Cascade Bancorp Reports First Quarter 2014 Financial Results

The decline in cash and cash equivalents resulted primarily from the payoff of $27.0 million short-term FHLB advances outstanding at year end. The decline in investment securities available-for-sale during the three months ended March 31, 2014 was primarily the result of the principal pay downs of our mortgage-backed securities.

Total loans and loans held-for-sale outstanding increased $5.2 million to $1.0 billion at March 31, 2014 compared to December 31, 2013, primarily attributable to increased balances in the commercial and industrial portfolio.

Loan quality continued to improve with remediation of special mention and substandard loans. Loans categorized as such totaled $67.3 million at March 31, 2014 as compared to $85.1 million at December 31, 2013.  Remediation was accomplished through credit upgrades owing to improved obligor cash flows as well as payoffs/paydowns, note sales and/or charge offs related to the restructure of adversely risk rated loans. Non-performing assets as of March 31, 2014 improved to 0.65% of total assets as compared to 0.81% at December 31, 2013.  Net recoveries during the first quarter of 2014 were $0.9 million; the Company made no provision for loan losses as management believes the reserve for loan losses of $21.7 million at March 31, 2014 is adequate.

Total liabilities were $1.2 billion at March 31, 2014, a $33.8 million decrease from December 31, 2013. This was primarily the result of $27.0 million in reduced FHLB borrowings and a $4.7 million decrease in total deposits.

Net income for the quarter ended March 31, 2014 was $0.02 per share, or $0.9 million, compared to $0.04 per share, or $1.7 million, for the first quarter of 2013 and $0.03 per share, or $1.2 million, in the fourth quarter of 2013 ("linked quarter"). The decrease in net income in the first quarter of 2014 compared to the same period in 2013 was primarily the result of $0.8 million in transaction related expenses related to our proposed merger with Home Federal. The decrease in net income in the first quarter of 2014 compared to the fourth quarter of 2013 was primarily a result of a recovery of $1.0 million in interest from the payoff of a non-accrual loan in the fourth quarter of 2013.

Net interest income was $11.7 million for the first quarter of 2014, comparable to $11.6 million in the first quarter of 2013 and down from $13.1 million in the fourth quarter of 2013. The $1.3 million decline from the linked quarter to the current quarter was related to the inclusion of the $1.0 million recovery discussed above.

Total interest income decreased $0.5 million from $12.6 million in the first quarter of 2013 to $12.1 million in the first quarter of 2014. The decrease was due primarily to lower interest rates in the first quarter of 2014 compared to the same period in 2013.

Total interest expense for the first quarter of 2014 decreased $0.6 million compared to the first quarter of 2013.  This improvement was primarily due to lower rates on deposits and reduced borrowing expenses.

Total non-interest income remained relatively consistent in the first quarter of 2014 compared to the same period in 2013 mainly as a result of increases in card issuer and merchant services fees of $0.3 million, customer swap fee income of $0.3 million in connection with the Company's newly initiated interest rate swap products, as well as increased Small Business Administration fees. These increases were offset by reduced mortgage banking income of $0.7 million in the first quarter of 2014 compared to the first quarter of 2013.

Total non-interest expense for the three months ended March 31, 2014 increased over the three months ended March 31, 2013 due primarily to merger related expenses of $0.8 million in the first quarter of 2014. Total non-interest expense decreased $0.9 million in the first quarter of 2014 compared to the linked quarter. The decrease was primarily related to $0.7 million of accrued bonuses in the fourth quarter of 2013 issued in connection with the Company's annual incentive plan.

Conference Call Information

Cascade announced on April 30, 2014 in a Form 8-K filed with the SEC that they will conduct a quarterly earnings conference call Thursday, May 8, 2014, at 2:00 p.m. PDT (5:00 p.m. EDT). Terry E. Zink, President and CEO, and Gregory Newton, Executive Vice President and CFO, will discuss first quarter 2014 results and provide an update on recent activities. There will be a question-and-answer session following the presentation. Shareholders, analysts and other interested parties are invited to join the call by dialing (888) 567-1602 a few minutes before 2:00 p.m. Information to be discussed in the teleconference will be available on the Company's website www.botc.com under the "Investor Information" tab, shortly after the call.

About Cascade Bancorp and Bank of the Cascades

Cascade Bancorp (NASDAQ: CACB), headquartered in Bend, Oregon, and its wholly owned subsidiary, Bank of the Cascades, operate in Oregon and Idaho markets. Founded in 1977, Bank of the Cascades offers full-service community banking through 28 branches in Central, Southern and Northwest Oregon, as well as in the greater Boise/Treasure Valley, Idaho area. The Bank has a business strategy that focuses on delivering the best in community banking for the financial well-being of customers and shareholders. It executes its strategy through the consistent delivery of full relationship banking focused on attracting and retaining value-driven customers. For further information, please visit our website at www.botc.com.

FORWARD LOOKING STATEMENTS

This release contains forward-looking statements about Cascade Bancorp's plans and anticipated results of operations and financial condition. These statements include, but are not limited to, our plans, objectives, expectations, and intentions and are not statements of historical fact. When used in this report, the word "expects," "believes," "anticipates," "could," "may," "will," "should," "plan," "predicts," "projections," "continue" and other similar expressions constitute forward-looking statements, as do any other statements that expressly or implicitly predict future events, results or performance, and such statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Certain risks and uncertainties and Cascade Bancorp's success in managing such risks and uncertainties could cause actual results to differ materially from those projected, including among others, the following factors: local and national economic conditions could be less favorable than expected or could have a more direct and pronounced effect on us than expected and adversely affect our results of operations and financial condition; the local housing/real estate market could continue to decline for a longer period than we anticipate; the risks presented by a continued economic recession, which could continue to adversely affect credit quality, collateral values, including real estate collateral and OREO properties, investment values, liquidity and loan originations, reserves for loan losses and charge offs of loans and loan portfolio delinquency rates and may be exacerbated by our concentration of operations in the States of Oregon and Idaho generally, and Central, Southern and Northwest Oregon, as well as the greater Boise/Treasure Valley, Idaho area, specifically; interest rate changes could significantly reduce net interest income and negatively affect funding sources; competition among financial institutions could increase significantly; competition or changes in interest rates could negatively affect net interest margin, as could other factors listed from time to time in Cascade Bancorp's SEC reports; the reputation of the financial services industry could further deteriorate, which could adversely affect our ability to access markets for funding and to acquire and retain customers; and existing regulatory requirements, changes in regulatory requirements and legislation (including without limitation, the Dodd-Frank Wall Street Reform and Consumer Protection Act) and our inability to meet those requirements, including capital requirements and increases in our deposit insurance premium, could adversely affect the businesses in which we are engaged, our results of operations and financial condition. Such forward-looking statements also include, but are not limited to, statements about the benefits of the proposed merger involving Cascade and Home Federal, including future financial and operating results, Cascade's or Home Federal's plans, objectives, expectations and intentions, the expected timing of completion of the merger and other statements that are not historical facts. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include risks and uncertainties relating to: (i) the ability to obtain the requisite Cascade and Home Federal shareholder approvals; (ii) the risk that a condition to the closing of the merger may not be satisfied; (iii) the timing to consummate the proposed merger; (iv) the risk that the businesses will not be integrated successfully; (v) the risk that the cost savings and any other synergies from the transaction may not be fully realized or may take longer to realize than expected; (vi) disruption from the transaction making it more difficult to maintain relationships with customers, employees or vendors; (vii) the diversion of management time on merger-related issues; (viii) general worldwide economic conditions and related uncertainties; (ix) liquidity risk affecting Cascade's ability to meet its obligations when they come due; (x) excessive loan losses; (xi) the effect of changes in governmental regulations; and (xii) other factors we discuss or refer to in the "Risk Factors" section of Cascade's most recent Annual Report on Form 10-K filed with Securities and Exchange Commission (the "SEC") on March 31, 2014. These risks, as well as other risks associated with the merger, are more fully discussed in the joint proxy statement/prospectus mailed to stockholders of Cascade and Home Federal on or about April 16, 2014, and included in the Registration Statement on Form S-4 (registration statement number 333-192865), as amended, that was filed with the SEC in connection with the merger. Additional risks and uncertainties are identified and discussed in Cascade's reports filed with the SEC and available at the SEC's website at www.sec.gov.  These forward-looking statements speak only as of the date of this release. Cascade Bancorp undertakes no obligation to publish revised forward-looking statements to reflect the occurrence of unanticipated events or circumstances after the date hereof. Readers should carefully review all disclosures filed by Cascade Bancorp from time to time with the SEC.

Participants in the Solicitation
Cascade, Home Federal and their respective directors and executive officers may be soliciting proxies from Cascade and Home Federal shareholders in favor of the proposed merger and related matters. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of Cascade and Home Federal shareholders in connection with the proposed merger and a description of their direct and indirect interests, by security holdings or otherwise is set forth in the joint proxy statement/prospectus filed with the SEC on April 11, 2014. You can find information about Cascade's directors and executive officers in Cascade's definitive proxy statement filed with the SEC on April 28, 2014 for its 2014 Annual Meeting of Shareholders. You can find information about Home Federal's directors and executive officers in Home Federal's Form 10-K/A filed with the SEC on April 29, 2014. Additional information about Cascade's directors and executive officers and Home Federal's directors and executive officers can also be found in the above-referenced joint proxy statement/prospectus and other relevant materials filed with the SEC. Investors should read the joint proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions. You can obtain free copies of these documents from Cascade and Home Federal using the contact information above.

Additional Information about the Proposed Merger and Where to Find It
This document does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. In connection with the proposed merger between Cascade and Home Federal, Cascade has filed with the SEC a Registration Statement on Form S-4 (registration statement number 333-192865), which includes a joint proxy statement of Cascade and Home Federal that also constitutes a prospectus. The joint proxy statement/prospectus was mailed to shareholders of Cascade and Home Federal on or about April 16, 2014. Each of Cascade and Home Federal may file other relevant documents concerning the proposed transaction. Cascade and Home Federal urge investors and security holders to read the definitive joint proxy statement/prospectus regarding the proposed merger, as well as other documents filed with the SEC because they will contain important information about the proposed merger. You may obtain copies of all documents filed with the SEC regarding this transaction, free of charge, at the SEC's website (www.sec.gov). You may also obtain these documents, free of charge, from: (i) Cascade's website (www.botc.com) under the heading "About Us" and then under the heading "Investor Relations" and then under the heading "Investor Information" and then under the tab "SEC Filings;" (ii) Cascade upon written request to Cascade Bancorp, Attn: Investor Relations, 1100 North West Wall Street, P.O. Box 369, Bend, Oregon 97701; (iii) Home Federal's website (www.myhomefed.com/ir) under the heading "Investor Relations" and then under the heading "SEC Filings;" or (iv) Home Federal upon written request to Home Federal Bancorp, Inc., Attn: Eric Nadeau, 500 12th Avenue South, Nampa, Idaho 83651.

Information contained herein, other than information at December 31, 2013, and for the twelve months then ended, is unaudited. All financial data should be read in conjunction with the notes to the consolidated financial statements of Cascade Bancorp and subsidiary as of and for the fiscal year ended December 31, 2013, as contained in the Company's Annual Report on Form 10-K for such fiscal year.

CASCADE BANCORP
CONSOLIDATED BALANCE SHEETS
(In thousands) (Unaudited)
	March 31, 2014				December 31, 2013				March 31, 2013
ASSETS
Cash and cash equivalents:
Cash and due from banks	$	30,776			$	33,300			$	31,430
Interest bearing deposits	19,239				48,527				113,243
Federal funds sold	22				22				22
Total cash and cash equivalents	50,037				81,849				144,695
Investment securities available-for-sale	189,752				194,481				232,672
Investment securities held-to-maturity	1,320				1,320				1,806
Federal Home Loan Bank (FHLB) stock	9,820				9,913				10,192
Loans held for sale	4,398				10,359				1,444
Loans, net	983,925				973,618				850,765
Premises and equipment, net	32,376				32,953				34,166
Bank-owned life insurance (BOLI)	36,750				36,567				35,916
Other real estate owned (OREO), net	2,995				3,144				5,684
Deferred tax asset (DTA), net	49,477				50,068				—
Other assets	13,163				11,947				11,165
Total assets	$	1,374,013			$	1,406,219 Werbung Mehr Nachrichten zur CASCADE BANCORP Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 02.05.24 - PR Newswire BlackRock Throgmorton Trust Plc - Transaction in Own Shares 02.05.24 - PR Newswire BlackRock Sustainable American Income Trust Plc - Transaction in Own Shares 02.05.24 - PR Newswire Samson Rock Capital LLP - Form 8.3 - Network International Holdings Plc Schnelle Produktionsaufnahme    Multi-Tenbagger-Potenzial direkt in Spanien? weiterlesen» Anzeige wo-site-teaser-box-16824_site-teaser-box_2024-05-03_06%253A00%253A00_2024-05-04_09%253A00%253A59