Cascade Bancorp of Bend, Ore., earned a record $1.8 million in the second quarter, up nearly 18% over the same period in 1999, and surpassed the $400 million-asset mark for the first time.
The company attributed the rise in net income and assets to high loan demand in its fast-growing central Oregon markets. Cascade had $328 million of outstanding loans on June 30, up 27.3% from a year ago.
The $401 million-asset company also said that its Salem office achieved profitability in just its sixth quarter of operation.
Cascade's subsidiary, Bank of the Cascades, was recently ranked by the Seattle Times as the top-performing publicly traded bank in the Pacific Northwest.
Its net interest margin for the past two quarters has been above 7%, compared with 6% for its peer group in the Pacific Northwest and less than 4.7% for all U.S. banks with assets ranging from $300 million to $500 million.
The bank has posted a return on equity of more than 20% for at least 20 straight quarters. The average return for banks in its asset range was 14.4% in the first quarter, according to the Federal Deposit Insurance Corp.