Cascade Financial Corporation Reports a 16% 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, 1999-- 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 earnings of $4.1 million or $0.69 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 June: see month. 30, 1999, compared to $3.5 million or $0.60 per diluted share for the year ended June 30, 1998. Earnings for the three months ended June 30, 1999, totaled $829,000 or $0.14 per diluted share compared with $1.0 million or $0.17 per diluted share for the three months ended June 30, 1998. Cascade's chairman, Frank M. McCord McCord is the placename for several places in the United States:
Cascade's loans increased to $456 million at June 30, 1999, up 18% from $385 million at June 30, 1998. 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 $34.2 million at June 30, 1999. Capital ratios of the Corporation's banking subsidiary continued to exceed regulatory requirements Regulatory requirements are part of the process of drug discovery and drug development. Regulatory requirements describe what is necessary for a new drug to be approved for marketing in any particular country. for classification as "well-capitalized," the highest regulatory standard. 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 Financial Corporation's subsidiary, Cascade Bank, operates full service branches 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, 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 system under the symbol "CASB." -0-
Cascade Financial Corporation
Consolidated Financial Highlights
(Dollars in thousands except per share amounts)
Three Months Ended Year Ended
June 30 June 30
1999 1998 1999 1998
(Unaudited) (Unaudited)
Net interest income $4,341 3,729 16,249 13,798
Provision for loan losses -- 45 427 247
------ ------ ------ ------
Net interest income after
provision for losses 4,341 3,684 15,822 13,551
Other non-interest income 546 753 2,837 2,458
Operating expenses 3,632 2,922 12,438 10,728
Income tax expense 426 515 2,117 1,756
------ ------ ------ ------
Net earnings 829 1,000 4,104 3,525
EARNINGS PER SHARE INFORMATION
Earnings per share, basic $0.15 0.19 0.76 0.66
Earnings per share, diluted 0.14 0.17 0.69 0.60
Weighted average number of
shares outstanding:
basic 5,454,302 5,332,030 5,420,286 5,312,305
diluted 6,023,512 5,921,225 5,966,542 5,843,386
30-Jun-99 30-June-98
(Unaudited) (Unaudited)
Total assets $557,086 $444,155
Loans, net 455,736 384,734
Cash and securities 84,611 44,103
Deposits 361,786 312,518
Borrowings 147,947 86,827
Stockholders' equity 34,239 31,418
Book value per share 6.28 5.89
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