Cascade Financial Corporation (Nasdaq:CASB), the parent company of
Cascade Bank, today reported financial results for the third
quarter ended September 30, 2010, which included improvements in
overall credit quality metrics and further reductions of
nonperforming assets in the quarter.
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.
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."
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%.
For the first nine months of the year, net losses were $62.3
million and losses allocated to common shareholders were $64.1
million. Losses per diluted common share were $5.24, compared
to a loss of $26.4 million, or $2.18 per diluted common share in
the first nine months of 2009. The loan loss provision for the
first nine months of 2010 was $51.0 million versus $36.2 million in
the first nine months of 2009.
Asset Quality
"Credit quality metrics improved for the second consecutive
quarter," said Rob Disotell, EVP and Chief Credit
Officer. "Most areas showed signs of improvement including
nonperforming loans, real estate owned (REO) and loan
charge-offs." Nonperforming loans declined during the quarter
to $68.4 million, or 6.47% of total loans at September 30, 2010,
compared to $69.8 million or 6.30% of total loans three months
earlier. REO decreased $5.5 million during the quarter to
$35.0 million at September 30, 2010, compared to $40.5 million
three months earlier. Nonperforming assets were 6.36% of total
assets at September 30, 2010, compared to 6.57% at the end of the
preceding quarter, and 8.05% a year ago.
The third quarter provision for loan losses was $8.0 million,
with net charge-offs of $7.6 million. The provision for loan
losses was $11.7 million for the preceding quarter and $4.0 million
for the third quarter a year ago. The total allowance for loan
losses, which includes a $59,000 allowance for off-balance sheet
loan commitments, now stands at $26.5 million, or 2.51% of total
loans at quarter end, compared to $26.1 million, or 2.36% of total
loans at June 30, 2010, and $24.8 million, or 2.02% of total loans
a year ago.
The following table shows nonperforming loans versus total loans
in each category:
LOAN PORTFOLIO ($ in
000's) |
Balance at 9/30/2010 |
Nonperforming Loans (NPL) |
NPL as a % of Loans |
Business |
$ 417,273 |
$ 6,601 |
1.6% |
R/E construction |
|
|
|
Spec construction |
38,020 |
16,115 |
42.4% |
Land acquisition &
development/land |
68,498 |
13,323 |
19.5% |
Multifamily/custom construction |
4,500 |
-- |
0% |
Commercial R/E construction |
19,509 |
-- |
0% |
Total R/E construction |
130,527 |
29,438 |
22.6% |
Commercial R/E |
187,564 |
30,276 |
16.1% |
Multifamily |
93,246 |
-- |
0% |
Home equity/consumer |
30,329 |
449 |
1.5% |
Residential |
197,400 |
1,590 |
0.8% |
Total |
$ 1,056,339 |
$ 68,354 |
6.5% |
Nonperforming loans, totaling $68.4 million at September 30,
2010, continue to be centered in real estate construction, which
were $29.4 million and commercial real estate, which were $30.3
million.
"We continue to move quickly to convert nonperforming loans to
REO, enabling us to actively market and liquidate these
properties," said Disotell. "During the third quarter of 2010,
a total of $16.7 million in loans were placed on nonaccrual status,
$1.3 million were converted to REO status, $9.3 million were paid
off or paid down during the quarter and $7.5 million were
charged-off in connection with updated evaluations during the
period."
Additions of $16.7 million to nonperforming loans were centered
in:
- $5.4 million in business loans;
- $2.5 million in spec construction loans including $2.4 million
in advances on existing spec construction loans to fund the
completion of single-family homes as a part of work-out
strategies;
- $6.5 million in one commercial real estate loan.
There were $9.3 million in paydowns on nonaccruing loans during
the quarter. These loans were centered in:
- $5.0 million in spec construction loans through the sale of
completed homes;
- $3.7 million in land acquisition & development/land through
the sale of completed homes and payments.
The following table shows the migration of nonperforming loans
through the portfolio in each category (9/30/10 compared to
6/30/10).
NONPERFORMING LOANS ($ in
000's) |
Balance at
9/30/2010 |
Additions during
quarter |
Paydowns during
quarter |
Charge-offs
during quarter (1) |
Transfers to
REO |
Balance at
6/30/2010 |
Business |
$ 6,601 |
$ 5,374 |
$ (556) |
$ (3,735) |
$ (1,197) |
$ 6,715 |
R/E construction |
|
|
|
|
|
|
Spec construction |
16,115 |
2,499 |
(5,039) |
(510) |
-- |
19,165 |
Land acquisition &
development/land |
13,323 |
325 |
(3,684) |
(2,623) |
-- |
19,305 |
Commercial R/E construction |
-- |
-- |
-- |
-- |
-- |
-- |
Total R/E construction |
29,438 |
2,824 |
(8,723) |
(3,133) |
-- |
38,470 |
Commercial R/E |
30,276 |
6,673 |
-- |
(523) |
-- |
24,126 |
Home equity/consumer |
449 |
464 |
(28) |
(134) |
-- |
147 |
Residential |
1,590 |
1,341 |
-- |
(1) |
(116) |
366 |
Total |
$ 68,354 |
$ 16,676 |
$ (9,307) |
$ (7,526) |
$ (1,313) |
$ 69,824 |
|
|
|
|
|
|
|
(1) Excludes negative NOW
accounts totaling $77,000. |
|
|
|
|
|
The following table shows the change in REO during the
quarter:
REO ($ in 000's) |
Balance at
9/30/2010 |
Additions during
quarter (1) |
Capitalized
costs |
Paydowns/ sales |
Writedowns/
loss/gain |
Balance at
6/30/2010 |
R/E construction |
|
|
|
|
|
|
Residential construction |
$ 215 |
$ -- |
$ 386 |
$ (1,219) |
$ 19 |
$ 1,029 |
Land acquisition &
development/land |
26,983 |
847 |
1,077 |
(4,248) |
(2,299) |
31,606 |
Condominium construction |
1,996 |
-- |
295 |
(411) |
-- |
2,112 |
Total R/E construction |
29,194 |
847 |
1,758 |
(5,878) |
(2,280) |
34,747 |
Commercial R/E |
5,265 |
-- |
7 |
-- |
(117) |
5,375 |
Residential |
530 |
529 |
15 |
(358) |
3 |
341 |
Total |
$ 34,989 |
$ 1,376 |
$ 1,780 |
$ (6,236) |
$ (2,394) |
$ 40,463 |
|
|
|
|
|
|
|
(1) Includes a $63,000 addition
to REO related to a single-family residence received in partial
satisfaction of a loan. |
|
"While REO levels remain high, the total REO portfolio is down
from the preceding quarter due to our success in moving
properties," said Disotell. "By taking control of the projects
through the foreclosure process, the Bank gains the ability to
control the property and affect a quicker resolution. As a
result, Cascade currently has approximately 40% of its REO under
contracts for sale."
Loans delinquent 31-89 days and still accruing totaled $2.4
million, or 0.22% of total loans at September 30, 2010, compared to
$811,000, or 0.07% of total loans at June 30, 2010, and $1.1
million, or 0.09% of total loans at September 30,
2009. Cascade had one loan for $1.4 million that was 90 days
or more past due and still accruing interest at September 30,
2010.
Loan Portfolio
Total loans decreased from a year ago as Cascade continues to
aggressively reduce its real estate construction loan
concentration. Total loans decreased 14.2%, or $174.4
million, on a year-over-year basis to $1.06 billion at September
30, 2010.
The following table shows the changes in the loan portfolio in
each category (9/30/10 compared to 6/30/10 and 9/30/09).
|
|
|
|
|
LOANS ($ in
000's) |
September 30,
2010 |
June 30, 2010 |
September 30,
2009 |
One Year Change |
Business |
$ 417,273 |
$ 437,516 |
$ 473,546 |
-11.9% |
R/E construction |
|
|
|
|
Spec construction |
38,020 |
45,099 |
71,355 |
-46.7% |
Land acquisition &
development/land |
68,498 |
74,119 |
164,761 |
-58.4% |
Multifamily/custom construction |
4,500 |
11,258 |
16,564 |
-72.8% |
Commercial R/E construction |
19,509 |
26,338 |
32,208 |
-39.4% |
Total R/E construction |
130,527 |
156,814 |
284,888 |
-54.2% |
Commercial R/E |
187,564 |
184,223 |
193,652 |
-3.1% |
Multifamily |
93,246 |
94,325 |
84,029 |
11.0% |
Home equity/consumer |
30,329 |
31,879 |
31,455 |
-3.6% |
Residential |
197,400 |
203,138 |
163,151 |
21.0% |
Total loans |
$ 1,056,339 |
$ 1,107,895 |
$ 1,230,721 |
-14.2% |
Business loans decreased 11.9% from the prior year to $417.3
million. Total real estate construction loans outstanding
decreased 54.2% to $130.5 million at September 30, 2010,
compared to $284.9 million a year ago. Within this category,
spec construction declined 46.7% to $38.0 million and land
acquisition & development/land decreased 58.4% to $68.5 million
at September 30, 2010 compared to one year ago. Commercial
real estate loans decreased 3.1% from the prior year to $187.6
million. Multifamily loans increased 11.0% from the prior year
to $93.2 million. Home equity and consumer loans decreased
3.6% to $30.3 million, while residential loans grew 21.0% to $197.4
million, compared to a year ago. Growth in residential loans
came primarily from the success of the Builder Sales Program used
to facilitate the sale of newly constructed homes to qualified
buyers. Loans originated for the Builder Sales Program have an
average FICO credit score of 743 and are performing as agreed.
Further details on changes during the third quarter are as
follows:
LOANS ($ in
000's) |
Balance at
9/30/2010 |
Additions/
Advances |
Payments/ Payoffs
(1) |
Reclassifi-
cations |
Charge-offs (2) |
Transfers to
REO |
Balance at
6/30/2010 |
Business |
$ 417,273 |
$ 45,188 |
$ (59,132) |
$ (1,367) |
$ (3,735) |
$ (1,197) |
$ 437,516 |
R/E construction |
130,527 |
6,140 |
(15,080) |
(14,214) |
(3,133) |
-- |
156,814 |
Commercial R/E |
187,564 |
240 |
(3,176) |
6,800 |
(523) |
-- |
184,223 |
Multifamily |
93,246 |
725 |
(7,530) |
5,726 |
-- |
-- |
94,325 |
Home equity/consumer |
30,329 |
1,093 |
(2,509) |
-- |
(134) |
-- |
31,879 |
Residential |
197,400 |
7,692 |
(16,368) |
3,055 |
(1) |
(116) |
203,138 |
Total loans |
1,056,339 |
61,078 |
(103,795) |
-- |
(7,526) |
(1,313) |
1,107,895 |
Deferred loan fees |
(4,130) |
125 |
-- |
-- |
-- |
-- |
(4,255) |
Allowance for loan losses |
(26,456) |
(8,000) |
-- |
(1) |
7,603 |
-- |
(26,058) |
Loans, net |
$ 1,025,753 |
$ 53,203 |
$ (103,795) |
$ (1) |
$ 77 |
$ (1,313) |
$ 1,077,582 |
|
|
|
|
|
|
|
|
(1) During the quarter, the Bank
sold $8.6 million in residential portfolio loans and recorded a
$134,000 gain. |
|
|
(2) Excludes negative NOW
accounts totaling $77,000. |
|
|
|
|
|
Investment Portfolio and Liquidity
Stronger deposit growth and a reduction in the loan portfolio
have led to increased on-balance sheet liquidity. The
investment portfolio remained relatively unchanged from the end of
the third quarter a year ago, and decreased $54.8 million from the
preceding quarter, to $282.0 million. Most of the quarterly
decrease was due to sales and calls of
securities. Interest-earning deposits, including deposits at
the Federal Reserve Bank, were $219.3 million as of September 30,
2010, up considerably from $157.1 million the preceding quarter and
$69.8 million a year earlier.
"As mentioned in our October 21st press release, we successfully
completed a series of balance sheet restructuring transactions
which commenced in the third quarter and were completed early in
the fourth quarter, as part of our overall business plan to
strengthen our financial condition going forward," said Debra L.
Johnson, Chief Financial Officer. "In early October 2010, we
used low-yielding interest-earning deposits at the Federal Reserve
Bank to prepay $80.0 million in FHLB advances with a cost of funds
related to these advances of 3.75%. In addition, we have
restructured $159.0 million of long-maturity FHLB 'option'
advances, callable quarterly as rates rise, into floating rate,
option free borrowings, reducing the current average rate on the
advances by 1.38%. Along with the restructured advances, we
purchased interest rate caps totaling $159.0 million in notional
amount which are designed to protect both net interest income and
shareholders' equity from potential future rising interest
rates. As part of this strategy, we sold available-for-sale
securities totaling $252.0 million for a gain of $5.0 million which
offset the prepayment penalties of $4.8 million from the FHLB
advances. Approximately $1.1 million of the securities gains
were recorded in the third quarter of 2010 and we expect to record
the remaining $3.9 million in the fourth quarter of 2010 due to the
timing of the transactions. We have reinvested substantially
all of the proceeds from the securities sale into new securities
with an average yield of 2.4%. These transactions will allow
us to improve our net interest margin and capital
position."
Deposit Growth
"Our deposit strategy is focused on the growth of retail
deposits as we capitalize on disruptions in the local market, while
reducing reliance on brokered and other non-core
deposits. Retail deposits grew $11.9 million during the
quarter and partially offset planned runoff in public, brokered and
other non-core deposits," said Nelson. Total deposits were up
$102.6 million, or 9.9% to $1.14 billion at September 30, 2010
compared to a year ago. Included in total deposits at
September 30, 2010 were $902.5 million in retail deposits, $41.6
million in public deposits, $124.3 million in brokered deposits and
$66.9 million in other non-core deposits. Total checking
account balances were up $39.5 million, or 12.1% over the past year
with personal checking account balances increasing 29.8% or $59.2
million during the same period. Business checking accounts
were down $19.6 million on a year-over-year basis due to a planned
reduction in public funds checking accounts that require 100%
collateralization. Savings and money market accounts
increased $15.4 million, or 11.9% on a year-over-year basis and CDs
increased $47.7 million, or 8.3% on a year-over-year basis.
The following table shows deposits in each category (9/30/10
compared to 6/30/10 and 9/30/09).
DEPOSITS ($ in
000's) |
September 30,
2010 |
June 30, 2010 |
September 30,
2009 |
One Year Change |
Personal checking accounts |
$ 257,928 |
$ 304,145 |
$ 198,766 |
29.8% |
Business checking accounts |
109,198 |
103,789 |
128,846 |
-15.2% |
Total checking accounts |
367,126 |
407,934 |
327,612 |
12.1% |
Savings and MMDA |
144,298 |
128,803 |
128,918 |
11.9% |
CDs |
623,843 |
646,218 |
576,133 |
8.3% |
Total deposits |
$ 1,135,267 |
$ 1,182,955 |
$ 1,032,663 |
9.9% |
Capital
Total stockholders' equity was $75.8 million as of September 30,
2010. Book value was $3.13 per common share at quarter end,
compared to $3.79 as of June 30, 2010 and $8.20 a year ago.
Tangible book value was $3.11 per common share compared to $3.77 as
of June 30, 2010 and $7.11 a year ago. Cascade had a
risk-based capital ratio of 10.67% and a Tier 1 capital ratio of
5.82% as of September 30, 2010. Cascade's tangible capital to
assets ratio was 2.35% at quarter-end compared to 2.75% at June 30,
2010 and 5.29% a year earlier.
Operating Results
Net interest income for the third quarter was down 21.9% to $8.5
million compared to $10.9 million for the third quarter of 2009,
due primarily to a decline in the loan portfolio and increased
on-balance sheet liquidity position.
Total other income increased 65.0% to $5.2 million for the
quarter, compared to $3.2 million for the third quarter a year
ago. The increase in total other income compared to the prior
year's third quarter was primarily due to a gain on the sale of
securities of $3.0 million, compared to $852,000 in the third
quarter a year ago. Checking fees were up 5.5% over the third
quarter a year ago.
Total other expenses were $11.7 million in the third quarter of
2010, compared to $7.9 million in the third quarter of 2009.
The increase was primarily due to a $2.1 million increase in REO
expenses, writedowns and losses, as well as a $575,000 increase in
FDIC insurance premiums and a $313,000 increase in business
insurance compared to the third quarter a year
ago. Compensation expense increased $506,000 in the third
quarter of 2010 compared to the third quarter of 2009, primarily
due to a $419,000 non-recurring increase in the accrual for
retirement benefits.
For the first nine months of 2010, net interest income was $27.7
million, compared to $32.9 million in the first nine months of
2009. Other income was $10.9 million for the first nine months
this year compared to $9.0 million in the first nine months of
2009. For the first nine months of the year, total other
expenses (excluding the second quarter 2010 goodwill impairment
charge) increased to $33.8 million compared to $26.5 million
(excluding the second quarter 2009 goodwill impairment charge) in
the first nine months of 2009. The increase was largely due to a
$5.4 million increase in REO expenses, writedowns and losses, a
$940,000 increase in business insurance premiums and a $649,000
increase in legal expenses. The second quarter 2010 and 2009
goodwill impairment charges were $12.9 million and $11.7 million,
respectively.
The efficiency ratio was 85.2% in the third quarter of 2010
compared to 56.4% in the third quarter a year ago. The
efficiency ratio for the three months ended September 30, 2010 was
impacted by the reduction in interest income from a decline in the
loan portfolio, a higher level of on-balance sheet liquidity and
higher costs associated with REO, FDIC and business insurance.
Net Interest Margin
Cascade's net interest margin was 2.26% for the third quarter of
2010, compared to 2.49% in the immediate prior quarter and 3.03%
for the third quarter a year ago. The yield on earning assets
declined by 27 basis points compared to the preceding quarter,
while the cost of interest-bearing liabilities declined by 2 basis
points. The decline in the yield on earning assets compared to
the prior quarter was due to a combination of an increase of 2
basis points in the yield on total loans, more than offset by a
decline of 85 basis points in the yield on investments. In
addition, the increase in low-yielding interest-earning deposits
negatively impacted the net interest margin in the third quarter as
compared to the prior quarter.
"In early October we used low-yielding interest-earning deposits
at the Federal Reserve Bank to prepay $80.0 million of FHLB
advances and restructured our remaining $159.0 million of FHLB
advances from long-maturity FHLB 'option' advances, callable
quarterly as rates rise, into floating-rate, option-free
borrowings, thereby reducing the current average rate on the
advances by 1.38%. We also sold substantially all of the
available for sale securities and reinvested in securities in a
similar amount. We believe the combination of these
transactions will have a positive impact on our net interest margin
as a result of improved yields on Cascade's combined
interest-earning deposits and securities portfolio and reduced
funding costs," said Johnson.
The following table depicts Cascade's yield on earning assets,
its cost of funds on paying liabilities and the resulting spread
and margin:
|
3Q10 |
2Q10 |
1Q10 |
4Q09 |
3Q09 |
2Q09 |
1Q09 |
4Q08 |
3Q08 |
Asset yield |
4.62% |
4.89% |
5.13% |
5.35% |
5.60% |
5.63% |
5.83% |
6.07% |
6.67% |
Liability cost |
2.44% |
2.46% |
2.60% |
2.65% |
2.63% |
2.74% |
3.02% |
3.33% |
3.44% |
|
|
|
|
|
|
|
|
|
|
Spread |
2.18% |
2.43% |
2.53% |
2.70% |
2.97% |
2.89% |
2.81% |
2.74% |
3.23% |
Margin |
2.26% |
2.49% |
2.60% |
2.79% |
3.03% |
3.01% |
3.03% |
3.01% |
3.52% |
Regulatory Matters
As reported in July 2010, Cascade Bank entered into a Consent
Order with the FDIC and Washington State DFI. Under the Order
Cascade Bank is required, among other things, to improve asset
quality and reduce classified assets; to improve profitability; and
increase Tier 1 capital to 10% and Risk Based Capital to 12% by
November 18, 2010.
It is also expected that Cascade will enter into a written
agreement with the Federal Reserve Bank of San Francisco, similar
to the Consent Order.
Cascade is working diligently to comply with all regulatory
provisions, has engaged Investment Banking advisors and is actively
exploring a variety of means to raise additional
capital. Cascade's ability to raise additional capital will
depend on conditions in the capital markets at that time, which are
outside its control, and on Cascade's financial performance.
Conference Call
Cascade's management team will host an analyst call on
Wednesday, October 27, 2010, at 11:00 a.m. PDT (2:00 p.m. EDT) to
discuss third quarter results. Interested investors may listen
to the call live or via replay at www.cascadebank.com under
shareholder information. Investment professionals are invited
to dial (480) 629-9724 to participate in the live call. A
replay will be available for a week at (303) 590-3030, using access
code 4365064.
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 April 2010, Cascade was ranked #8 on the Puget Sound Business
Journal's list of largest bank companies headquartered in the Puget
Sound area. In October 2009, Cascade Bank was named Favorite
Snohomish County Company in the fourth annual NW.Jobs.com People's
Picks awards.
Non-GAAP Financial Measures
This news release contains certain non-GAAP financial measures
in addition to results presented in accordance with Generally
Accepted Accounting Principles (GAAP). These measures include
tangible book value per share, efficiency ratio and tangible
capital/assets ratio. These measures should not be construed
as a substitute for GAAP measures; they should be read and used in
conjunction with Cascade's GAAP financial information. A
reconciliation of the included non-GAAP financial measures to GAAP
measures is included elsewhere in this release.
Forward-Looking Statements
This press release contains certain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995 ("PSLRA"). This statement is included for the express
purpose of availing Cascade of the protections of the safe harbor
provisions of the PSLRA. Readers should not place undue
reliance on forward-looking statements, which reflect management's
views only as of the date hereof. The words "should,"
"anticipate," "expect," "will," "believe," and words of similar
meaning are intended, in part, to help identify forward-looking
statements. Additional forward-looking statements include
statements about the benefits of the balance sheet restructurings
to improve Cascade's financial condition, reduce its risk profile
and improve its shareholder value proposition, as well as
statements about the prepayment and restructure of the FHLB
advances anticipated to have a positive impact on Cascade's net
interest margin. Future events are difficult to predict, and the
expectations described above are subject to risks and uncertainties
that may cause actual results to differ materially. Should one
or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those anticipated, estimated or expected. In
addition to discussions about risks and uncertainties set forth
from time to time in Cascade's filings with the Securities and
Exchange Commission, factors that may cause actual results to
differ materially from those contemplated in these forward-looking
statements include, among others: (1) Cascade's ability to
raise additional capital to satisfy the consent order on acceptable
terms, if at all;(2) the effect of the consent order on Cascade's
operations and potential future supervisory action against Cascade;
(3) failure to maintain adequate levels of capital and liquidity to
support Cascade's operations; (4) the extent and duration of
continued economic and market disruptions and governmental actions
to address these disruptions; (5) the risk of new and changing
legislation, regulation and/or regulatory actions; (6) local and
national general and economic conditions; (7) changes in interest
rates; (8) reductions in loan demand or deposit levels or failure
to attract loans and deposits; (9) changes in loan collectability,
defaults and charge-off rates; and (10) adequacy of Cascade's
allowance for loan losses, credit quality and the effect of credit
quality on its provision for credit losses and allowance for loan
losses.
Cascade undertakes no obligation to publicly revise or update
these forward-looking statements to reflect events or circumstances
that arise after the date of this release. Readers should carefully
review the risk factors described in this and other documents
Cascade files from time to time with the Securities and Exchange
Commission, including Cascade's 2009 Form 10-K and Cascade's Form
10-Q for the quarter ending June 30, 2010.
BALANCE SHEET |
|
|
Three Month |
|
One Year |
(Dollars in thousands except per share
amounts) |
September 30,
2010 |
June 30, 2010 |
Change |
September 30,
2009 |
Change |
(Unaudited) |
|
|
|
|
|
ASSETS |
|
|
|
|
|
Cash and due from banks |
$ 4,310 |
$ 4,464 |
-3.4% |
$ 4,401 |
-2.1% |
Interest-earning deposits |
219,291 |
157,127 |
39.6% |
69,838 |
214.0% |
|
|
|
|
|
|
Securities available-for-sale, fair
value |
249,383 |
303,064 |
-17.7% |
242,136 |
3.0% |
Securities held-to-maturity, amortized
cost |
20,681 |
21,849 |
-5.3% |
26,912 |
-23.2% |
Federal Home Loan Bank (FHLB) stock |
11,920 |
11,920 |
0.0% |
11,920 |
0.0% |
Total securities |
281,984 |
336,833 |
-16.3% |
280,968 |
0.4% |
Loans |
|
|
|
|
|
Business |
417,273 |
437,516 |
-4.6% |
473,546 |
-11.9% |
R/E construction |
130,527 |
156,814 |
-16.8% |
284,888 |
-54.2% |
Commercial R/E |
187,564 |
184,223 |
1.8% |
193,652 |
-3.1% |
Multifamily |
93,246 |
94,325 |
-1.1% |
84,029 |
11.0% |
Home equity/consumer |
30,329 |
31,879 |
-4.9% |
31,455 |
-3.6% |
Residential |
197,400 |
203,138 |
-2.8% |
163,151 |
21.0% |
Total loans |
1,056,339 |
1,107,895 |
-4.7% |
1,230,721 |
-14.2% |
Deferred loan fees |
(4,130) |
(4,255) |
-2.9% |
(3,204) |
28.9% |
Allowance for loan losses |
(26,456) |
(26,058) |
1.5% |
(24,749) |
6.9% |
Loans, net |
1,025,753 |
1,077,582 |
-4.8% |
1,202,768 |
-14.7% |
Real estate owned (REO) & other
repossessed assets |
34,989 |
40,463 |
-13.5% |
6,967 |
402.2% |
Premises and equipment, net |
13,575 |
13,932 |
-2.6% |
15,009 |
-9.6% |
Bank owned life insurance |
25,264 |
25,012 |
1.0% |
24,275 |
4.1% |
Goodwill |
-- |
-- |
N/A |
12,885 |
-100.0% |
Prepaid FDIC insurance premiums |
3,975 |
5,009 |
-20.6% |
25 |
N/A |
Federal income tax receivable |
-- |
-- |
N/A |
10,395 |
-100.0% |
Deferred tax asset |
-- |
-- |
N/A |
6,426 |
-100.0% |
Other assets |
15,394 |
18,111 |
-15.0% |
13,030 |
18.1% |
Total assets |
$ 1,624,535 |
$ 1,678,533 |
-3.2% |
$ 1,646,987 |
-1.4% |
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
Liabilities: |
|
|
|
|
|
Deposits |
|
|
|
|
|
Personal checking accounts |
$ 257,928 |
$ 304,145 |
-15.2% |
$ 198,766 |
29.8% |
Business checking accounts |
109,198 |
103,789 |
5.2% |
128,846 |
-15.2% |
Total checking accounts |
367,126 |
407,934 |
-10.0% |
327,612 |
12.1% |
Savings and money market accounts |
144,298 |
128,803 |
12.0% |
128,918 |
11.9% |
Certificates of deposit |
623,843 |
646,218 |
-3.5% |
576,133 |
8.3% |
Total deposits |
1,135,267 |
1,182,955 |
-4.0% |
1,032,663 |
9.9% |
FHLB advances |
239,000 |
239,000 |
0.0% |
239,000 |
0.0% |
Securities sold under agreement to
repurchase |
145,000 |
145,420 |
-0.3% |
147,455 |
-1.7% |
Federal Reserve borrowings |
-- |
-- |
N/A |
60,000 |
-100.0% |
Junior subordinated debentures |
15,465 |
15,465 |
0.0% |
15,465 |
0.0% |
Junior subordinated debentures, fair
value |
3,341 |
3,341 |
0.0% |
8,357 |
-60.0% |
Other liabilities |
10,623 |
8,573 |
23.9% |
7,489 |
41.8% |
Total liabilities |
1,548,696 |
1,594,754 |
-2.9% |
1,510,429 |
2.5% |
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
Preferred stock |
37,374 |
37,262 |
0.3% |
36,931 |
1.2% |
Common stock and paid in capital |
44,041 |
44,030 |
0.0% |
43,518 |
1.2% |
(Accumulated deficit) retained earnings |
(9,332) |
(2,740) |
240.6% |
54,503 |
N/A |
Accumulated other comprehensive gain* |
3,756 |
5,227 |
-28.1% |
1,606 |
133.9% |
Total stockholders' equity |
75,839 |
83,779 |
-9.5% |
136,558 |
-44.5% |
Total liabilities and stockholders'
equity |
$ 1,624,535 |
$ 1,678,533 |
-3.2% |
$ 1,646,987 |
-1.4% |
*Net of tax at September 30, 2009 |
|
|
|
|
|
|
|
|
|
|
|
STATEMENT OF OPERATIONS |
Quarter Ended |
Quarter Ended |
Three Month |
Quarter Ended |
One Year |
(Dollars in thousands except per share
amounts) |
September 30,
2010 |
June 30, 2010 |
Change |
September 30,
2009 |
Change |
(Unaudited) |
|
|
|
|
|
Interest income |
$ 17,394 |
$ 18,627 |
-6.6% |
$ 20,189 |
-13.8% |
Interest expense |
8,867 |
9,162 |
-3.2% |
9,271 |
-4.4% |
Net interest income |
8,527 |
9,465 |
-9.9% |
10,918 |
-21.9% |
Provision for loan losses |
8,000 |
11,725 |
-31.8% |
4,000 |
100.0% |
Net interest income (loss) after provision
for loan losses |
527 |
(2,260) |
N/A |
6,918 |
-92.4% |
Other income: |
|
|
|
|
|
Checking fees |
1,416 |
1,414 |
0.1% |
1,342 |
5.5% |
Service fees |
244 |
247 |
-1.2% |
237 |
3.0% |
Bank owned life insurance, net |
252 |
253 |
-0.4% |
222 |
13.5% |
Gain on sales/calls of securities |
3,000 |
1,764 |
70.1% |
852 |
252.1% |
Gain on sale of loans |
167 |
11 |
N/A |
23 |
N/A |
Fair value gains |
-- |
-- |
N/A |
351 |
-100.0% |
Other |
120 |
149 |
-19.5% |
123 |
-2.4% |
Total other income |
5,199 |
3,838 |
35.5% |
3,150 |
65.0% |
|
|
|
|
|
|
Total income |
5,726 |
1,578 |
262.9% |
10,068 |
-43.1% |
Other expenses: |
|
|
|
|
|
Compensation expense |
3,884 |
3,389 |
14.6% |
3,378 |
15.0% |
Occupancy |
970 |
1,015 |
-4.4% |
1,051 |
-7.7% |
FDIC insurance |
1,080 |
1,106 |
-2.4% |
505 |
113.9% |
Business insurance |
376 |
376 |
0.0% |
63 |
496.8% |
Legal |
320 |
585 |
-45.3% |
172 |
86.0% |
B&O taxes |
357 |
266 |
34.2% |
286 |
24.8% |
REO expenses, writedowns &
losses |
2,666 |
3,928 |
-32.1% |
532 |
401.1% |
Other operating expenses |
2,045 |
2,200 |
-7.0% |
1,941 |
5.4% |
Goodwill impairment |
-- |
12,885 |
N/A |
-- |
N/A |
Total other expenses |
11,698 |
25,750 |
-54.6% |
7,928 |
47.6% |
|
|
|
|
|
|
Net (loss) income before provision for
federal income tax |
(5,972) |
(24,172) |
-75.3% |
2,140 |
-379.1% |
|
|
|
|
|
|
Provision for federal income tax |
-- |
-- |
N/A |
507 |
-100.0% |
|
|
|
|
|
|
Net (loss) income |
(5,972) |
(24,172) |
-75.3% |
1,633 |
-465.7% |
|
|
|
|
|
|
Dividends on preferred stock |
508 |
503 |
1.0% |
487 |
4.3% |
Accretion of issuance discount on preferred
stock |
112 |
112 |
0.0% |
105 |
6.7% |
|
|
|
|
|
|
(Loss) income attributable to common
stockholders |
$ (6,592) |
$ (24,787) |
-73.4% |
$ 1,041 |
N/A |
|
|
|
|
|
|
NET (LOSS) INCOME PER COMMON SHARE
INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income per common share,
basic |
$ (0.54) |
$ (2.02) |
-73.5% |
$ 0.09 |
N/A |
Net (loss) income per common share,
diluted |
$ (0.54) |
$ (2.02) |
-73.5% |
$ 0.09 |
N/A |
|
|
|
|
|
|
Weighted average number of common shares
outstanding |
|
|
|
|
|
Basic |
12,271,529 |
12,246,529 |
|
12,128,257 |
|
Diluted |
12,271,529 |
12,246,529 |
|
12,128,257 |
|
|
|
|
STATEMENT OF OPERATIONS |
Nine Months
Ended |
Nine Month |
(Dollars in thousands except per share
amounts) |
September 30,
2010 |
September 30,
2009 |
Change |
(Unaudited) |
|
|
|
Interest income |
$ 55,152 |
$ 61,814 |
-10.8% |
Interest expense |
27,473 |
28,954 |
-5.1% |
Net interest income |
27,679 |
32,860 |
-15.8% |
Provision for loan losses |
51,015 |
36,175 |
41.0% |
Net interest loss after provision for loan
losses |
(23,336) |
(3,315) |
N/A |
Other income: |
|
|
|
Checking fees |
4,093 |
3,724 |
9.9% |
Service fees |
724 |
772 |
-6.2% |
Bank owned life insurance, net |
742 |
635 |
16.9% |
Gain on sales/calls of securities |
4,792 |
1,196 |
300.7% |
Gain on sale of loans |
205 |
160 |
28.1% |
Fair value gains |
-- |
2,153 |
-100.0% |
Other |
393 |
359 |
9.5% |
Total other income |
10,949 |
8,999 |
21.7% |
|
|
|
|
Total (loss) income |
(12,387) |
5,684 |
N/A |
Other expenses: |
|
|
|
Compensation expense |
10,953 |
10,562 |
3.7% |
Occupancy |
3,001 |
3,161 |
-5.1% |
FDIC insurance & WPDPC
assessment |
3,040 |
2,505 |
21.4% |
Business insurance |
1,129 |
189 |
497.4% |
Legal |
1,067 |
418 |
155.3% |
B&O taxes |
886 |
873 |
1.5% |
REO expenses, writedowns &
losses |
7,588 |
2,176 |
248.7% |
Other operating expenses |
6,136 |
5,773 |
6.3% |
OTTI charge |
-- |
858 |
-100.0% |
Goodwill impairment |
12,885 |
11,700 |
10.1% |
Total other expenses |
46,685 |
38,215 |
22.2% |
|
|
|
|
Net loss before provision (benefit) for
income tax |
(59,072) |
(32,531) |
81.6% |
|
|
|
|
Provision (benefit) for income tax |
3,211 |
(7,947) |
N/A |
|
|
|
|
Net loss |
(62,283) |
(24,584) |
153.3% |
|
|
|
|
Dividends on preferred stock |
1,510 |
1,456 |
3.7% |
Accretion of issuance discount on preferred
stock |
336 |
315 |
6.7% |
|
|
|
|
Loss attributable to common stockholders |
$ (64,129) |
$ (26,355) |
143.3% |
|
|
|
|
NET LOSS PER COMMON SHARE
INFORMATION |
|
|
|
|
|
|
|
Net loss per common share, basic |
$ (5.24) |
$ (2.18) |
141.0% |
Net loss per common share, diluted |
$ (5.24) |
$ (2.18) |
141.0% |
|
|
|
|
Weighted average number of common shares
outstanding |
|
|
|
Basic |
12,228,984 |
12,113,623 |
|
Diluted |
12,228,984 |
12,113,623 |
|
|
|
|
|
|
|
(Dollars in thousands except per share
amounts) |
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
Quarter
Ended |
Nine Months
Ended |
PERFORMANCE MEASURES AND
RATIOS |
September 30,
2010 |
June 30, 2010 |
September 30,
2009 |
September 30,
2010 |
September 30,
2009 |
Return on average common equity
(annualized) |
-55.12% |
-187.06% |
4.28% |
-130.82% |
-32.34% |
Return on average tangible common equity
(annualized)* |
-55.43% |
-90.30% |
4.96% |
-112.31% |
-21.35% |
Return on average assets |
-1.59% |
-5.85% |
0.25% |
-5.08% |
-2.17% |
Efficiency ratio |
85.23% |
193.57% |
56.35% |
120.86% |
91.29% |
Efficiency ratio (excluding goodwill and
OTTI)* |
85.23% |
96.71% |
56.35% |
87.50% |
61.29% |
Net interest margin |
2.26% |
2.49% |
3.03% |
2.45% |
3.02% |
*Non-GAAP measurement |
|
|
|
|
|
|
Quarter
Ended |
Nine Months
Ended |
AVERAGE BALANCES |
September 30,
2010 |
June 30, 2010 |
September 30,
2009 |
September 30,
2010 |
September 30,
2009 |
Average assets |
$ 1,647,081 |
$ 1,699,249 |
$ 1,634,855 |
$ 1,687,034 |
$ 1,626,966 |
Average earning assets |
1,494,329 |
1,526,742 |
1,430,829 |
1,510,974 |
1,453,728 |
Average total loans |
1,090,449 |
1,134,477 |
1,231,888 |
1,139,952 |
1,246,130 |
Average deposits |
1,150,803 |
1,197,710 |
1,024,489 |
1,172,539 |
995,071 |
Average equity (including preferred
stock) |
84,748 |
90,338 |
133,375 |
102,733 |
145,728 |
Average common equity (excluding preferred
stock) |
47,447 |
53,149 |
96,513 |
65,543 |
108,961 |
Average tangible common equity (excluding
preferred stock and goodwill and intangibles) |
47,184 |
52,867 |
83,223 |
61,002 |
91,778 |
|
|
|
|
|
|
EQUITY ANALYSIS |
September 30,
2010 |
June 30, 2010 |
September 30,
2009 |
|
|
Total equity |
$ 75,839 |
$ 83,779 |
$ 136,558 |
|
|
Less: preferred stock |
37,374 |
37,262 |
36,931 |
|
|
Total common equity |
38,465 |
46,517 |
99,627 |
|
|
Less: goodwill and intangibles |
247 |
282 |
13,273 |
|
|
Tangible common equity |
$ 38,218 |
$ 46,235 |
$ 86,354 |
|
|
|
|
|
|
|
|
Common stock outstanding |
12,271,529 |
12,271,529 |
12,146,080 |
|
|
Book value per common share |
$ 3.13 |
$ 3.79 |
$ 8.20 |
|
|
Tangible book value per common share |
$ 3.11 |
$ 3.77 |
$ 7.11 |
|
|
|
|
|
|
(Dollars in thousands except per share
amounts) |
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
ASSET QUALITY |
September 30,
2010 |
June 30, 2010 |
September 30,
2009 |
Nonperforming loans (NPLs) |
$ 68,354 |
$ 69,824 |
$ 125,687 |
Nonperforming loans/total loans |
6.47% |
6.30% |
10.21% |
REO and other repossessed assets |
$ 34,989 |
$ 40,463 |
$ 6,967 |
Nonperforming assets |
$ 103,343 |
$ 110,287 |
$ 132,654 |
Nonperforming assets/total assets |
6.36% |
6.57% |
8.05% |
Net loan charge-offs in the quarter |
$ 7,602 |
$ 11,679 |
$ 3,368 |
Net charge-offs in the quarter/total
loans |
0.72% |
1.05% |
0.27% |
|
|
|
|
Allowance for loan losses |
$ 26,456 |
$ 26,058 |
$ 24,749 |
Plus: Allowance for off-balance sheet
commitments |
59 |
60 |
75 |
Total allowance for loan losses |
$ 26,515 |
$ 26,118 |
$ 24,824 |
Total allowance for loan losses/total
loans |
2.51% |
2.36% |
2.02% |
Total allowance for loan losses/nonperforming
loans |
38.79% |
37.41% |
19.75% |
|
|
|
|
Capital/asset ratio (including junior
subordinated debentures) |
6.15% |
6.48% |
9.81% |
Capital/asset ratio (Tier 1, including junior
subordinated debentures) |
5.82% |
6.08% |
9.05% |
Tangible cap/asset ratio (excluding preferred
stock and goodwill & intangibles) |
2.35% |
2.75% |
5.29% |
Risk based capital/risk weighted asset
ratio |
10.67% |
10.65% |
13.01% |
|
|
|
|
|
Quarter
Ended |
INTEREST SPREAD
ANALYSIS |
September 30,
2010 |
June 30, 2010 |
September 30,
2009 |
Yield on interest-earning deposits |
0.23% |
0.22% |
0.21% |
Yield on total loans |
5.67% |
5.65% |
5.51% |
Yield on investments |
2.28% |
3.13% |
4.38% |
Yield on earning assets |
4.62% |
4.89% |
5.60% |
|
|
|
|
Cost of deposits |
1.23% |
1.31% |
1.51% |
Cost of FHLB advances |
4.35% |
4.35% |
4.35% |
Cost of Federal Reserve borrowings |
0.00% |
0.00% |
0.25% |
Cost of securities sold under agreement to
repurchase |
5.94% |
5.92% |
5.89% |
Cost of junior subordinated debentures |
10.91% |
10.78% |
8.70% |
Cost of interest-bearing liabilities |
2.44% |
2.46% |
2.63% |
|
|
|
|
Net interest spread |
2.18% |
2.43% |
2.97% |
Net interest margin |
2.26% |
2.49% |
3.03% |
|
|
|
|
|
|
RECONCILIATION TO NON-GAAP FINANCIAL
MEASURES* |
|
|
|
|
|
(Dollars in thousands) |
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
Quarter
Ended |
Nine Months
Ended |
|
September 30,
2010 |
June 30, 2010 |
September 30,
2009 |
September 30,
2010 |
September 30,
2009 |
|
|
|
|
|
|
AVERAGE TANGIBLE COMMON
EQUITY |
|
|
|
|
|
Loss attributable to common stockholders |
$ (6,592) |
$ (24,787) |
$ 1,041 |
$ (64,129) |
$ (26,355) |
Goodwill impairment |
-- |
12,885 |
-- |
12,885 |
11,700 |
(Loss) income available for common
stockholders (excluding goodwill impairment) |
$ (6,592) |
$ (11,902) |
$ 1,041 |
$ (51,244) |
$ (14,655) |
|
|
|
|
|
|
Average equity |
$ 84,748 |
$ 90,338 |
$ 133,375 |
$ 102,733 |
$ 145,728 |
Average preferred stock |
37,301 |
37,189 |
36,862 |
37,190 |
36,767 |
Average common equity |
47,447 |
53,149 |
96,513 |
65,543 |
108,961 |
Average goodwill and intangibles |
263 |
282 |
13,290 |
4,541 |
17,183 |
Average tangible common equity (excluding
preferred stock and goodwill and intangibles) |
$ 47,184 |
$ 52,867 |
$ 83,223 |
$ 61,002 |
$ 91,778 |
|
|
|
|
|
|
Return on average tangible common equity
(annualized) |
-55.43% |
-90.30% |
4.96% |
-112.31% |
-21.35% |
|
|
|
|
|
|
EFFICIENCY RATIO |
|
|
|
|
|
Total other expenses |
$ 11,698 |
$ 25,750 |
$ 7,928 |
$ 46,685 |
$ 38,215 |
Less goodwill impairment |
-- |
12,885 |
-- |
12,885 |
11,700 |
Less OTTI |
-- |
-- |
-- |
-- |
858 |
Total other expenses (excluding goodwill
impairment and OTTI) |
$ 11,698 |
$ 12,865 |
$ 7,928 |
$ 33,800 |
$ 25,657 |
|
|
|
|
|
|
Net interest income |
$ 8,527 |
$ 9,465 |
$ 10,918 |
$ 27,679 |
$ 32,860 |
Other income |
5,199 |
3,838 |
3,150 |
10,949 |
8,999 |
Total income |
$ 13,726 |
$ 13,303 |
$ 14,068 |
$ 38,628 |
$ 41,859 |
|
|
|
|
|
|
Efficiency ratio (excluding goodwill
impairment and OTTI) |
85.23% |
96.71% |
56.35% |
87.50% |
61.29% |
|
|
|
|
|
|
TANGIBLE COMMON EQUITY |
|
|
|
|
|
Total assets |
$ 1,624,535 |
$ 1,678,533 |
$ 1,646,987 |
|
|
Less goodwill and intangibles |
247 |
282 |
13,273 |
|
|
Total tangible assets |
$ 1,624,288 |
$ 1,678,251 |
$ 1,633,714 |
|
|
|
|
|
|
|
|
Total equity |
$ 75,839 |
$ 83,779 |
$ 136,558 |
|
|
Less: preferred stock |
37,374 |
37,262 |
36,931 |
|
|
Total common equity |
38,465 |
46,517 |
99,627 |
|
|
Less: goodwill and intangibles |
247 |
282 |
13,273 |
|
|
Tangible common equity |
$ 38,218 |
$ 46,235 |
$ 86,354 |
|
|
|
|
|
|
|
|
Tangible cap/asset ratio (excluding
preferred stock and goodwill and intangibles) |
2.35% |
2.75% |
5.29% |
|
|
|
|
|
|
|
|
*Management believes that the
presentation of non-GAAP results provides useful information to
investors regarding the effects on the Company's reported results
of operations. |
|
|
CONTACT: Cascade Bank
Investor Contacts:
Carol K. Nelson, CEO
Debra L. Johnson, CFO
425.339.5500
www.cascadebank.com
Cascade Financial Corp. (MM) (NASDAQ:CASB)
Historical Stock Chart
From Feb 2024 to Mar 2024
Cascade Financial Corp. (MM) (NASDAQ:CASB)
Historical Stock Chart
From Mar 2023 to Mar 2024