Community banking

Credit Quality Drives Higher Profit at Cascade Bancorp in Ore.

By Chris Cumming May 14, 2013, 9:57 a.m. EDT 1 Min Read

Consumer banking

Bank of the Cascades in Oregon Freed from Enforcement Action

Cascade Bancorp (CACB), the holding company for the $1.3 billion-asset bank, said Thursday that the Federal Deposit Insurance Corp. and the Oregon Division of Finance and Corporate Securities have terminated an August 2009 cease-and-desist order with the bank.

By Chris Cumming

March 8

Quarterly profit at Cascade Bancorp (CACB) in Bend, Ore., rose 60% thanks to cost cuts and improvements in asset quality.

The $1.3 billion-asset company said Monday that it earned $1.7 million in the first quarter, compared to $1.1 million in the first quarter of 2012.

Improvements to Cascade's loan portfolio fueled the higher profit. The company made no provision for loan losses after recording a $1.1 million provision in the prior-year period as nonperforming assets fell 18%, to $21.9 million. The Federal Deposit Insurance Corp. lifted an enforcement action against Cascade's subsidiary, the Bank of the Cascades, in March.

Net interest income fell 12%, to $11.6 million, as net interest margin decreased by 39 basis points, to 3.92%. Noninterest income rose 13%, to $3.4 million, while noninterest expense dipped by 4%, to $13.3 million.

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