Cascade Financial Corporation Reports Third Quarter Growth.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)--May 3, 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 consolidated assets have increased to $646 million at March 31, 2000 from $531 million at March 31, 1999. Net loans increased 25% to $534 million at March 31, 2000 from $426 million at March 31, 1999. The bank's successful transition to a full service community bank is progressing as planned. Business and construction loan balances increased 55% to $136.2 million, representing an increase from 22% to 26% of total loans. During the same period, the 1-4 family residential loan portfolio declined from 45% to 33% of total loans. Checking account deposits increased 9.8% to $44.5 million. Total transaction accounts, including money markets, increased from 33% to 40% of total deposits. The Corporation's shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. increased to $36.7 million at March 31, 2000 from $34.9 million at March 31, 1999. Net interest income for the nine months ended March 31, 2000 was $14.1 million, a 19% increase over the previous period ended March 31, 1999. Net earnings excluding mortgage banking revenue and loan loss provisions increased 46% from $527,000 to $772,000 for the March quarter. Consolidated net earnings were $2.84 million or $0.48 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 nine months ended March 31, 2000 compared to $3.28 million or $0.55 per diluted share for the nine months ended March 31, 1999. Net earnings were $.8 million or $0.14 per diluted share for the three months ended March 31, 2000 compared to net earnings of $1.33 million or $0.23 per diluted share for the three months ended March 31, 1999. A significant decline in non-interest income resulted in lower quarterly and year to date earnings for the period ended March 31, 2000. Prior period income benefited from an $800,000 gain on sale of 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 and loans compared to a similar gain of $300,000 in the nine months ended March 31 2000. This decrease in non-interest income represented $0.08 per diluted share both for the quarter and the nine month period ended March 31, 2000. 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. "The strong growth in our loans led to a 19% increase in net interest income over the prior year's period. There was substantial growth in our business, commercial real estate and construction loans. Offsetting the positive impact of this growth was a substantial decrease in our residential lending activity, especially refinancings, due to higher interest rates. Deposits increased $70 million during the last twelve months. We have opened two new offices during this fiscal year, with a third office opening on April 25, 2000. 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." 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 Bank operates fourteen 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
Vernon, city (1991 pop. 23,514), S British Columbia, Canada, near the north end of Okanagan Lake. The center of a fruit-growing and dairying area, it has packing and dehydrating plants. , Smokey Point, Issaquah, Clearview Clearview may refer to:
John Stevens, 1749–1838, b. New York City, was graduated from King's College (now Columbia Univ.) in 1768. and Bellevue, and a home loan center in Bellingham. The Corporation's stock is quoted on the NASDAQ system under the symbol "CASB."
CASCADE FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Dollars in thousands except per share amounts)
Three Months Ended Nine Months Ended
March 31, March 31,
2000 1999 2000 1999
---------- ---------- ---------- ----------
(Unaudited) (Unaudited)
Net interest
income $ 4,762 4,214 14,118 11,908
Provision for
loan losses $ 210 127 560 427
---------- ---------- ---------- ----------
Net interest
income after
provision for
losses $ 4,552 $ 4,087 $ 13,558 $ 11,481
Other non-interest
income 596 1,148 1,612 2,274
Operating expenses 3,870 3,211 10,879 8,789
Income tax expense 433 691 1,456 1,691
---------- ---------- ---------- ----------
Net earnings 845 1,333 2,835 3,275
EARNINGS PER SHARE INFORMATION
Earnings per
share, basic $ 0.15 0.25 0.52 0.61
Earnings per
share, diluted 0.14 0.23 0.48 0.55
Weighted average
number of shares
outstanding:
basic 5,505,334 5,414,603 5,482,125 5,387,762
diluted 5,918,994 5,920,200 5,942,004 5,905,624
March 31, June 30, March 31,
2000 1999 1999
-------- -------- --------
(Unaudited) (Unaudited) (Unaudited)
Total assets $645,569 $557,086 $530,676
Loans, net 534,147 455,736 426,375
Cash and securities 93,035 84,611 87,353
Deposits 428,391 361,786 358,878
Borrowings 162,289 147,947 120,321
Trust preferred debt 10,310 -- --
Stockholders' equity 36,694 34,239 34,947
Book value per common share 6.68 6.24 6.46
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