Cascade Financial Schedules Third Quarter Conference Call for October 22.Business Editors EVERETT, Wash.--(BUSINESS WIRE)--Oct. 6, 2003 Cascade 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 ), announced that it will report its third quarter 2003 results on Tuesday, October 21, 2003, following the close of the market. The company will host a conference call on Wednesday, October 22, 2003, at 10:00 a.m. PDT PDT abbr. Pacific Daylight Time PDT Pacific Daylight Time PDT n abbr (US) (= Pacific Daylight Time) → hora de verano del Pacífico PDT (1:00 p.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT ). Carol K. Nelson, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , and Lars Johnson, CFO See Chief Financial Officer. , will review the bank's results and discuss its growth strategies. Interested investors may listen to the call live at www.cascadebank.com. Replay of the call will be available through Wednesday, November 5, 2003 at 1-303-590-3000 (access code 555438#). The call will also be on the web at www.cascadebank.com through January 2004. CASB 2003 HIGHLIGHTS -- Record Profits: In 2Q03, CASB achieved its 11th consecutive record quarterly profit, with earnings up 17% to $2.4 million, or $0.35 per share. In the first half of the year, earnings rose 21% to $4.7 million, or $0.69 per share. -- Attractive Valuation: At $18.95, CASB is trading at 14.7 times trailing twelve month earnings, and offers a 1.5% annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. yield based on the $0.07 per share cash dividend to be paid this month. -- Strong Loan Quality: Non-performing assets were only 0.19% of total assets and reserves were 1.33% of total loans at June 30, 2003. -- Competitive Advantages: In their two years at the helm, Carol Nelson, CEO, and Lars Johnson, CFO, have improved efficiencies, expanded the bank's branch network and created a strong competitive culture. In June 2003, Cascade Bank was voted the #1 medium-sized "Best Company to Work For" by Washington CEO magazine. ABOUT CASB Established in 1916, Cascade Bank, the only operating subsidiary of Cascade Financial Corporation, is a state chartered commercial bank headquartered in Snohomish County, Washington Snohomish County is a county located in the U.S. state of Washington. It is named after the Snohomish tribe. Since 2000, the county's population has grown from 606,024 to 686,300 residents (2007 figures), making it one of the fastest-growing in the state, ranking third in overall . Cascade's vision is to be the preferred community bank whose employees build relationships to deliver financial solutions with exceptional service. The bank has been locally managed for more than 85 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 Bank operates 15 full service offices, located in Everett, Lynnwood, Marysville, Mukilteo, Smokey Point, Issaquah, Clearview, Woodinville, Lake Stevens, and Bellevue. |
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