Cascade Bancorp, the holding company for Bank of the Cascades, announced its financial results for the three months and full year ended December 31, 2013.
In a release on February 4, the Company reported fourth quarter and full year 2013 financial highlights include:
-Net income for the fourth quarter of 2013 was $1.2 million or $0.03 per share compared to $1.3 million or $0.03 per share for the fourth quarter of 2012. The results of the fourth quarter of 2013 included expenses of approximately $1.0 million in merger costs related to the previously announced acquisition of Home Federal Bancorp, $0.7 million related the Company's annual incentive plan, and a $0.3 million tax adjustment reflecting the expiration of certain tax credits. Partially offsetting these expenses was a recovery of $1.0 million in interest from the payoff of a non- accrual loan.
-Net income for the full year 2013 was $50.8 million or $1.08 per basic share compared to $6.0 million or $0.13 per share for the year 2012. The primary reason for the increase in net income for 2013 was the reversal of a full valuation allowance of $50.1 million in the Company's deferred tax asset (DTA) in the second quarter of 2013.
-Net Interest Margin (NIM) was 3.75 percent for the year ended December 31, 2013 compared to 3.85 percent for the year ended December 31, 2012.
-Stockholders equity increased to $188.7 million or $3.97 per basic share at December 31, 2013 as compared to $140.8 million or $2.97 per basic share at December 31, 2012 due primarily to the DTA recognition in the second quarter of 2013.
-Gross loans (total loans, less deferred loan fees) at December 31, 2013 were up $138.2 million or 16.1 percent compared to December 31, 2012.
-At December 31, 2013, substandard loans were reduced by 67.5 percent to $41.2 million compared to December 31, 2012; non- performing assets improved to 0.81 percent of total assets compared to 1.94 percent at December 31, 2012; and 2013 net charge-offs were $7.4 million compared to $17.7 million in 2012.
-Total deposits at December 31, 2013 increased $91.1 million or 8.46 percent compared to December 31, 2012.
-Tier 1 Capital Leverage Ratio at the Bank rose to at 10.49 percent at December 31, 2013 compared to 10.42 percent at December 31, 2012.
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