Cascade Financial Corporation Reports a 158% Increase in Annual 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 30, 1998--Cascade Financial Corporation, 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 record earnings of $3.5 million for $.75 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 year ended June 30, 1998, compared to $1.4 million or $.29 per diluted share for the year ended June 30, 1997. Earnings for the three months ended June 30, 1998 totaled $1.0 million or $.21 per diluted share compared to $664,000 or $.14 per diluted share for the three months ended June 30, 1997. Earnings for 1997 included an after-tax charge of $811,000 or $.17 per diluted share for recapitalization Recapitalization Restructuring a company's debt and equity mixture often with the aim of making a company's capital structure more stable. Notes: Companies often want to diversify their debt-to-equity ratio to improve liquidity. of the SAIF insurance fund. All 1997 amounts have been restated to reflect the Aug. 1, 1997 merger with AmFirst Bancorporation, accounted for as a pooling of interests Pooling of Interests An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together. Notes: The opposite of pooling of interests is the purchase acquisition method. . Cascade's chairman Frank M. McCord reported continued growth in 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 net interest income. Net interest income increased 24% for the quarter and 18% for the year as a result of adding higher yielding commercial and consumer loans. Cascade's Loans increased to $385 million at June 30, 1998 up 13% from $341 million at June 30, 1997. 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 $31.4 million at June 30, 1998 from $27.5 million at June 30, 1997. The merger with American First National Bank, strong increases in loan originations The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. and lower costs of deposits have resulted in the outstanding earnings for this quarter and the year, noted McCord. Chartered in 1916, Cascade Bank is the oldest financial institution headquartered in Snohomish County. Cascade has been locally managed for over 81 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 Financial Corporation's subsidiary, Cascade Bank, operates full service branches in Everett, Lynnwood, Marysville, Mukilteo, Clearview, Smokey Point, Mt. Vernon, Issaquah and Bellevue, and a home loan center in Bellingham. 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)
Three Months Ended Year Ended
June 30, June 30,
1998 1997 1998 1997
(Unaudited) (Unaudited)
Net interest income $3,729 $3,008 $13,798 $11,644
Provision for loan losses (45) (193) (247) (810)
Net interest income after
provision for losses 3,684 2,815 13,551 10,834
Other non-interest income 753 554 2,458 1,942
Operating expenses 2,922 2,538 10,728 10,897
Income tax expense 515 167 1,756 511
Net earnings 1,000 664 3,525 1,368
EARNINGS PER SHARE INFORMATION
Earnings per share, basic $0.23 $0.16 $0.83 $0.32
Earnings per share, diluted 0.21 0.14 0.75 0.29
Weighted average number of
shares outstanding:
basic 4,265,624 4,216,517 4,249,844 4,213,038
diluted 4,736,980 4,664,716 4,691,275 4,667,385
June 30, 1998 June 30, 1997
(Unaudited) (Unaudited)
Total assets $444,155 $434,162
Loans, net 384,734 341,280
Cash and securities 44,103 79,312
Deposits 312,518 304,205
Borrowings 86,827 94,142
Stockholders' equity 31,418 27,547
Book value per share 7.37 6.53
CONTACT: Cascade Financial Corp.
Russell E. Rosendal, 425/339-5500
http://www.cascadebank.com
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