News Column

Cascade Bancorp Posts 4th Quarter and Full Year 2013 Financial Results

February 11, 2014

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.

More information:

www.botc.com

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