ALERTS100%to10000%GAIN
14 years ago
CASB~~~Significant items for the third quarter of 2010 include:
Provision for loan losses of $8.0 million; a 31.8% decrease on a sequential quarter basis;
Net charge-offs of $7.6 million; a 34.9% decrease on a sequential quarter basis;
Nonperforming assets to total assets declined to 6.36% from 6.57% on a sequential quarter basis;
Total allowance for loan losses increased to 2.51% of total loans, up from 2.36% three months earlier and 2.02% a year ago;
Loan portfolio mix improved with a 16.8% reduction in real estate construction loans compared to three months earlier, and a 54.2% reduction from a year ago. Land acquisition and development/land loans are a component of this portfolio and declined $5.6 million, down 7.6% from three months earlier, and down 58.4% from one year ago;
Personal checking accounts increased 29.8% from one year ago, and declined 15.2% on a sequential quarter basis due to cross-sell efforts into savings and money market accounts and CDs;
A reduction in average interest rates paid on interest checking and CDs combined to reduce the cost of deposits by 8 basis points compared to the preceding quarter;
Risk based capital ratio at 10.7%.
m1999
http://ih.advfn.com/p.php?pid=nmona&article=44943399
ALERTS100%to10000%GAIN
14 years ago
CASB~~~On October 21st, Cascade announced that it had successfully completed a series of balance sheet restructuring transactions which will immediately put Cascade in an improved financial position including increased capital ratios and increased net interest margin.
The transactions included the restructuring of Cascade's securities portfolio, prepayment and/or modification of Cascade's Federal Home Loan Bank (FHLB) advances, and the purchase of interest rate caps designed to protect both the net interest margin and shareholders' equity from potential future rising interest rates.
"Our team has remained focused on reducing nonperforming assets, strengthening our performing loan portfolio, growing our depositor base and increasing on-balance sheet liquidity.
Our operating results improved compared to the previous quarter; however, we continue to be hampered by the elevated provision for loan losses and charge-offs," stated Carol K. Nelson, President and CEO. "We made improvements in credit quality metrics for the second consecutive quarter with a 6.3% reduction in nonperforming assets and a decline in the real estate construction portfolio of 54.2% in the past year.
Additionally, stronger deposit growth and a reduction in the real estate construction loan portfolio over the past few quarters led to increased on-balance sheet liquidity which provided us the opportunity to pursue these balance sheet restructuring transactions.
We were able to monetize gains in our securities portfolio to offset the cost of prepaying the FHLB borrowings. The end result will shrink the balance sheet, improve our capital ratios, reduce interest expense and improve our net interest margin.
These restructuring transactions, which commenced late in the third quarter and were completed early in the fourth quarter, are part of Cascade's overall business plan to strengthen its financial condition going forward."
http://ih.advfn.com/p.php?pid=nmona&article=44943399
m1999
ALERTS100%to10000%GAIN
14 years ago
CASB~~~Cascade's net operating loss totaled $6.0 million for the third quarter ended September 30, 2010, compared to a net loss of $24.2 million in the prior quarter. Provision for loan losses for the quarter was $8.0 million, a 31.8% decrease on a sequential quarter basis.
Including accruals for preferred stock dividends and accretion of issuance discount on preferred stock issued to the U.S. Treasury, Cascade reported a net loss attributable to common stockholders of $6.6 million, or $0.54 per diluted common share, for the third quarter of 2010, compared to a net loss of $24.8 million, or $2.02 per diluted common share, in the prior quarter and net income of $1.0 million, or $0.09 per diluted common share, for the third quarter a year ago.
Dividend accruals on preferred stock issued to the U.S. Treasury under the Capital Purchase Program for the third quarter of 2010 totaled $508,000, and the accretion of the issuance discount on preferred stock for the quarter was $112,000.
http://ih.advfn.com/p.php?pid=nmona&article=44943399
m1999
ALERTS100%to10000%GAIN
14 years ago
About Cascade Financial
Established in 1916, Cascade Bank, the only operating subsidiary of Cascade Financial Corporation, is a state chartered commercial bank headquartered in Everett, Washington. Cascade Bank maintains an "Outstanding" CRA rating and has proudly served the Puget Sound region for over 90 years. Cascade Bank operates 22 full service branches in Everett, Lynnwood, Marysville, Mukilteo, Shoreline, Smokey Point, Issaquah, Clearview, Woodinville, Lake Stevens, Bellevue, Snohomish, North Bend, Burlington and Edmonds.
In November 2010, Cascade Bank was named Favorite Snohomish County (with fewer than 250 employees) in NW.Jobs.com's People's Picks campaign for the second year in a row. In April 2010, Cascade was ranked #8 on the Puget Sound Business Journal's list of largest bank companies headquartered in the Puget Sound area.
CONTACT: Cascade Bank
Investor Contacts:
Carol K. Nelson, CEO
Debbie Johnson, CFO
425.339.5500
www.cascadebank.com
http://ih.advfn.com/p.php?pid=nmona&article=45875860
m1999
ALERTS100%to10000%GAIN
14 years ago
Cascade Financial Corporation (Nasdaq:CASB), parent company of Cascade Bank, today announced that it plans to report fourth quarter 2010 results after the market closes on Tuesday, January 25, 2011. Management will host an analyst call on Wednesday, January 26 at 11:00 a.m. PST (2:00 p.m. EST) to discuss the results. The call will also be broadcast live via the internet.
Interested investors may listen to the call live or via replay at www.cascadebank.com. Investment professionals are invited to dial (480) 629-9722 to participate in the call. A replay will be available for one week at (303) 590-3030, using access code
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m1999
jeriko
14 years ago
From the November 10-Q regarding TARP Capital Purchase Program (CPP):
On July 20, 2010, the Board of Directors of the Bank stipulated to the entry of a Consent Order with the FDIC and the Washington State DFI, effective July 21, 2010 (the โConsent Orderโ). Under the terms of the Consent Order, the Bank cannot pay any cash dividends or make any payments to its stockholders without the prior written approval of the FDIC and the Washington DFI.
The Consent Order will remain in effect until modified or terminated by the FDIC and the Washington State DFI.
However, there can be no assurance that full compliance will be achieved. As a result, the Corporation and the Bank could become subject to further restrictions or penalties. Full satisfaction of the Consent Order will depend in part on raising a significant amount of additional capital to satisfy the Bankโs capital ratio requirements. The Corporationโs ability to raise additional capital will depend on conditions in the capital markets at that time, which are outside of its control, and on the Bankโs financial performance. The Corporation will not be able to increase the Bankโs capital ratios pursuant to the Consent Order by November 18, 2010. On the date the Consent Order was signed, the Board of Directors explained to the FDIC and the Washington State DFI representatives that market forces governing capital availability might not allow realization of the targeted capital ratios within the stipulated timeframes in spite of the efforts of the Board of Directors and management. The regulators acknowledged that the timeframes might not be achievable, but expected the directors and management to make good faith efforts to achieve the required ratios. Notwithstanding this, we may be subject to additional regulatory orders and/or restrictions due to the Corporationโs inability to increase the Bankโs capital ratios by the required timeframe. Further, should the Bankโs asset quality continue to erode and require significant additional provision for loan losses, resulting in additional future net operating losses at the Bank, the Bankโs capital levels will further decline, requiring the raising of more capital than the amount currently required to satisfy the Consent Order.
Item 5. Other information
On October 21, 2010, the Corporation announced that it had successfully completed a series of balance sheet restructuring transactions which would immediately put the Corporation and the Bank in an improved financial position including increased capital ratios and increased net interest margin. The transactions included the restructuring of the Bankโs securities portfolio, prepayment of $80 million in FHLB advances, modification of $159 million of fixed rate FHLB advances into lower cost floating rate advances to reduce current interest expense and the purchase of $159 million in interest rate caps designed to protect both the net interest margin and stockholdersโ equity from potential future rising interest rates.