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Published:
Cascade Bancorp (Oregon) Announces Second Quarter 2008 Net Income of $0.2 Million With Estimated Earnings Per Share at $0.01 With Elevated Provision for Credit LossesBEND, Ore., July 24 /PRNewswire-FirstCall/ -- Cascade Bancorp ("Cascade")
(Nasdaq: CACB) reported second quarter 2008 Diluted Earnings Per Share
(EPS-diluted) at Second quarter 2008 earnings include a "We are encouraged that core earnings are sufficient to set aside ample
reserves while maintaining strong capital levels," said In addition to a healthy QUARTERLY CASH DIVIDEND AT The Company declared a reduced quarterly cash dividend at LOAN PORTFOLIO AND CREDIT QUALITY: At June 30, 2008, Cascade's Loan Portfolio was Cascade's provision for credit losses was Improvement was evident in loans delinquent >30 days which fell to 0.19%
of total loans at June 30, 2008, or just Non-Performing Assets (NPA's -- including non performing loans and other
real estate owned) were higher at Other real estate owned (OREO) was Management believes the reserve for credit losses is at an appropriate level based upon its current evaluation and analysis of portfolio credit quality and prevailing economic conditions. With uncertainty as to the depth and duration of the real estate slowdown and its economic effect on the communities within Cascades' banking markets, assurances cannot be given that the reserve will be adequate in future periods. Further provisioning and charge-offs may be required before values stabilize. DEPOSITS: Customer Relationship Deposits(1) totaled NET INTEREST MARGIN & INTEREST RATE RISK: Second quarter 2008 Net Interest Margin (NIM) was 4.52% compared to 4.68% for the linked-quarter, and 5.34% for the year ago quarter. Approximately one-half of the decline in NIM is a result of interest reversed on non-performing loans during the quarter, while the remaining compression was caused by the effects of sharply lower market interest rates driven by Federal Reserve Bank actions. Yields on earning assets during the second quarter of 2008 were lower at 6.38% compared to 7.12% in the linked-quarter and down from 8.39% in the year ago quarter. Lower yields were a result of declining short term market rates as well as the effect of interest forgone and reversed on non-performing loans. Lower market rates also advantageously reduced the average cost of funds paid on interest bearing liabilities which fell to 2.37% for the current quarter as compared to 3.13% for the linked-quarter and 4.09% for the year ago quarter. The overall cost of funds (including interest bearing and non-interest bearing deposits) also improved for the second quarter of 2008 to 1.90% as compared to 2.50% in the linked-quarter and 3.13% for the year ago period. Because one of Cascade's strengths is its relatively high proportion of non-interest bearing deposits, lower interest rates may modestly compress the Company's NIM as yields decline against an already low cost of funds. See cautionary "Forward Looking Statements" below and in Cascade's Form 10-K report for further information on risk factors including interest rate risk. NON-INTEREST INCOME AND EXPENSE: Non-Interest Income for the second quarter of 2008 was Non-Interest Expense for the quarter was down 3.5% compared to the linked-quarter and up 7.8% from the year-ago period. The Company has seen a reduction in FTE headcount in tandem with slowing volumes. FTE was 511 at June 30, 2008, compared to 525 at March 31, 2008, and 559 at year-end 2007. When compared to the year-ago quarter, expenses were higher mainly due to OREO and related legal costs. Management anticipates that aside from possible OREO related charges, non interest expense growth should be very modest for the balance of 2008. BUSINESS STRATEGY: Operating in some of the fastest growing markets in the nation, Cascade
Bancorp (headquartered inBend, Oregon) and its wholly-owned subsidiary, Bank
of the Cascades, operates inOregon andIdaho markets. In terms of banking
growth markets, Cascade ranks as the top community bank footprint in the
Northwest. Cascade has a business strategy that focuses on delivering the
best in community banking for the financial well-being of customers and
shareholders. The Bank implements its strategy by combining outstanding
service, competitive financial products, local expertise and advanced
technology applied for the convenience of customers. Founded in 1977, Bank of
the Cascades offers full-service community banking through 33 branches in
Central Oregon,Southern Oregon,Portland/Salem andBoise/ FORWARD LOOKING STATEMENTS This release contains forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward looking statements. Such risks and uncertainties may include but are not necessarily limited to general and local economic conditions, including the residential and commercial real estate markets; changes in interest rates, including timing or relative degree of change;, inflation; credit quality and concentrations; competition within the business areas in which Cascade is conducting its operations; changes in regulatory conditions or requirements or new legislation; and changes in accounting policies. These statements include, among others, statements related to future profitability levels and future earnings. For a discussion of factors, which could cause results to differ, please see Cascade's reports on Forms 10-K and 10-Q as filed with the Securities and Exchange Commission and Cascade's press releases. When used in this release, the words or phrases such as "will likely result in", "management expects that", "will continue", "is anticipated", "estimate", "projected", or similar expressions constitute forward-looking statements, as do any other statements that expressly or implicitly predict future events, results or performance, and such statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Readers should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof. Cascade undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.
(1) Customer relationship deposits include core deposit transaction
accounts such as checking, money market and savings, while excluding
all wholesale or brokered deposits and time deposits greater than
$100,000.
CASCADE BANCORP
Selected Consolidated Financial Highlights
(In thousands, except per share data and ratios; unaudited)
Year over Year
2nd Qtr 2nd Qtr %
Balance Sheet Data (at period end) 2008 2007 Change
Investment securities $90,492 $104,474 -13.4%
Loans, gross 2,066,091 1,959,031 5.5%
Total assets 2,443,888 2,321,103 5.3%
Total deposits 1,586,666 1,785,649 -11.1%
Non-interest bearing deposits 417,076 479,649 -13.0%
Customer relationship deposits (1) 1,454,865 1,543,418 -5.7%
Total shareholders' equity (book) 276,033 276,901 -0.3%
Total shareholders' equity (tangible) 162,275 161,562 0.4%
Income Statement Data
Interest income $34,260 $43,319 -20.9%
Interest expense 10,014 15,775 -36.5%
Net interest income 24,246 27,544 -12.0%
Loan loss provision 12,600 1,000 1160.0%
Net interest income after loan
loss provision 11,646 26,544 -56.1%
Noninterest income 5,008 5,273 -5.0%
Noninterest expense 16,763 15,549 7.8%
Income (loss) before income taxes (109) 16,268 -100.7%
Provision (credit) for income taxes (290) 6,087 -104.8%
Net income $181 $10,181 -98.2%
Share Data
Basic earnings per common share $0.01 $0.36 -98.2%
Diluted earnings per common share $0.01 $0.36 -98.2%
Book value per common share $9.83 $9.72 1.2%
Tangible book value per common share $5.78 $5.67 1.9%
Cash dividends paid per common share $0.10 $0.09 11.1%
Ratio of dividends declared to net
income 1543.04% 25.05% 6060.3%
Basic Average shares outstanding 27,929 28,335 -1.4%
Fully Diluted average shares
outstanding 28,061 28,651 -2.1%
Key Ratios
Return on average total
shareholders' equity (book) 0.26% 15.04% -98.3%
Return on average total shareholders'
equity (tangible) (2) 0.43% 26.20% -98.4%
Return on average total assets 0.03% 1.76% -98.3%
Net interest spread 4.02% 4.30% -6.5%
Net interest margin 4.52% 5.34% -15.4%
Total revenue (net int inc + non
int inc) $29,254 $32,817 -10.9%
Efficiency ratio (3) 57.30% 47.38% 20.9%
Credit Quality Ratios
Reserve for credit losses 40,036 28,010 42.9%
Reserve to ending total loans 1.94% 1.43% 35.5%
Non-performing assets (4) 127,105 9,401 1252.0%
Non-performing assets to total assets 5.20% 0.41% 1184.1%
Delinquent >30 days to total loans 0.19% 0.11% 72.5%
Net Charge off's 9,927 465 2034.8%
Net loan charge-offs (annualized) 1.93% 0.10% 1921.9%
Mortgage Activity
Mortgage Originations $36,296 $51,469 -29.5%
Total Servicing Portfolio (sold loans) $510,727 $494,796 3.2%
Capitalized Mortgage Servicing
Rights (MSR's) $3,810 $3,939 -3.3%
Capital Ratios
Average shareholders' equity to
average assets 11.69% 11.68% 0.1%
Leverage ratio (5) (Est Q2-08) 9.93% 10.30% -3.6%
Total risk-based capital ratio (5)
(Est Q2-08) 11.24% 11.59% -3.0%
Linked Quarter
2nd Qtr 1st Qtr %
Balance Sheet Data (at period end) 2008 2008 Change
Investment securities $90,492 $89,705 0.9%
Loans, gross 2,066,091 2,038,147 1.4%
Total assets 2,443,888 2,406,466 1.6%
Total deposits 1,586,666 1,661,284 -4.5%
Non-interest bearing deposits 417,076 429,436 -2.9%
Customer relationship
deposits (1) 1,454,865 1,532,434 -5.1%
Total shareholders' equity (book) 276,033 279,008 -1.1%
Total shareholders' equity (tangible) 162,275 164,855 -1.6%
Income Statement Data
Interest income $34,260 $38,141 -10.2%
Interest expense 10,014 13,081 -23.4%
Net interest income 24,246 25,060 -3.2%
Loan loss provision 12,600 4,500 180.0%
Net interest income after loan
loss provision 11,646 20,560 -43.4%
Noninterest income 5,008 5,502 -9.0%
Noninterest expense 16,763 17,375 -3.5%
Income (loss) before income taxes (109) 8,687 -101.3%
Provision (credit) for income taxes (290) 2,647 -111.0%
Net income $181 $6,040 -97.0%
Share Data
Basic earnings per common share $0.01 $0.22 -97.0%
Diluted earnings per common share $0.01 $0.22 -97.0%
Book value per common share $9.83 $9.94 -1.1%
Tangible book value per common share $5.78 $5.87 -1.6%
Cash dividends paid per common share $0.10 $0.10 0.0%
Ratio of dividends declared to net
income 1543.04% 46.21% 3239.2%
Basic Average shares outstanding 27,929 27,911 0.1%
Fully Diluted average shares
outstanding 28,061 27,963 0.4%
Key Ratios
Return on average total
shareholders' equity (book) 0.26% 8.65% -97.0%
Return on average total shareholders'
equity (tangible) (2) 0.43% 14.62% -97.1%
Return on average total assets 0.03% 1.01% -97.0%
Net interest spread 4.02% 3.99% 0.8%
Net interest margin 4.52% 4.68% -3.4%
Total revenue (net int inc + non
int inc) $29,254 $30,562 -4.3%
Efficiency ratio (3) 57.30% 56.85% 0.8%
Credit Quality Ratios
Reserve for credit losses 40,036 37,363 7.2%
Reserve to ending total loans 1.94% 1.83% 5.7%
Non-performing assets (4) 127,105 96,040 32.3%
Non-performing assets to total assets 5.20% 3.99% 30.3%
Delinquent >30 days to total loans 0.19% 0.43% -56.3%
Net Charge off's 9,927 4,175 137.8%
Net loan charge-offs (annualized) 1.93% 0.81% 137.9%
Mortgage Activity
Mortgage Originations $36,296 $44,007 -17.5%
Total Servicing Portfolio (sold
loans) $510,727 $502,438 1.6%
Capitalized Mortgage Servicing
Rights (MSR's) $3,810 $3,784 0.7%
Capital Ratios
Average shareholders' equity to
average assets 11.69% 11.69% 0.1%
Leverage ratio (5) (Est Q2-08) 9.93% 10.12% -1.9%
Total risk-based capital ratio (5)
(Est Q2-08) 11.24% 11.37% -1.1%
Notes:
(1) Customer relationship deposits include core deposit transaction
accounts such as checking, money market and savings, while excluding
all wholesale or brokered deposits and time deposits greater than
$100,000.
(2) Excludes goodwill, core deposit intangible and other identifiable
intangible assets, related to the acquisitions of Community Bank of
Grants Pass and F&M Holding Company.
(3) Efficiency ratio is noninterest expense divided by (net interest
income + noninterest income).
(4) Nonperforming assets consist of loans contractually past due 90 days
or more, nonaccrual loans and other real estate owned.
(5) Computed in accordance with FRB and FDIC guidelines.
Total Shares Outstanding as of 6/30/08: 28,075,524
CASCADE BANCORP (CACB)
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
(unaudited)
Year over Year Linked Quarter
2nd Qtr 2nd Qtr % 1st Qtr %
2008 2007 Change 2008 Change
Interest income:
Interest and fees on
loans $33,079 $41,731 -20.7% $36,997 -10.6%
Taxable interest on
investments 1,068 1,340 -20.3% 1,052 1.5%
Nontaxable interest on
investments 53 76 -30.3% 61 -13.1%
Interest on federal
funds sold 10 51 -80.4% 13 -23.1%
Interest on interest bearing
balances from FHLB 1 111 -99.1% 1 0.0%
Dividends on Federal
Home Loan Bank stock 49 10 390.0% 17 188.2%
Total interest income 34,260 43,319 -20.9% 38,141 -10.2%
Interest expense:
Deposits:
Interest bearing demand 3,934 7,338 -46.4% 5,719 -31.2%
Savings 35 51 -31.4% 39 -10.3%
Time 2,469 4,374 -43.6% 3,114 -20.7%
Junior subordinated
debentures and other
borrowings 3,576 4,012 -10.9% 4,209 -15.0%
Total interest expense 10,014 15,775 -36.5% 13,081 -23.4%
Net interest income 24,246 27,544 -12.0% 25,060 -3.2%
Loan loss provision 12,600 1,000 1160.0% 4,500 180.0%
Net interest income after
loan loss provision 11,646 26,544 -56.1% 20,560 -43.4%
Noninterest income:
Service charges on
deposit accounts 2,537 2,491 1.8% 2,402 5.6%
Mortgage loan origination
and processing fees 406 504 -19.4% 453 -10.4%
Gains on sales of
mortgage loans, net 194 257 -24.5% 236 -17.8%
Card issuer and merchant
services fees, net 1,005 1,063 -5.5% 892 12.7%
Earnings on bank-owned
life insurance 287 385 -25.5% 266 7.9%
Other income 579 572 1.4% 1,253 -53.7%
Total noninterest
income 5,008 5,272 -5.0% 5,502 -9.0%
Noninterest expense:
Salaries and employee
benefits 9,093 9,122 -0.3% 9,159 -0.7%
Occupancy & equipment 1,713 1,652 3.7% 1,825 -6.1%
Communications 491 472 4.0% 556 -11.7%
Advertising 348 313 11.2% 325 7.1%
Legal 307 128 139.8% 350 -12.3%
OREO & collection
expenses 1,186 113 949.6% 772 53.6%
Other expenses 3,625 3,748 -3.3% 4,388 -17.4%
Total noninterest
expense 16,763 15,548 7.8% 17,375 -3.5%
Income (loss) before income
taxes (109) 16,268 -100.7% 8,687 -101.3%
Provision (credit) for
income taxes (290) 6,087 -104.8% 2,647 -111.0%
Net income $181 $10,181 -98.2% $6,040 -97.0%
Basic net income per common
share $0.01 $0.36 -98.2% $0.22 -97.0%
Diluted net income per
common share $0.01 $0.36 -98.2% $0.22 -97.0%
CASCADE BANCORP (CACB)
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
(unaudited) Year over Year Linked Quarter
2nd Qtr 2nd Qtr % 1st Qtr %
2008 2007 Change 2008 Change
ASSETS
Cash and cash equivalents:
Cash and due from
banks $63,903 $58,707 8.9% $57,583 11.0%
Interest bearing
balances due from FHLB 39 167 -76.6% 53 -26.4%
Federal funds sold - 469 -100.0% 859 -100.0%
Total cash and cash
equivalents 63,942 59,343 7.7% 58,495 9.3%
Investment securities
available-for-sale 88,279 101,989 -13.4% 86,527 2.0%
Investment securities
held-to- maturity 2,212 2,485 -11.0% 3,178 -30.4%
Federal Home Loan
Bank stock 12,087 6,991 72.9% 10,147 19.1%
Loans, net 2,029,218 1,934,434 4.9% 2,003,947 1.3%
Premises and
equipment, net 36,312 36,935 -1.7% 37,851 -4.1%
Goodwill 105,047 105,047 0.0% 105,047 0.0%
Core deposit
intangible 8,711 10,292 -15.4% 9,106 -4.3%
Bank-owned life
insurance 33,857 32,573 3.9% 33,570 0.9%
Accrued interest and
other assets 64,223 31,014 107.1% 58,598 9.6%
Total
assets $2,443,888 $2,321,103 5.3% $2,406,466 1.6%
LIABILITIES &
STOCKHOLDERS' EQUITY
Liabilities:
Deposits:
Demand $417,076 $479,649 -13.0% $429,436 -2.9%
Interest bearing
demand 832,840 870,264 -4.3% 899,584 -7.4%
Savings 37,204 40,624 -8.4% 36,776 1.2%
Time deposits 299,546 395,112 -24.2% 295,488 1.4%
Total
deposits 1,586,666 1,785,649 -11.1% 1,661,284 -4.5%
Junior
subordinated
debentures 68,558 68,558 0.0% 68,558 0.0%
Federal funds
purchased 87,481 4,905.0 100.0% 39,573 121.1%
Other borrowings 395,986 139,705 183.4% 321,449 23.2%
Customer repurchase
agreements 11,864 20,784 -42.9% 13,408 -11.5%
Accrued interest and
other liabilities 17,300 24,601 -29.7% 23,186 -25.4%
Total
liabilities 2,167,855 2,044,202 6.0% 2,127,458 1.9%
Stockholders' equity:
Common stock, no
par value; 157,706 164,046 -3.9% 157,591 0.1%
Retained earnings 118,224 112,695 4.9% 120,579 -2.0%
Unrealized gains on
investment securities
available-for-sale,
net of deferred
income taxes 103 160 -35.6% 838 -87.7%
Total
stockholders'
equity 276,033 276,901 -0.3% 279,008 -1.1%
Total
liabilities
and
stockholders'
equity $2,443,888 $2,321,103 5.3% $2,406,466 1.6%
CASCADE BANCORP (CACB)
Loan Portfolio & Reserve for Credit Losses
(Dollars in thousands)
(unaudited)
% of % of % of
gross gross gross
Loan portfolio 6/30/2008 loans 3/31/2008 loans 12/31/2007 loans
Commercial $616,121 30% $597,865 29% $606,408 30%
Real Estate:
Construction/lot 649,846 31% 668,190 33% 686,829 34%
Mortgage 89,540 4% 87,773 4% 88,509 4%
Commercial 660,202 32% 633,995 31% 612,694 30%
Consumer 50,382 2% 50,324 2% 47,038 2%
Total loans 2,066,091 100% 2,038,147 100% 2,041,478 100%
Less reserve for
loan losses 36,873 34,200 33,875
Total loans, net $2,029,218 $2,003,947 $2,007,603
Three months ended
June 30,
2008 2007
Reserve for loan losses:
Balance at beginning of period $34,200 $24,062
Loan loss provision 12,600 1,000
Recoveries 368 426
Loans charged off (10,295) (891)
Balance at end of period $36,873 $24,597
Reserve for unfunded commitments:
Balance at beginning of period $3,163 $3,413
Provision (credit) for unfunded commitments - -
Balance at end of period $3,163 $3,413
Reserve for credit losses:
Reserve for loan losses $36,873 $24,597
Reserve for unfunded commitments 3,163 3,413
Total reserve for credit losses $40,036 $28,010
CASCADE BANCORP (CACB)
LOAN BREAKDOWN AND NPA's BY REGION
(Dollars in thousands)
Loan Breakdown by Region as of 6/30/08
% of % of % of
Central gross Northwest gross Southern gross
Loan portfolio Oregon loans Oregon loans Oregon loans
Commercial $192,664 27% $192,897 43% $57,159 23%
Construction/lot 220,840 31% 109,902 25% 75,789 30%
Mortgage 31,515 4% 10,820 2% 7,948 3%
Commercial 250,582 35% 125,233 28% 108,199 43%
Consumer 25,650 4% 6,002 1% 3,786 1%
Total Loans $721,251 100% $444,854 100% $252,881 100%
% of % of
gross gross
Loan portfolio Idaho loans Bank total loans
Commercial $173,400 27% $616,120 30%
Construction/lot 246,880 38% 653,411 31%
Mortgage 31,907 5% 82,191 4%
Commercial 176,188 27% 660,202 32%
Consumer 18,729 3% 54,167 2%
Total Loans $647,105 100% $2,066,091 100%
Non-Performing Assets by Region as of 6/30/08
% of % of % of
total total total
Region 6/30/2008 NPA's 3/31/2008 NPA's 12/31/2007 NPA's
Central Oregon $27,603 22% $5,560 6% $5,740 10%
Northwest Oregon 17,513 14% 17,542 18% 1,615 3%
Southern Oregon 26,190 21% 28,822 30% 22,793 41%
Total Oregon $71,306 56% $51,924 54% $30,148 54%
Idaho 55,799 44% 44,116 46% 25,397 46%
Grand total $127,105 100% $96,040 100% $55,545 100%
CASCADE BANCORP (CACB)
CONSTRUCTION/LOT BREAKDOWN BY REGION
(Dollars in thousands)
% of
Constr /
% of lot % of
cate- port- gross
6/30/2008 gory folio loans 12/31/2007
Residential Land Development:
Raw Land $105,926 36% 16% 5% $107,160
Land Development 170,889 57% 26% 8% 183,809
Speculative Lots 21,240 7% 3% 1% 20,916
$298,055 100% 46% 14% $311,885
Geographic distribution by
region:
Central Oregon $102,029 34% 16% 5% $107,150
Northwest Oregon 5,525 2% 1% 0% 5,328
Southwest Oregon 25,461 9% 4% 1% 32,541
Total Oregon 133,015 45% 20% 6% 145,019
Idaho 165,040 55% 25% 8% 166,866
Grand total $298,055 100% 46% 14% $311,885
Residential Construction:
Pre sold $64,569 50% 10% 3% $64,245
Lots 18,820 15% 3% 1% 20,575
Speculative Construction 44,755 35% 7% 2% 58,048
$128,144 100% 20% 6% $142,868
Geographic distribution by
region:
Central Oregon $51,682 40% 8% 3% $52,316
Northwest Oregon 30,771 24% 5% 1% 31,652
Southwest Oregon 9,696 8% 1% 0% 14,252
Total Oregon 92,149 72% 14% 4% 98,220
Idaho 35,995 28% 6% 2% 44,648
Grand total $128,144 100% 20% 6% $142,868
Commercial Construction:
Owner occupied $47,440 21% 7% 2% $61,298
Lots 12,792 6% 2% 1% 17,525
Non-owner occupied 135,230 60% 21% 7% 125,740
Speculative Lots 31,750 14% 5% 2% 30,815
$227,212 100% 35% 11% $235,378
Geographic distribution by
region:
Central Oregon $67,129 30% 10% 3% $68,880
Northwest Oregon 73,606 32% 11% 4% 81,683
Southwest Oregon 40,632 18% 6% 2% 39,235
Total Oregon 181,367 80% 28% 9% 189,798
Idaho 45,845 20% 7% 2% 45,580
Grand total $227,212 100% 35% 11% $235,378
CASCADE BANCORP (CACB)
ADDITIONAL FINANCIAL INFORMATION
(In thousands)
(unaudited)
Year over Year Linked Quarter
2nd Qtr 2nd Qtr % 1st Qtr %
Three Months Ended: 2008 2007 Change 2008 Change
Average Assets $2,412,508 $2,323,973 3.8% $2,397,006 0.6%
Average Loans 2,058,327 1,949,480 5.6% 2,059,862 -0.1%
Average Deposits 1,642,401 1,729,424 -5.0% 1,687,308 -2.7%
Average Investment
Securities 87,844 107,821 -18.5% 85,700 2.5%
Average Other Earning
Assets 12,680 19,163 -33.8% 9,410 34.8%
Average Non Interest
Bearing Deposits 414,130 474,598 -12.7% 415,636 -0.4%
Average Customer
Relationship Deposits 1,642,401 1,493,336 10.0% 1,542,082 6.5%
Average Earnings Assets 2,158,851 2,076,464 4.0% 2,154,972 0.2%
Average Interest
Bearing Liabilities 1,695,171 1,548,405 9.5% 1,677,915 1.0%
Average Borrowings 466,901 293,579 59.0% 405,234 15.2%
Average Common Equity
(book) 282,084 271,437 3.9% 280,092 0.7%
Average Common Equity
(tangible) 168,093 155,859 7.8% 165,703 1.4%
June 30, June 30, % December 31, %
Balances as of: 2008 2007 Change 2007 Change
Mortgage loans held for sale $875 $3,300 -73.5% $4,306 -79.7%
Intangibles & goodwill 113,758 115,339 -1.4% 114,549 -0.7%
Loans past due >90 days,
not on non-accrual 51 - 51 0.0%
Loans on non-accrual
status 93,110 8,070 1053.8% 45,865 103.0%
Total non-performing Loans 93,162 8,070 1054.4% 45,916 102.9%
OREO 33,943 1,331 2459.0% 9,765 248.8%
Total Non-performing
assets 127,105 9,401 1253.3% 55,681 128.5%
Shares Outstanding (actual) 28,076 28,478 -1.4% 28,034 0.1%
SOURCE Cascade Bancorp Tags: ,FIN,ERN,OTC,OR-Cascade-Q2-Earns _ _     Is your favorite bookmark site missing? Ask for it. |
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