Cascade Bancorp in Bend, Ore., is crediting new construction and a strong summer tourism season for its record third-quarter earnings.
The $400 million-asset company reported net income of $2 million, or 29 cents per share, up 22.5% from last year's third quarter and 13.6% from this year's second. Its loans increased 26% from the year-earlier period, to $338 million, while deposits increased 16.6%, to $359 million.
"The central Oregon summer peak in tourism and construction activity consistently brings with it an uptick in business activity in the third quarter," said Patricia Moss, Cascade's president and chief executive officer.
Cascade also said that it plans to open a second branch in Salem, the state capital, early next year. It opened an office in nearby Keizer in June and increased deposits at its downtown Salem branch by 33% in August when it acquired those of a nearby branch that was closed by Liberty Bank of Eugene.