Cascade Financial Corp. reports increase in assets and 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)--July 24, 1995--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. Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. , reported earnings of $2.9 million, or $1.60 per share, for the year ended June June: see month. 30, 1995, compared to $2 million, or $1.13 per share, for the year ended June 30, 1994. Earnings for the three months ended June 30, 1995, were $426,000, or 24 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. , compared to $298,000, or 17 cents per share, for the three months ended June 30, 1994. The fourth quarter includes the effects of an accounting change for mortgage servicing Mortgage servicing The collection of monthly payments and penalties, record keeping, payment of insurance and taxes, and possible settlement of default , involved with a mortgage loan. rights. Cascade's Chairman Frank M. McCord reported the increase in the quarterly earnings was the result of cost reductions initiated earlier in the year, growth in earnings assets, and improved asset quality. "Cascade's strategy is to increase investment in higher yielding residential mortgage loans and grow savings deposits Savings deposits Accounts that pay interest, typically at below-market interest rates, that do not have a specific maturity, and that usually can be withdrawn upon demand. ." Cascade Savings Bank's assets increased to $311 million at June 30, 1995, up 21 percent from $258 million at June 30, 1994. Cascade's total capital increased to $19.3 million at June 30, 1995, from $16.4 million at June 30, 1994. Chartered in 1916, Cascade Savings Bank is the oldest financial institution in Snohomish County. Cascade is locally managed and recently received its second "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 Financial Corp.'s primary subsidiary, Cascade Savings Bank, FSB (FrontSide Bus) See system bus. FSB - front side bus , operates full-service branches in Everett, Lynnwood, Marysville, Smokey Point, Issaquah, and Bellevue, and home loan centers in Bellingham and Mt. Vernon. 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--
Year Three months
ended ended
Jun 30, Jun 30,
1995 1994 1995 1994
Net interest income $ 9,445 $ 7,403 $ 1,690 $ 1,895 Provision for loan losses (recovery) (335) 495 0 125 Net interest income after provision for loan losses 9,780 6,908 1,690 1,770 Mortgage banking income 928 4,208 309 635 Other non-interest income 1,549 927 375 166 Operating expenses 7,878 9,006 1,728 2,120 Income tax expense 1,489 1,033 220 153 Net earnings $ 2,890 $ 2,004 $ 426 $ 298 EARNINGS PER SHARE INFORMATION Earnings per share, fully diluted $ 1.60 $ 1.13 24 cents 17 cents Weighted average number of shares outstanding, fully diluted 1,807,541 1,770,570 1,813,211 1,795,248
Jun 30, 1995 Jun 30, 1994 Mar 31, 1995
Total assets $ 310,943 $ 258,049 $ 296,700 Loans receivable, net 216,609 183,839 207,392 Cash, securities and mortgage securities 83,484 65,794 79,399 Deposits 199,938 181,131 186,206 Borrowings 84,444 54,461 84,044 Stockholders' equity 19,294 16,381 18,864 Book value per common share 11.90 10.15 11.66 Book value per common share, fully diluted 10.64 9.12 10.47 CONTACT: Cascade Financial Corp., Everett, Wash. Russell E. Rosendal, 206/339-5500 |
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