Cascade Bancorp of Bend, Ore., said Thursday that it earned $9 million in the second quarter, topping the year-earlier period by 83%. Earnings per share rose 46%, to 41 cents.
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The company attributed much of its growth to its April purchase of the $600 million-asset F&M Holding Co. in Boise, Idaho. That increased its assets by 85%, to nearly $2.5 billion, and helped boost its loans 83% from the second quarter of 2005, to nearly $1.8 billion.
Cascade's stock soared on news of its earnings gains. In heavy trading it was up 7.6% late Thursday, to $29.61, despite warnings from Cascade that it expects construction and development lending to slow in its markets because of higher interest rates. The stock closed at $29.58, up 7.5%.
