Cascade Bancorp in Bend, Ore., said its third-quarter net income rose 70.4% from the same quarter last year, to $10.5 million, mainly because of the April acquisition of F&M Holding Co. in Boise, Idaho.
The loan portfolio grew 83.3%, to $1.9 billion, as a result of both the F&M acquisition and organic growth in Idaho and Oregon, Cascade said Thursday.
Though deposits rose 41.3% from a year earlier, to $1.6 billion, they were relatively flat from the second quarter, in part because of a runoff of higher-priced certificates of deposit in Idaho as a result of the acquisition, Cascade said. It replaced the deposits with borrowings and brokered CDs, which, along with deposit pricing pressure and a flat yield curve, lowered the net interest margin by 10 basis points from the second quarter, to 5.71%.
