and period ended June 30, 2013
•Net Income for the Second Quarter of 2013: After recognizing the non-reoccurring DTA, partially offset by the $3.8 million prepayment penalty to extinguish high rate FHLB advances, the Bank reported second quarter 2013 net income of $46.4 million.
•Earnings per Share: Diluted earnings per share for the six months ended June 30, 2013, which were largely influenced by recognition of the non-recurring DTA, were $1.02 per common share compared to $0.06 per share for the six months ended June 30, 2012.
•Stockholder Equity/Book Value Per Share: Stockholder equity increased to $187.9 million or $3.95 per share at June 30, 2013 as compared to $140.8 million or $2.97 per share at December 31, 2012 due to DTA recognition.
•Loans: Gross loans up $54.4 million or 6.34% compared to December 31, 2012.
•Deposits: Total deposits up $28.0 million or 2.60% compared to December 31, 2012.
•Credit Quality: Reserve for loan losses at June 30, 2013 was $22.7 million or 2.49% of loans compared to $27.3 million or 3.17% of loans at December 31, 2012.
•Credit Quality: Non-performing assets were 0.84% of total assets at June 30, 2013 compared to 1.94% at December 31, 2012.
•Credit Quality: Substandard loans were reduced by 54.06% to $58.2 million at June 30, 2013 as compared to December 31, 2012. Net charge-offs for the quarter were $2.9 million mainly related to resolution of substandard loans.
•Net Interest Margin ("NIM"): NIM was 3.75% at June 30, 2013 compared to 4.11% at December 31, 2012.
"Recognition of the deferred tax asset is a regular occurrence at banks that have rebounded from periods of operating losses. We believe the DTA was already largely built into Cascade's current stock price," commented Terry Zink, President and Chief Executive Officer. "However with the DTA recognition it reinforces the strength of our capital and our confidence in sustainable profitability into the future. In doing so we believe this action underscores that Cascade has fully returned to its standing as a premier banking franchise in the Northwest."
Quelle: PR Newswire GrB
•Net Income for the Second Quarter of 2013: After recognizing the non-reoccurring DTA, partially offset by the $3.8 million prepayment penalty to extinguish high rate FHLB advances, the Bank reported second quarter 2013 net income of $46.4 million.
•Earnings per Share: Diluted earnings per share for the six months ended June 30, 2013, which were largely influenced by recognition of the non-recurring DTA, were $1.02 per common share compared to $0.06 per share for the six months ended June 30, 2012.
•Stockholder Equity/Book Value Per Share: Stockholder equity increased to $187.9 million or $3.95 per share at June 30, 2013 as compared to $140.8 million or $2.97 per share at December 31, 2012 due to DTA recognition.
•Loans: Gross loans up $54.4 million or 6.34% compared to December 31, 2012.
•Deposits: Total deposits up $28.0 million or 2.60% compared to December 31, 2012.
•Credit Quality: Reserve for loan losses at June 30, 2013 was $22.7 million or 2.49% of loans compared to $27.3 million or 3.17% of loans at December 31, 2012.
•Credit Quality: Non-performing assets were 0.84% of total assets at June 30, 2013 compared to 1.94% at December 31, 2012.
•Credit Quality: Substandard loans were reduced by 54.06% to $58.2 million at June 30, 2013 as compared to December 31, 2012. Net charge-offs for the quarter were $2.9 million mainly related to resolution of substandard loans.
•Net Interest Margin ("NIM"): NIM was 3.75% at June 30, 2013 compared to 4.11% at December 31, 2012.
"Recognition of the deferred tax asset is a regular occurrence at banks that have rebounded from periods of operating losses. We believe the DTA was already largely built into Cascade's current stock price," commented Terry Zink, President and Chief Executive Officer. "However with the DTA recognition it reinforces the strength of our capital and our confidence in sustainable profitability into the future. In doing so we believe this action underscores that Cascade has fully returned to its standing as a premier banking franchise in the Northwest."
Quelle: PR Newswire GrB