economy, ECB President Mario Draghi said on Monday. "The Governing Council remains fully determined to counter risks to the medium-term outlook for inflation," Draghi said in Brussels.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.