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Nobody has told banks in the northwestern U.S. that bank M&A is in the doldrums. Two deals were announced and another terminated there after the markets closed Wednesday, and that will put pressure on banks in the region to keep buying each other.
October 24 -
Cascade Bancorp (CACB) in Bend, Ore., reported a surge in quarterly earnings because of a large tax-related gain.
August 12 -
Cascade Bancorp (CACB) in Bend, Ore., has outbid another company to snag Home Federal (HOME) in Nampa, Idaho.
October 23
Cascade Bancorp (CACB) in Bend, Ore., reported lower quarterly profits as merger costs drove up noninterest expenses.
The company earned $1.2 million, or 3 cents per share, in the fourth quarter an 8% decrease from the fourth quarter of 2012.
Net interest income was $13.1 million, a 9% increase from the same period a year earlier thanks to growth in Cascade's loan portfolio. Gross loans outstanding totaled $994.5 million, up 16% from the fourth quarter of 2012.
Noninterest income rose 11%, to $3.9 million.
Noninterest expense totaled $14.8 million. The 5% increase was driven in part by $1 million in merger costs related to Cascades
Cascade did not set aside a loan-loss provision in the fourth quarters of 2013 or 2012 because of continuing improvements in loan quality. Net chargeoffs fell 23% from the previous quarter, to $796,000.
Cascade has $1.4 billion in assets.
