Oregon | 02-23322 | 93-1034484 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employee Identification No.) |
[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
[ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
• | Net income for the fourth quarter of 2013 was $1.2 million or $0.03 per share compared to $1.3 million or $0.03 per share for the fourth quarter of 2012. The results of the fourth quarter of 2013 included expenses of approximately $1.0 million in merger costs related to the previously announced acquisition of Home Federal Bancorp (“Home”), $0.7 million related the Company’s annual incentive plan, and a $0.3 million tax adjustment reflecting the expiration of certain tax credits. Partially offsetting these expenses was a recovery of $1.0 million in interest from the payoff of a non-accrual loan. |
• | Net income for the full year 2013 was $50.8 million or $1.08 per basic share compared to $6.0 million or $0.13 per share for the year 2012. The primary reason for the increase in net income for 2013 was the reversal of a full valuation allowance of $50.1 million in the Company's deferred tax asset ("DTA") in the second quarter of 2013. |
• | Net Interest Margin (“NIM”) was 3.75% for the year ended December 31, 2013 compared to 3.85% for the year ended December 31, 2012. |
• | Stockholders equity increased to $188.7 million or $3.97 per basic share at December 31, 2013 as compared to $140.8 million or $2.97 per basic share at December 31, 2012 due primarily to the DTA recognition in the second quarter of 2013. |
• | Gross loans (total loans, less deferred loan fees) at December 31, 2013 were up $138.2 million or 16.1% compared to December 31, 2012. |
• | At December 31, 2013, substandard loans were reduced by 67.5% to $41.2 million compared to December 31, 2012; non-performing assets improved to 0.81% of total assets compared to 1.94% at December 31, 2012; and 2013 net charge-offs were $7.4 million compared to $17.7 million in 2012. |
• | Total deposits at December 31, 2013 increased $91.1 million or 8.46% compared to December 31, 2012. |
• | Tier 1 Capital Leverage Ratio at the Bank rose to at 10.49% at December 31, 2013 compared to 10.42% at December 31, 2012. |
• | On October 23, 2013, the Company announced the signing of a merger agreement with Home Federal Bancorp (“Home”), a community bank in the Pacific Northwest with approximately $1 billion in assets which upon closure is expected to unlock significant efficiency and profitability opportunities. Assuming completion of the merger, the Company will become among the largest community banks in the Pacific Northwest1 with over $2.3 billion in assets, hold a top community bank market share in its Central Oregon and Boise Idaho markets, and expand its footprint to include Eugene, Oregon. |
• | On October 18, 2013 Cascade completed the customer integration of three former branches of American West Bank. |
• | The Bank implemented mobile banking and mobile bill pay services as well as upgraded its online banking platform to enhance customer convenience and service. |
• | The Bank achieved strong growth in both loans and deposits. |
• | The Company substantially completed its priority goal of returing to a strong credit quality profile with improvements in all credit quality related metrics. |
CASCADE BANCORP | |||||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||||
(In thousands) (Unaudited) | |||||||||||
December 31, 2013 | September 30, 2013 | December 31, 2012 | |||||||||
ASSETS | |||||||||||
Cash and cash equivalents: | |||||||||||
Cash and due from banks | $ | 33,300 | $ | 44,405 | $ | 31,354 | |||||
Interest bearing deposits | 48,527 | 85,399 | 81,651 | ||||||||
Federal funds sold | 22 | 22 | 23 | ||||||||
Total cash and cash equivalents | 81,849 | 129,826 | 113,028 | ||||||||
Investment securities available-for-sale | 194,481 | 200,103 | 257,544 | ||||||||
Investment securities held-to-maturity, estimated fair value of $1,342 ($1,863 in 2012) | 1,320 | 1,337 | 1,813 | ||||||||
Federal Home Loan Bank (FHLB) stock | 9,913 | 10,006 | 10,285 | ||||||||
Loans held for sale | 10,359 | 12,414 | 2,329 | ||||||||
Loans, net | 973,618 | 916,505 | 829,057 | ||||||||
Premises and equipment, net | 32,953 | 33,744 | 34,239 | ||||||||
Bank-owned life insurance (BOLI) | 36,567 | 36,364 | 35,705 | ||||||||
Other real estate owned (OREO), net | 3,144 | 3,345 | 6,552 | ||||||||
Deferred tax asset (DTA), net | 50,068 | 51,463 | — | ||||||||
Other assets | 11,947 | 11,563 | 10,865 | ||||||||
Total assets | $ | 1,406,219 | $ | 1,406,670 | $ | 1,301,417 | |||||
LIABILITIES & STOCKHOLDERS' EQUITY | |||||||||||
Liabilities: | |||||||||||
Deposits: | |||||||||||
Demand | $ | 431,079 | $ | 459,033 | $ | 410,258 | |||||
Interest bearing demand | 544,668 | 541,604 | 496,674 | ||||||||
Savings | 50,258 | 47,225 | 40,030 | ||||||||
Time | 141,315 | 147,754 | 129,272 | ||||||||
Total deposits | 1,167,320 | 1,195,616 | 1,076,234 | ||||||||
FHLB borrowings | 27,000 | — | 60,000 | ||||||||
Other liabilities | 23,184 | 24,178 | 24,408 | ||||||||
Total liabilities | 1,217,504 | 1,219,794 | 1,160,642 | ||||||||
Stockholders' equity: | |||||||||||
Preferred stock, no par value; 5,000,000 shares authorized; none issued or outstanding | — | — | — | ||||||||
Common stock, no par value; 100,000,000 shares authorized; 47,587,563 issued and outstanding (47,326,306 in 2012) | 330,839 | 330,684 | 330,024 | ||||||||
Accumulated deficit | (142,088) | (143,320) | (192,933) | ||||||||
Accumulated other comprehensive income | (36) | (488) | 3,684 | ||||||||
Total stockholders' equity | 188,715 | 186,876 | 140,775 | ||||||||
Total liabilities and stockholders' equity | $ | 1,406,219 | $ | 1,406,670 | $ | 1,301,417 |
CASCADE BANCORP | |||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||||||
(In thousands) (Unaudited) | |||||||||||||||||||||||
Three Months Ended | Three Months Ended | Year Ended | |||||||||||||||||||||
December 31, | September 30, | December 31, | |||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Interest income: | |||||||||||||||||||||||
Interest and fees on loans | $ | 12,053 | $ | 11,601 | $ | 11,080 | $ | 11,893 | $ | 45,304 | $ | 48,832 | |||||||||||
Interest on investments | 1,377 | 1,377 | 1,356 | 1,533 | 5,436 | 5,839 | |||||||||||||||||
Other investment income | 72 | 45 | 71 | 36 | 245 | 208 | |||||||||||||||||
Total interest income | 13,502 | 13,023 | 12,507 | 13,462 | 50,985 | 54,879 | |||||||||||||||||
Interest expense: | |||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||
Interest bearing demand | 191 | 179 | 193 | 224 | 732 | 1,051 | |||||||||||||||||
Savings | 5 | 5 | 6 | 5 | 22 | 23 | |||||||||||||||||
Time | 216 | 405 | 235 | 462 | 1,045 | 2,017 | |||||||||||||||||
Other borrowings | 21 | 479 | 16 | 480 | 970 | 1,908 | |||||||||||||||||
Total interest expense | 433 | 1,068 | 450 | 1,171 | 2,769 | 4,999 | |||||||||||||||||
Net interest income | 13,069 | 11,955 | 12,057 | 12,291 | 48,216 | 49,880 | |||||||||||||||||
Loan loss provision | — | — | — | — | 1,000 | 1,100 | |||||||||||||||||
Net interest income after loan loss provision | 13,069 | 11,955 | 12,057 | 12,291 | 47,216 | 48,780 | |||||||||||||||||
Non-interest income: | |||||||||||||||||||||||
Service charges on deposit accounts | 786 | 773 | 766 | 791 | 3,031 | 3,244 | |||||||||||||||||
Card issuer and merchant services fees, net | 837 | 662 | 847 | 694 | 3,310 | 2,632 | |||||||||||||||||
Earnings on BOLI | 203 | 271 | 224 | 234 | 862 | 1,022 | |||||||||||||||||
Mortgage banking income, net | 757 | 1,371 | 1,284 | 1,104 | 4,261 | 4,319 | |||||||||||||||||
Other income | 1,361 | 374 | 516 | 410 | 2,989 | 1,874 | |||||||||||||||||
Total non-interest income | 3,944 | 3,451 | 3,637 | 3,233 | 14,453 | 13,091 | |||||||||||||||||
Non-interest expense: | |||||||||||||||||||||||
Salaries and employee benefits | 8,412 | 7,839 | 7,633 | 7,859 | 32,651 | 31,559 | |||||||||||||||||
Occupancy | 1,101 | 1,154 | 1,101 | 1,127 | 4,931 | 4,598 | |||||||||||||||||
Equipment | 392 | 404 | 457 | 371 | 1,583 | 1,547 | |||||||||||||||||
Communications | 388 | 392 | 347 | 394 | 1,496 | 1,541 | |||||||||||||||||
FDIC insurance | 237 | 471 | 454 | 665 | 1,542 | 2,519 | |||||||||||||||||
OREO | 207 | 891 | 47 | 85 | 529 | 1,725 | |||||||||||||||||
Professional services | 1,714 | 1,369 | 1,025 | 753 | 4,249 | 3,999 | |||||||||||||||||
Decrease in reserve for unfunded loan commitments | — | (1,110) | — | — | — | (1,110) | |||||||||||||||||
Prepayment penalties on FHLB advances | — | — | — | — | 3,827 | — | |||||||||||||||||
Other expenses | 2,315 | 2,659 | 2,519 | 2,445 | 10,162 | 9,463 | |||||||||||||||||
Total non-interest expense | 14,766 | 14,069 | 13,583 | 13,699 | 60,970 | 55,841 | |||||||||||||||||
Income before income taxes and extraordinary net gain | 2,247 | 1,337 | 2,111 | 1,825 | 699 | 6,030 | |||||||||||||||||
Income tax benefit (provision) | (1,013) | (29) | (619) | — | 50,146 | (79) | |||||||||||||||||
Net income | $ | 1,234 | $ | 1,308 | $ | 1,492 | $ | 1,825 | $ | 50,845 | $ | 5,951 |
CASCADE BANCORP | |||||||||||||
ADDITIONAL FINANCIAL INFORMATION | |||||||||||||
(In thousands, except per share data) (Unaudited) | |||||||||||||
LINKED QUARTER | YEAR OVER YEAR | ||||||||||||
December 31, 2013 | September 30, 2013 | December 31, 2013 | December 31, 2012 | ||||||||||
Share Data | |||||||||||||
Basic net income per common share | $ | 0.03 | $ | 0.03 | $ | 1.08 | $ | 0.13 | |||||
Diluted net income per common share | $ | 0.03 | $ | 0.03 | $ | 1.07 | $ | 0.13 | |||||
Book value per basic common share | $ | 3.97 | $ | 3.93 | $ | 3.97 | $ | 2.97 | |||||
Basic average shares outstanding | 47,588 | 47,213 | 47,588 | 47,326 | |||||||||
Fully diluted average shares outstanding | 47,576 | 47,589 | 47,484 | 47,278 | |||||||||
Key Ratios | |||||||||||||
Return on average total shareholders' equity | 2.59 | % | 3.13 | % | 28.49 | % | 4.34 | % | |||||
Return on average total assets | 0.35 | % | 0.42 | % | 0.55 | % | 0.46 | % | |||||
Net interest spread | 4.02 | % | 3.72 | % | 3.75 | % | 3.85 | % | |||||
Net interest margin | 4.11 | % | 3.81 | % | 3.90 | % | 4.11 | % | |||||
Total revenue (net int. inc. + non int. inc.) | $ | 17,014 | $ | 15,695 | $ | 62,670 | $ | 62,967 | |||||
Efficiency ratio1 | 86.79 | % | 86.55 | % | 97.29 | % | 88.68 | % | |||||
Credit Quality Ratios | |||||||||||||
Reserve for credit losses | $ | 21,297 | $ | 22,093 | $ | 21,297 | $ | 27,701 | |||||
Reserve for credit losses to ending gross loans | 2.14 | % | 2.35 | % | 2.14 | % | 3.23 | % | |||||
Non-performing assets (“NPAs”) | $ | 11,453 | $ | 12,356 | $ | 11,453 | $ | 25,305 | |||||
Non-performing assets to total assets | 0.81 | % | 0.88 | % | 0.81 | % | 1.94 | % | |||||
Delinquent >30 days to total loans (excl. NPAs) | 0.29 | % | 0.40 | % | 0.29 | % | 1.80 | % | |||||
Net Charge off's (“NCOs”) | $ | 796 | $ | 1,041 | $ | 7,404 | $ | 17,727 | |||||
Net loan charge-offs to average total loans | 0.08 | % | 0.11 | % | 0.81 | % | 2.06 | % | |||||
Bank Capital Ratios | |||||||||||||
Tier 1 capital leverage ratio | 10.49 | % | 10.37 | % | 10.49 | % | 10.42 | % | |||||
Tier 1 risk-based capital ratio | 13.01 | % | 13.34 | % | 13.01 | % | 14.09 | % | |||||
Total risk-based capital ratio | 14.27 | % | 14.61 | % | 14.27 | % | 15.36 | % | |||||
Bancorp Capital Ratios | |||||||||||||
Tier 1 capital leverage ratio | 10.49 | % | 10.44 | % | 10.49 | % | 10.44 | % | |||||
Tier 1 risk-based capital ratio | 12.99 | % | 13.41 | % | 12.99 | % | 14.12 | % | |||||
Total risk-based capital ratio | 14.25 | % | 14.67 | % | 14.25 | % | 15.39 | % |
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