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The Federal Deposit Insurance Corp. took enforcement actions against six banks last month that tied to their capital, compliance and financial condition, according to a series of orders released Friday.
April 26 -
AmericanWest Bank in Spokane, Wash., has agreed to sell five Pacific Northwest branches in separate transactions.
July 9
Cascade Bancorp (CACB) in Bend, Ore., reported a surge in quarterly earnings because of a large tax-related gain.
The $1.3 billion-asset company earned $46.4 million in the second quarter, compared with $1.8 million in the second quarter of 2012, it reported Friday. The large increase stemmed from Cascade's release of a deferred tax asset benefit of $51.7 million.
Net interest income fell 8%, to $11.5 million, as net interest margin fell by 43 basis points, to 3.75%. Cascade's loan portfolio grew by 4%, to $888 million. It made a $1 million provision for loan losses after making no provision in the second quarter of 2012, and net chargeoffs were $2.9 million, 49% lower.
Noninterest income rose 2%, to $3.5 million, as an increase in card and merchant fees made up for declining mortgage banking revenue.
Noninterest expense rose 36%, to $19.3 million, as Cascade paid a $3.8 million penalty for the prepayment of Federal Home Loan Bank advances. Cascade expects the prepayment to reduce its future borrowing costs by $500,000 per quarter, it said.
In March, the company's banking unit, Bank of the Cascades,
Cascade held Tier 1 capital of 10.90% and total risk-based capital of 14.60% as of June 30, it reported.
Cascade agreed last month to