Cascade Financial Corporation Reports Growth in Assets and Interest Income.Business Editors 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)--Jan. 25, 2000 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. Financial Corporation (Nasdaq: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 ), the holding company for Cascade Bank, reported net earnings of $1.99 million or $0.33 per 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. share for the six months ended December December: see month. 31, 1999, compared with $1.94 million or $0.33 per diluted share for the six months ended December 31, 1998. Net earnings were $1.01 million or $0.17 per diluted share for the three months ended December 31, 1999 compared with net earnings $1.06 million or $0.18 per diluted share for the three months ended December 31, 1998. Cascade's assets increased to $617 million at December 31, 1999 from $490 million at December 31, 1998. Loans increased 24% to $512 million at December 31, 1999 compared to $414 million at December 31, 1998. The Corporation'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 $36 million at December 31, 1999 from $34 million at December 31, 1998. Cascade's Chairman Frank M. McCord McCord is the placename for several places in the United States:
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. &uot;The strong growth in our loans led to a 19% increase in net interest income over the prior year's quarter. There was substantial growth in our business, commercial real estate and construction loans. Offsetting the positive impact of this growth were non-recurring Year 2000 expenses and a substantial decrease in our residential lending activity, especially refinancings, due to higher interest rates. Deposits increased nearly $100 million during the last twelve months. We opened two new branches during 1999. Our current strategy is to continue to expand our branch network and increase our customer base by providing a full range of banking services, including the added convenience of online banking.&uot; Chartered in 1916, Cascade Bank is the oldest financial institution headquartered in Snohomish Snohomish can refer to:
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 has paid a 25% stock dividend each year since 1993. Cascade Bank operates full service offices in Everett, Lynnwood Lynnwood, city (1990 pop. 28,695), Snohomish co., W central Wash., a residential and industrial suburb of Seattle; inc. 1959. Aerospace parts, communications and electrical equipment, electronic components, precious metal jewelry, and scales and balances are among , Marysville Marysville is the name of several places. Locations Australia
CASCADE FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Dollars in thousands except per share amounts)
Three Months Ended Six Months Ended
Dec 31, Dec 31,
1999 1998 1999 1998
---------- ---------- ---------- ----------
(Unaudited) (Unaudited)
Net interest income $ 4,678 3,918 9,356 7,694
Provision for loan
losses 140 150 350 300
---------- ---------- ---------- ----------
Net interest income
after provision for
losses 4,538 3,768 9,006 7,394
Other non-interest
income 531 607 1,016 1,143
Operating expenses 3,533 2,771 7,009 5,594
Income tax expense 522 545 1,023 1,000
---------- ---------- ---------- ----------
Net earnings 1,014 1,059 1,990 1,943
EARNINGS PER SHARE INFORMATION
Earnings per share,
basic $ 0.19 0.20 0.36 0.36
Earnings per share,
diluted 0.17 0.18 0.33 0.33
Weighted average number
of shares outstanding:
basic 5,479,406 5,403,366 5,472,582 5,382,561
diluted 5,952,367 5,898,795 5,953,597 5,905,857
Dec 31, 1999 June 30, 1999 Dec 31, 1998
(Unaudited) (Unaudited) (Unaudited)
------------ ------------- ------------
Total assets $616,958 557,086 489,807
Loans, net 511,735 455,736 413,698
Cash and securities 87,964 84,611 60,034
Deposits 438,935 361,786 335,529
Borrowings 136,793 147,947 108,560
Stockholders' equity 35,731 34,239 33,612
Book value per common share 6.51 6.28 6.22
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