Cascade Financial reports a 30 percent increase in second quarter 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)--Jan. 22, 1997--Cascade Financial Corp., 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 net earnings of $456,000 or $.20 per share for the three months ended Dec. 31, 1996 compared with net earnings of $350,000 or $.15 per share for the three months ended Dec. 31, 1995. For the six months ended Dec. 31, 1996, earnings from operations were $905,000 or $.39 per share compared with $575,000 or $.25 per share for the 1995 period. Six month net earnings of $94,000 or $.04 per share in 1996 included a special non-recurring charge to recapitalize re·cap·i·tal·ize tr.v. re·cap·i·tal·ized, re·cap·i·tal·iz·ing, re·cap·i·tal·iz·es To change the capital structure of (a corporation). re·cap the Federal Deposit Insurance Corp.'s SAIF fund. This one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. charge amounted to $811,000 after taxes or $.35 per share. Six month net earnings of $674,000 or $.30 per share in 1995 included a nonrecurring Non`re`cur´ring a. 1. Nonrecurrent; as, the costs of a layoff are considered as a nonrecurring expense s>. after-tax recovery of $99,000 or $.05 per share in 1995. Cascade Bank's assets increased to $348 million at Dec. 31, 1996 up 11 percent from $314 million at Dec. 31, 1995. 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 $21.2 million at Dec. 31, 1996 from $20.1 million at Dec. 31, 1995. Cascade's Chairman Frank M. McCord reported continued growth in net interest income, 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 deposit accounts. Net interest income increased 21 percent for the quarter as a result of a 13 percent increase in earning assets and a 7 percent increase in net interest margin. Cascade's strategy is to expand banking services to local communities and increase assets when interest rate spreads are favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. . Cascade Bank recently dropped the "Savings" from its name to reflect its expanding commercial and consumer banking services. Chartered in 1916, Cascade Bank is the oldest financial institution headquartered in Snohomish County. Cascade has been locally managed for over 80 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 full service offices in Everett, Lynnwood, Marysville, Mukilteo, Mt. Vernon, Smokey Point, 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 Six Months Ended
Dec. 31, Dec. 31,
1996 1995 1996 1995
(Unaudited) (Unaudited)
Net interest income $2,187 1,814 $4,225 3,472
Other non-interest income 334 327 693 726
Operating expenses 1,830 1,611 3,547 3,327
Income tax expense 235 180 466 296
Earnings from operations 456 350 905 575
Non-recurring item -- net
of taxes - - (811) 99
Net earnings 456 350 94 674
EARNINGS PER SHARE INFORMATION
Earnings before non-recurring
item per share, fully
diluted 20 cents 15 cents 39 cents 25 cents
Net earnings per share,
fully diluted 20 cents 15 cents 4 cents 30 cents
Weighted average number
of shares outstanding,
fully diluted 2,299,712 2,272,623 2,299,366 2,275,617
Dec. 31, June 30, Dec. 31,
1996 1996 1995
(Unaudited) (Unaudited) (Unaudited)
Total assets $348,050 334,431 314,139
Loans, net 266,700 233,612 225,107
Cash and securities 70,751 90,635 77,778
Deposits 225,306 218,063 201,949
Borrowings 94,140 88,992 86,789
Stockholders' equity 21,223 20,815 20,062
Book value per common share 10.34 10.17 9.83
Book value per common share,
fully diluted 9.23 9.12 8.83
CONTACT: Cascade Financial Corp. Russell E. Rosendal, 206/339-5500 |
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