Cascade Bancorp (CACB, Financial) filed Amended Quarterly Report for the period ended 2008-06-30.
Cascade Bancorp is a financial holding company. Cascade Bancorp has a market cap of $201.39 million; its shares were traded at around $7.07 with a P/E ratio of 16.2 and P/S ratio of 1.05. The dividend yield of Cascade Bancorp stocks is 0.56%. Cascade Bancorp had an annual average earning growth of 21.7% over the past 5 years.
Cascade s core earnings are presently sufficient to set aside ample reserves while maintaining strong capital levels. In addition, credit quality issues remain manageable and continue to be largely confined within the residential acquisition and development loan portfolio. Our elevated provision for credit losses and charge-offs reflect proactive recognition and valuation adjustments of challenged credits. We remain committed to our strategy of prudently preserving capital and focusing on maintaining strong reserves against possible loan losses. In addition to a $45.8 million reserve for credit losses - which is the primary protection against anticipated loan losses - the Company s $163.3 million in tangible capital is a safeguard against future unexpected challenges. Cascade is designated a “well-capitalized” bank according to regulatory guidelines with total risk based capital at 11.13% as of June 30, 2008, exceeding the 10% benchmark by a tax-effected margin of approximately $41.5 million.
Cascade s provision for credit losses was $18.4 million for the second quarter of 2008 bringing the reserve for credit losses to $45.8 million or 2.22% of total loans at period-end, up from 1.83% at year-end 2007 and 1.43% for the year-ago quarter. For the quarter ended June 30, 2008, net loan charge-offs were approximately $9.9 million or 1.93% (annualized) compared to $4.2 million or 0.81% (annualized) for the linked-quarter. Both the heightened provision and higher levels of net charge-offs were in recognition of declining valuations of collateral dependent non-performing and adversely risk rated loans mainly in the residential land acquisition and development portfolio.
Other real estate owned (OREO) was $33.9 million at June 30, 2008, up from $26.6 million in the prior quarter. During the quarter the Company sold 15 OREO lots, while approximately $9.1 million in residential land development assets were added to OREO at estimated liquidation value. Nearly half of the OREO balance is an occupied Portland commercial building. The existing tenant lease payments largely replace interest income previously received on the underlying loan. The Company carries NPA s at estimated net realizable value upon liquidation; however, because of the uncertain real estate market, no assurance can be given that the ultimate disposition of such assets will be at or above such value. Interest income reversed on non-performing loans during the quarter ended June 30, 2008, was approximately $0.7 million. The orderly resolution of non-performing loans as well as expedient disposition of OREO properties is a priority for management.
Customer relationship deposits totaled $1.5 billion at June 30, 2008, down 5.7% compared to a year-ago and down 5.1% on a linked-quarter basis. This easing of customer relationship deposits reflects the ongoing economic impact of the slowing real estate activity in the communities served by Cascade. Since the peak in the real estate market, deposits in real estate related business accounts show consistent reduction in average and end of period balances while the number of customers has remained stable. Total deposits (which include jumbo CDs and brokered deposit balances) were $1.6 billion at June 30, 2008, down 11.1% compared to a year-ago and down 4.5% on a linked-quarter basis.
Net income decreased $17.1 million (or 86.6%) for the six months and decreased $13.6 million (or 133.3%) for the three months ended June 30, 2008 as compared to the same periods in 2007. These decreases were primarily due to an elevated level of loan loss provisioning for each period presented. Net interest income decreased $4.8 million for the six months and decreased $3.3 million for the quarter ended June 30, 2008, non-interest income was down slightly for both periods, meanwhile non-interest expense increased $2.8 million for the six months and increased $1.2 million for the quarter, primarily due to expenses related to other real estate owned and legal related costs.
Read the The complete ReportMore on CACB:
Gurus buys and sells of CACB
10-year financial history of CACB.
Insider buys/sells of CACB.
Cascade Bancorp is a financial holding company. Cascade Bancorp has a market cap of $201.39 million; its shares were traded at around $7.07 with a P/E ratio of 16.2 and P/S ratio of 1.05. The dividend yield of Cascade Bancorp stocks is 0.56%. Cascade Bancorp had an annual average earning growth of 21.7% over the past 5 years.
Highlight of Business Operations:
The Company reported second quarter 2008 diluted loss per share (EPS-diluted) at $0.12 per share compared to earnings of $0.36 for the year-ago quarter and $0.22 for the linked-quarter. Net loss for the second quarter 2008 was $3.4 million versus net income of $10.2 million a year-ago and $6.0 million for the linked-quarter. Year to date net income is $2.6 million or $0.09 per share. Second quarter 2008 loss includes a $18.4 million (pre-tax) provision for credit losses with net loan charge-offs of $9.9 million (pre-tax). Accordingly, the reserve for credit losses increased to a solid 2.22% of total loans at June 30, 2008, up from 1.83% and 1.43% for the linked and year-ago quarters, respectively. The heightened provision and charge-offs are mainly a result of collateral valuation declines in the residential development loan portfolio and compares to the linked-quarter provision and charge-off levels of $4.5 million and $4.2 million, respectively.Cascade s core earnings are presently sufficient to set aside ample reserves while maintaining strong capital levels. In addition, credit quality issues remain manageable and continue to be largely confined within the residential acquisition and development loan portfolio. Our elevated provision for credit losses and charge-offs reflect proactive recognition and valuation adjustments of challenged credits. We remain committed to our strategy of prudently preserving capital and focusing on maintaining strong reserves against possible loan losses. In addition to a $45.8 million reserve for credit losses - which is the primary protection against anticipated loan losses - the Company s $163.3 million in tangible capital is a safeguard against future unexpected challenges. Cascade is designated a “well-capitalized” bank according to regulatory guidelines with total risk based capital at 11.13% as of June 30, 2008, exceeding the 10% benchmark by a tax-effected margin of approximately $41.5 million.
Cascade s provision for credit losses was $18.4 million for the second quarter of 2008 bringing the reserve for credit losses to $45.8 million or 2.22% of total loans at period-end, up from 1.83% at year-end 2007 and 1.43% for the year-ago quarter. For the quarter ended June 30, 2008, net loan charge-offs were approximately $9.9 million or 1.93% (annualized) compared to $4.2 million or 0.81% (annualized) for the linked-quarter. Both the heightened provision and higher levels of net charge-offs were in recognition of declining valuations of collateral dependent non-performing and adversely risk rated loans mainly in the residential land acquisition and development portfolio.
Other real estate owned (OREO) was $33.9 million at June 30, 2008, up from $26.6 million in the prior quarter. During the quarter the Company sold 15 OREO lots, while approximately $9.1 million in residential land development assets were added to OREO at estimated liquidation value. Nearly half of the OREO balance is an occupied Portland commercial building. The existing tenant lease payments largely replace interest income previously received on the underlying loan. The Company carries NPA s at estimated net realizable value upon liquidation; however, because of the uncertain real estate market, no assurance can be given that the ultimate disposition of such assets will be at or above such value. Interest income reversed on non-performing loans during the quarter ended June 30, 2008, was approximately $0.7 million. The orderly resolution of non-performing loans as well as expedient disposition of OREO properties is a priority for management.
Customer relationship deposits totaled $1.5 billion at June 30, 2008, down 5.7% compared to a year-ago and down 5.1% on a linked-quarter basis. This easing of customer relationship deposits reflects the ongoing economic impact of the slowing real estate activity in the communities served by Cascade. Since the peak in the real estate market, deposits in real estate related business accounts show consistent reduction in average and end of period balances while the number of customers has remained stable. Total deposits (which include jumbo CDs and brokered deposit balances) were $1.6 billion at June 30, 2008, down 11.1% compared to a year-ago and down 4.5% on a linked-quarter basis.
Net income decreased $17.1 million (or 86.6%) for the six months and decreased $13.6 million (or 133.3%) for the three months ended June 30, 2008 as compared to the same periods in 2007. These decreases were primarily due to an elevated level of loan loss provisioning for each period presented. Net interest income decreased $4.8 million for the six months and decreased $3.3 million for the quarter ended June 30, 2008, non-interest income was down slightly for both periods, meanwhile non-interest expense increased $2.8 million for the six months and increased $1.2 million for the quarter, primarily due to expenses related to other real estate owned and legal related costs.
Read the The complete ReportMore on CACB:
Gurus buys and sells of CACB
10-year financial history of CACB.
Insider buys/sells of CACB.
