Cascade Financial Corp. reports a 39 percent increase in first-quarter operating earnings.EVERETT Everett. 1 City (1990 pop. 35,701), Middlesex co., E Mass., an industrial suburb of Boston, on the Mystic River; settled c.1643, set off from Malden 1870, inc. as a city 1892. , Wash.--(BUSINESS WIRE)--Oct. 16, 1996--Cascade Financial Corp., the holding company for Cascade A connected series of devices or images. It often implies that the second and subsequent device takes over after the previous one is used up. For example, cascading tapes in a dual-tape backup system means the second tape is written after the first one is full. Bank, reported earnings before a non-recurring item of $449,000, or 20 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. (fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. ) for the three months ended Sept. 30, 1996, compared with net earnings $324,000, or 14 cents per share, for the three months ended Sept. 30, 1995. As previously announced, a special non-recurring charge was recorded in the quarter ended Sept. 30, 1996, to recapitalize re·cap·i·tal·ize tr.v. re·cap·i·tal·ized, re·cap·i·tal·iz·ing, re·cap·i·tal·iz·es To change the capital structure of (a corporation). re·cap the Federal Deposit Insurance Corp.'s SAIF fund. This one-time charge amounted to $811,000 after taxes or 40 cents per outstanding share and resulted in a net loss for the quarter of $362,000, or 18 cents per outstanding share. Cascade Bank's assets increased to $340 million at Sept. 30, 1996, up 10 percent from $310 million at Sept. 30, 1995. Cascade's stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. increased to $20.6 million at Sept. 30, 1996, from $19.6 million at Sept. 30, 1995. Cascade's Chairman Frank M. McCord reported continued growth in net interest income, earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin and deposit accounts. Net interest income increased 23 percent for the quarter as a result of a 9 percent increase in earning assets and increasing net interest margins. Expense ratios continue to improve due to increased operational efficiencies. Cascade's strategy is to expand banking services to local communities and increase assets when interest rate spreads are favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. . Cascade Bank recently dropped the "Savings" from its name to reflect its expanding commercial and consumer banking services. Chartered in 1916, Cascade Bank is the oldest financial institution with headquarters in Snohomish County. Cascade has been locally managed for over 80 years and has an "outstanding" Community Reinvestment Act Community Reinvestment Act (CRA) Enacted by Congress in 1977, the CRA encourages banks to help meet the credit needs of their communities for housing and other purposes, particularly in neighborhoods with low or moderate incomes, while maintaining safe and sound operations. rating for serving the credit needs of the local community. Cascade Bank operates full-service offices in Everett, Lynnwood, Marysville, Mukilteo, Smokey Point, Issaquah and Bellevue, and a home loan center in Bellingham. The bank recently announced its Mt. Vernon home loan center will be expanded to a full-service office in the near future. The Corporation's stock is quoted on the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on system under the symbol "CASB CASB Cost Accounting Standards Board CASB Colorado Association of School Boards CASB Canadian Aviation Safety Board CASB Catalogs and Surveys Branch CASB Chinese Association at Stony Brook CASB Council for the Advancement of Small Business ." -0-
CASCADE FINANCIAL CORP.
Consolidated Financial Highlights
(Dollars in thousands, except per-share amounts)
--Unaudited--
Three months ended
Sep 30,
1996 1995
Net interest income $ 2,038 $ 1,659
Other non-interest income 359 548
Operating expenses 1,716 1,716
Income tax expense 232 167
Earnings before non-recurring item 449 324
Non-recurring item -- net of
taxes, SAIF charge (811) --
Net earnings (loss) (362) 324
EARNINGS PER SHARE INFORMATION
Earnings before non-recurring
item per share, fully diluted 20 cents 14 cents
Net earnings, (loss) per share (18 cents) 14 cents
Weighted average number of
shares outstanding, fully diluted 2,299,009 2,278,612
Sep 30, 1996 Jun 30, 1996 Sep 30, 1995
Total assets $ 340,380 $ 334,431 $ 309,776
Loans, net 244,779 233,612 218,784
Cash and securities 85,253 90,635 79,529
Deposits 216,910 218,063 205,712
Borrowings 93,512 88,992 77,500
Stockholders' equity 20,586 20,815 19,608
Book value per common
share 10.04 10.17 9.67
Book value per common
share, fully diluted 8.95 9.12 8.61
CONTACT: Cascade Financial Corp., Everett, Wash. Russell E. Rosendal, 206/339-5500 |
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