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 third quarter of 2014 was $2.4 million, or $0.03 per share, as compared to net income of $1.5 million, or $0.03 per share for the third quarter of 2013. Earnings for the third quarter of 2014 included acquisition related and one-time expenses (pretax), as well as a non-recurring tax true up expense. |
• | At September 30, 2014 stockholders’ equity increased to $308.4 million with the acquisition of HFB, including purchase accounting adjustments. This compares to $188.7 million at December 31, 2013. |
• | The total common equity ratio to total assets and tangible common equity ratio to total assets2 were 13.20% and 9.58% at September 30, 2014 and 13.42% and 13.38% at December 31, 2013, respectively. |
• | Net loans at September 30, 2014 totaled $1.4 billion, an increase of 48.3% compared to December 31, 2013. |
• | Total deposits as of September 30, 2014 were $2.0 billion, up 70.2% compared to December 31, 2013. |
• | Net interest margin (“NIM”) for the third quarter of 2014 was 3.63% compared to 3.98% in the second quarter of 2014 and 3.81% in the third quarter of 2013. The decline was mainly due to the high level of liquidity maintained during the quarter, which is pending prospective deployment to loans and other earning assets. |
• | Credit quality was strong with non-performing assets (“NPAs”) at 0.74% of total assets at September 30, 2014 compared to 0.88% at September 30, 2013. Net recoveries for the third quarter of 2014 were $0.9 million, as compared to net charge offs of $1.0 million in the third quarter of 2013. |
CASCADE BANCORP | ||||||||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||||||||
(In thousands) (Unaudited) | ||||||||||||||
September 30, 2014 | December 31, 2013 | September 30, 2013 | ||||||||||||
ASSETS | ||||||||||||||
Cash and cash equivalents: | ||||||||||||||
Cash and due from banks | $ | 46,363 | $ | 33,300 | $ | 44,405 | ||||||||
Interest bearing deposits | 90,647 | 48,527 | 85,399 | |||||||||||
Federal funds sold | 272 | 22 | 22 | |||||||||||
Total cash and cash equivalents | 137,282 | 81,849 | 129,826 | |||||||||||
Investment securities available-for-sale | 289,746 | 194,481 | 200,103 | |||||||||||
Investment securities held-to-maturity | 155,454 | 1,320 | 1,337 | |||||||||||
Federal Home Loan Bank (FHLB) stock | 25,916 | 9,913 | 10,006 | |||||||||||
Loans held for sale | 1,839 | 10,359 | 12,414 | |||||||||||
Loans, net | 1,443,452 | 973,618 | 916,505 | |||||||||||
Premises and equipment, net | 44,399 | 32,953 | 33,744 | |||||||||||
Bank-owned life insurance | 53,175 | 36,567 | 36,364 | |||||||||||
Other real estate owned, net | 4,032 | 3,144 | 3,345 | |||||||||||
Deferred tax asset, net | 69,266 | 50,068 | 51,463 | |||||||||||
Core deposit intangible | 7,888 | 529 | — | |||||||||||
Goodwill | 76,710 | — | — | |||||||||||
Other assets | 27,741 | 11,418 | 11,563 | |||||||||||
Total assets | $ | 2,336,900 | $ | 1,406,219 | $ | 1,406,670 | ||||||||
LIABILITIES & STOCKHOLDERS' EQUITY | ||||||||||||||
Liabilities: | ||||||||||||||
Deposits: | ||||||||||||||
Demand | $ | 643,997 | $ | 431,079 | $ | 459,033 | ||||||||
Interest bearing demand | 967,509 | 544,668 | 541,604 | |||||||||||
Savings | 130,763 | 50,258 | 47,225 | |||||||||||
Time | 244,165 | 141,315 | 147,754 | |||||||||||
Total deposits | 1,986,434 | 1,167,320 | 1,195,616 | |||||||||||
FHLB borrowings | — | 27,000 | — | |||||||||||
Other liabilities | 42,080 | 23,184 | 24,178 | |||||||||||
Total liabilities | 2,028,514 | 1,217,504 | 1,219,794 | |||||||||||
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 | 450,662 | 330,839 | 330,684 | |||||||||||
Accumulated deficit | (143,391 | ) | (142,088 | ) | (143,320 | ) | ||||||||
Accumulated other comprehensive income (loss) | 1,115 | (36 | ) | (488 | ) | |||||||||
Total stockholders' equity | 308,386 | 188,715 | 186,876 | |||||||||||
Total liabilities and stockholders' equity | $ | 2,336,900 | $ | 1,406,219 | $ | 1,406,670 |
CASCADE BANCORP | ||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||
(In thousands) (Unaudited) | ||||||||||||||
Three Months Ended September 30, 2014 | Three Months Ended June 30, 2014 | Three Months Ended September 30, 2013 | ||||||||||||
Interest income: | ||||||||||||||
Interest and fees on loans | $ | 16,571 | $ | 14,147 | $ | 11,080 | ||||||||
Interest on investments | 2,655 | 2,020 | 1,356 | |||||||||||
Other interest income | 87 | 45 | 71 | |||||||||||
Total interest income | 19,313 | 16,212 | 12,507 | |||||||||||
Interest expense: | ||||||||||||||
Deposits: | ||||||||||||||
Interest bearing demand | 284 | 217 | 193 | |||||||||||
Savings | 10 | 7 | 6 | |||||||||||
Time | 427 | 319 | 235 | |||||||||||
Other borrowings | — | 1 | 16 | |||||||||||
Total interest expense | 721 | 544 | 450 | |||||||||||
Net interest income | 18,592 | 15,668 | 12,057 | |||||||||||
Loan loss provision | — | — | — | |||||||||||
Net interest income after loan loss provision | 18,592 | 15,668 | 12,057 | |||||||||||
Non-interest income: | ||||||||||||||
Service charges on deposit accounts | 1,457 | 1,114 | 766 | |||||||||||
Card issuer and merchant services fees, net | 1,884 | 1,595 | 847 | |||||||||||
Earnings on bank owned life insurance | 280 | 249 | 224 | |||||||||||
Mortgage banking income, net | 734 | 622 | 1,284 | |||||||||||
Swap fee income | 476 | 617 | — | |||||||||||
Other income | 702 | 617 | 516 | |||||||||||
Total non-interest income | 5,533 | 4,814 | 3,637 | |||||||||||
Non-interest expense: | ||||||||||||||
Salaries and employee benefits | 10,199 | 13,746 | 7,633 | |||||||||||
Occupancy | 1,553 | 4,851 | 1,101 | |||||||||||
Information Technology | 1,032 | 1,815 | 692 | |||||||||||
Equipment | 497 | 629 | 457 | |||||||||||
Communications | 695 | 562 | 347 | |||||||||||
FDIC insurance | 371 | 454 | 454 | |||||||||||
OREO | 314 | 710 | 47 | |||||||||||
Professional services | 1,461 | 3,851 | 1,025 | |||||||||||
Other expenses | 3,606 | 3,607 | 1,827 | |||||||||||
Total non-interest expense | 19,728 | 30,225 | 13,583 | |||||||||||
Income (loss) before income taxes | 4,397 | (9,743 | ) | 2,111 | ||||||||||
Income tax (provision) benefit | (1,965 | ) | 5,065 | (619 | ) | |||||||||
Net income (loss) | $ | 2,432 | $ | (4,678 | ) | $ | 1,492 |
CASCADE BANCORP | ||||||||||||||
ADDITIONAL FINANCIAL INFORMATION | ||||||||||||||
(In thousands, except per share data) (Unaudited) | ||||||||||||||
Three Months Ended September 30, 2014 | Three Months Ended June 30, 2014 | Three Months Ended September 30, 2013 | ||||||||||||
Share Date | ||||||||||||||
Basic net income per common share | $ | 0.03 | $ | (0.08 | ) | $ | 0.03 | |||||||
Diluted net income per common share | $ | 0.03 | $ | (0.08 | ) | $ | 0.03 | |||||||
Book value per basic common share | $ | 4.25 | $ | 4.25 | $ | 3.93 | ||||||||
Basic average shares outstanding | 71,653 | 58,499 | 47,213 | |||||||||||
Fully diluted average shares outstanding | 71,732 | 58,499 | 47,589 | |||||||||||
Key Ratios | ||||||||||||||
Return on average total stockholders’ equity | 3.12 | % | (7.53 | )% | 3.13 | % | ||||||||
Return on average total assets | 0.41 | % | (1.04 | )% | 0.42 | % | ||||||||
Total common equity ratio | 13.20 | % | 13.41 | % | 13.28 | % | ||||||||
Total tangible common equity ratio 2 | 9.58 | % | 9.74 | % | 13.28 | % | ||||||||
Net interest spread | 3.56 | % | 3.90 | % | 3.72 | % | ||||||||
Net interest margin | 3.63 | % | 3.98 | % | 3.81 | % | ||||||||
Total revenue | $ | 24,125 | $ | 20,483 | $ | 15,695 | ||||||||
Efficiency ratio 4 | 81.78 | % | 147.56 | % | 86.55 | % | ||||||||
Credit Quality Ratios | ||||||||||||||
Reserve for credit losses | $ | 21,791 | $ | 20,911 | $ | 22,093 | ||||||||
Reserve for credit losses to ending gross loans | 1.49 | % | 1.50 | % | 2.35 | % | ||||||||
Non-performing assets ("NPAs") | $ | 17,309 | $ | 18,194 | $ | 12,356 | ||||||||
NPAs to total assets | 0.74 | % | 0.80 | % | 0.88 | % | ||||||||
Delinquent > 30 days to total loans (excld. NPAs) | 0.34 | % | 0.27 | % | 0.40 | % | ||||||||
Net (Recoveries) Charge-offs | $ | (880 | ) | $ | 1,251 | $ | 1,041 | |||||||
Net loan (recoveries) charge-offs to average total loans | (0.06 | )% | 0.11 | % | 0.11 | % | ||||||||
Bank Capital Ratios | ||||||||||||||
Tier 1 capital leverage ratio | 7.40 | % | 9.50 | % | 10.44 | % | ||||||||
Tier 1 risk-based capital ratio | 9.70 | % | 10.25 | % | 13.44 | % | ||||||||
Total risk-based capital ratio | 10.95 | % | 11.50 | % | 14.70 | % | ||||||||
Bancorp Capital Ratios | ||||||||||||||
Tier 1 capital leverage ratio | 7.60 | % | 9.81 | % | 10.44 | % | ||||||||
Tier 1 risk-based capital ratio | 9.94 | % | 10.59 | % | 13.41 | % | ||||||||
Total risk-based capital ratio | 11.19 | % | 11.84 | % | 14.67 | % |
Reconciliation of period end stockholders’ equity to period end tangible stockholders’ equity: | |||||||||||||||||||
September 30, 2014 | June 30, 2014 | December 31, 2013 | September 30, 2013 | ||||||||||||||||
Stockholders’ equity | $ | 308,386 | $ | 306,896 | $ | 188,715 | $ | 186,876 | |||||||||||
Core deposit intangible | 7,888 | 8,092 | 529 | — | |||||||||||||||
Goodwill | 76,710 | 75,838 | — | — | |||||||||||||||
Tangible stockholders’ equity | $ | 223,788 | $ | 222,966 | $ | 188,186 | $ | 186,876 | |||||||||||
Reconciliation of period end stockholders’ common equity ratio to period end tangible stockholders’ common equity ratio: | |||||||||||||||||||
Stockholders’ equity | $ | 308,386 | $ | 306,896 | $ | 188,715 | $ | 186,876 | |||||||||||
Total assets | $ | 2,336,900 | $ | 2,288,373 | $ | 1,406,219 | $ | 1,406,670 | |||||||||||
Common stockholders’ equity ratio | 13.20 | % | 13.41 | % | 13.42 | % | 13.28 | % | |||||||||||
Tangible stockholders’ equity | $ | 223,788 | $ | 222,966 | $ | 188,186 | $ | 186,876 | |||||||||||
Total assets | $ | 2,336,900 | $ | 2,288,373 | $ | 1,406,219 | $ | 1,406,670 | |||||||||||
Tangible common stockholders’ equity ratio | 9.58 | % | 9.74 | % | 13.38 | % | 13.28 | % |
Reconciliation of net income to adjusted earnings: | September 30, 2014 | |||
Net income | $ | 2,432 | ||
Acquisition and one-time expenses of $1,286, net of tax | 772 | |||
Tax expense true-up for merger related items | 409 | |||
Adjusted earnings | $ | 3,613 |
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