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 quarter was $5.1 million, or $0.07 per share, compared to $5.0 million, or $0.07 per share, for the fourth quarter of 2014 (“linked quarter”). First quarter 2015 net income benefitted from approximately $2.1 million (pre-tax) of one-time items. |
• | Loan growth for the quarter was $79.9 million, to $1.6 billion. Organic growth1 from the linked quarter was approximately $33.7 million, or 2.3% (9.2% annualized), with increases in commercial real estate (“CRE”) loans, construction loans, and consumer residential loans. |
• | Total deposits were up $33.6 million over the linked quarter. Demand deposits increased by $58.1 million, or 9.4% on a linked quarter basis, partially offset by runoff in higher priced certificates of deposit (“CDs”) acquired in the acquisition of Home Federal Bancorp, Inc. (“HFB”) in May 2014. Checking balances represented over 55% of total deposits and the overall cost of funds was 0.11% compared to 0.13% during the linked quarter. |
• | Net interest margin (“NIM”) was 3.74% for the quarter, compared to 3.68% in the linked quarter and 3.83% in the first quarter 2014 (prior to the HFB acquisition). |
• | $2.0 million credit to the loan loss provision arising from the remediation of a loan previously written off; the third consecutive quarter of net recoveries. |
• | Credit quality metrics were solid with allowance for loan losses maintained at 1.48% of gross loans. |
• | At March 31, 2015, stockholders’ equity was $322.0 million compared to $315.5 million at December 31, 2014. |
• | Return on average assets (“ROAA”) was 0.88% compared to 0.84% in the linked quarter and 0.28% in the first quarter 2014. |
• | Return on equity (“ROE”) was 6.52% compared to 6.41% in the linked quarter and 2.02% in the first quarter 2014. |
CASCADE BANCORP | ||||||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||||||
(In thousands) (Unaudited) | ||||||||||||
March 31, 2015 | December 31, 2014 | March 31, 2014 | ||||||||||
ASSETS | ||||||||||||
Cash and cash equivalents: | ||||||||||||
Cash and due from banks | $ | 43,417 | $ | 39,115 | $ | 30,776 | ||||||
Interest bearing deposits | 16,117 | 43,701 | 19,239 | |||||||||
Federal funds sold | 273 | 273 | 22 | |||||||||
Total cash and cash equivalents | 59,807 | 83,089 | 50,037 | |||||||||
Investment securities available-for-sale | 317,761 | 319,882 | 189,752 | |||||||||
Investment securities held-to-maturity | 148,573 | 152,579 | 1,320 | |||||||||
Federal Home Loan Bank (FHLB) stock | 25,369 | 25,646 | 9,820 | |||||||||
Loans held for sale | 1,474 | 6,690 | 4,398 | |||||||||
Loans, net | 1,547,531 | 1,468,784 | 983,925 | |||||||||
Premises and equipment, net | 43,274 | 43,649 | 32,376 | |||||||||
Bank-owned life insurance | 53,692 | 53,449 | 36,750 | |||||||||
Other real estate owned, net | 4,830 | 3,309 | 2,995 | |||||||||
Deferred tax asset, net | 62,630 | 66,126 | 49,477 | |||||||||
Core deposit intangible | 7,478 | 7,683 | 502 | |||||||||
Goodwill | 78,610 | 80,082 | — | |||||||||
Other assets | 31,992 | 30,169 | 12,661 | |||||||||
Total assets | $ | 2,383,021 | $ | 2,341,137 | $ | 1,374,013 | ||||||
LIABILITIES & STOCKHOLDERS' EQUITY | ||||||||||||
Liabilities: | ||||||||||||
Deposits: | ||||||||||||
Demand | $ | 677,515 | $ | 619,377 | $ | 450,648 | ||||||
Interest bearing demand | 992,545 | 995,497 | 534,723 | |||||||||
Savings | 134,146 | 129,610 | 53,443 | |||||||||
Time | 210,990 | 237,138 | 123,779 | |||||||||
Total deposits | 2,015,196 | 1,981,622 | 1,162,593 | |||||||||
Other liabilities | 45,826 | 44,032 | 21,157 | |||||||||
Total liabilities | 2,061,022 | 2,025,654 | 1,183,750 | |||||||||
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 | 451,449 | 450,999 | 330,988 | |||||||||
Accumulated deficit | (133,233 | ) | (138,351 | ) | (141,145 | ) | ||||||
Accumulated other comprehensive income (loss) | 3,783 | 2,835 | 420 | |||||||||
Total stockholders' equity | 321,999 | 315,483 | 190,263 | |||||||||
Total liabilities and stockholders' equity | $ | 2,383,021 | $ | 2,341,137 | $ | 1,374,013 |
CASCADE BANCORP | ||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||
(In thousands) (Unaudited) | Three Months Ended | |||||||||||
March 31, 2015 | December 31, 2014 | March 31, 2014 | ||||||||||
Interest income: | ||||||||||||
Interest and fees on loans | $ | 16,494 | $ | 16,688 | $ | 10,749 | ||||||
Interest on investments | 2,983 | 2,979 | 1,328 | |||||||||
Other investment income | 33 | 78 | 27 | |||||||||
Total interest income | 19,510 | 19,745 | 12,104 | |||||||||
Interest expense: | ||||||||||||
Deposits: | ||||||||||||
Interest bearing demand | 312 | 306 | 175 | |||||||||
Savings | 10 | 10 | 4 | |||||||||
Time | 224 | 341 | 183 | |||||||||
Other borrowings | — | — | 5 | |||||||||
Total interest expense | 546 | 657 | 367 | |||||||||
Net interest income | 18,964 | 19,088 | 11,737 | |||||||||
Loan loss provision (recovery) | (2,000 | ) | — | — | ||||||||
Net interest income after loan loss provision | 20,964 | 19,088 | 11,737 | |||||||||
Non-interest income: | ||||||||||||
Service charges on deposit accounts | 1,261 | 1,297 | 753 | |||||||||
Card issuer and merchant services fees, net | 1,643 | 1,733 | 1,001 | |||||||||
Earnings on BOLI | 242 | 274 | 183 | |||||||||
Mortgage banking income, net | 788 | 506 | 434 | |||||||||
Swap fee income | 515 | 428 | 326 | |||||||||
SBA gain on sales and fee income | 362 | 590 | 214 | |||||||||
Other income | 1,311 | 1,644 | 441 | |||||||||
Total non-interest income | 6,122 | 6,472 | 3,352 | |||||||||
Non-interest expense: | ||||||||||||
Salaries and employee benefits | 11,130 | 9,833 | 7,643 | |||||||||
Occupancy | 1,366 | 1,587 | 1,140 | |||||||||
Information Technology | 938 | 712 | 787 | |||||||||
Equipment | 357 | 500 | 337 | |||||||||
Communications | 541 | 623 | 383 | |||||||||
FDIC insurance | 398 | 460 | 232 | |||||||||
OREO | 57 | (28 | ) | (8 | ) | |||||||
Professional services | 957 | 1,204 | 1,332 | |||||||||
Card issuer | 863 | 876 | 358 | |||||||||
Insurance | 209 | 185 | 174 | |||||||||
Other expenses | 2,004 | 1,586 | 1,472 | |||||||||
Total non-interest expense | 18,820 | 17,538 | 13,850 | |||||||||
Income before income taxes | 8,266 | 8,022 | 1,239 | |||||||||
Income tax provision | (3,148 | ) | (2,982 | ) | (296 | ) | ||||||
Net income | $ | 5,118 | $ | 5,040 | $ | 943 |
CASCADE BANCORP | ||||||||||||||||
ADDITIONAL FINANCIAL INFORMATION | ||||||||||||||||
(In thousands, except per share data) (Unaudited) | ||||||||||||||||
LINKED QUARTER | YEAR OVER YEAR | |||||||||||||||
March 31, 2015 | December 31, 2014 | March 31, 2015 | March 31, 2014 | |||||||||||||
Share Data | ||||||||||||||||
Basic net income per common share | $ | 0.07 | $ | 0.07 | $ | 0.07 | $ | 0.02 | ||||||||
Diluted net income per common share | $ | 0.07 | $ | 0.07 | $ | 0.07 | $ | 0.02 | ||||||||
Book value per basic common share | $ | 4.44 | $ | 4.35 | $ | 4.44 | $ | 4.00 | ||||||||
Tangible book value per common share1 | $ | 3.26 | $ | 3.14 | $ | 3.26 | $ | 3.99 | ||||||||
Basic average shares outstanding | 71,673 | 71,676 | 71,673 | 47,233 | ||||||||||||
Fully diluted average shares outstanding | 71,851 | 71,832 | 71,851 | 47,296 | ||||||||||||
Key Ratios | ||||||||||||||||
Return on average total shareholders' equity | 6.52 | % | 6.41 | % | 6.52 | % | 2.02 | % | ||||||||
Return on average total assets | 0.88 | % | 0.84 | % | 0.88 | % | 0.28 | % | ||||||||
Common stockholders’ equity ratio | 13.51 | % | 13.48 | % | 13.51 | % | 13.85 | % | ||||||||
Tangible common stockholders’ equity ratio2 | 9.90 | % | 9.73 | % | 9.90 | % | 13.81 | % | ||||||||
Net interest spread | 3.69 | % | 3.62 | % | 3.69 | % | 3.75 | % | ||||||||
Net interest margin | 3.74 | % | 3.68 | % | 3.74 | % | 3.83 | % | ||||||||
Total revenue (net int. inc. + non int. inc.) | $ | 25,086 | $ | 25,560 | $ | 25,086 | $ | 15,089 | ||||||||
Efficiency ratio3 | 75.02 | % | 68.62 | % | 75.02 | % | 91.79 | % | ||||||||
Loan to deposit ratio | 76.79 | % | 74.12 | % | 76.79 | % | 84.63 | % | ||||||||
Credit Quality Ratios | ||||||||||||||||
Gross loans | $ | 1,570,775 | $ | 1,490,837 | $ | 1,570,775 | $ | 1,005,647 | ||||||||
Reserve for loan losses | $ | 23,244 | $ | 22,053 | $ | 23,244 | $ | 21,722 | ||||||||
Reserve for loan losses to ending gross loans | 1.48 | % | 1.48 | % | 1.48 | % | 2.16 | % | ||||||||
Non-performing assets (“NPAs”) | $ | 12,732 | $ | 15,047 | $ | 12,732 | $ | 8,906 | ||||||||
NPAs to total assets | 0.53 | % | 0.64 | % | 0.53 | % | 0.65 | % | ||||||||
Delinquent >30 days to total loans (excl. NPAs) | 0.17 | % | 0.27 | % | 0.17 | % | 0.33 | % | ||||||||
Net (Recoveries) Charge-offs | $ | (3,191 | ) | $ | (702 | ) | $ | (3,191 | ) | $ | (865 | ) | ||||
Net loan (recoveries) charge-offs to average total loans | (0.21 | )% | (0.05 | )% | (0.21 | )% | (0.09 | )% | ||||||||
Bank Capital Ratios | ||||||||||||||||
Tier 1 capital leverage ratio | 8.56 | % | 7.51 | % | 8.56 | % | 10.89 | % | ||||||||
Common equity Tier 1 ratio | 10.55 | % | n/a | 10.55 | % | n/a | ||||||||||
Tier 1 risk-based capital ratio | 10.55 | % | 9.73 | % | 10.55 | % | 13.21 | % | ||||||||
Total risk-based capital ratio | 11.82 | % | 10.98 | % | 11.82 | % | 14.47 | % | ||||||||
Bancorp Capital Ratios | ||||||||||||||||
Tier 1 capital leverage ratio | 8.76 | % | 7.66 | % | 8.76 | % | 10.89 | % | ||||||||
Common equity Tier 1 ratio | 10.81 | % | n/a | 10.81 | % | n/a | ||||||||||
Tier 1 risk-based capital ratio | 10.81 | % | 9.91 | % | 10.81 | % | 13.19 | % | ||||||||
Total risk-based capital ratio | 12.08 | % | 11.16 | % | 12.08 | % | 14.45 | % |
Reconciliation of Non-GAAP Measures (unaudited): | |||||||||||
Reconciliation of period end stockholders’ equity to period end tangible stockholders’ equity: | March 31, 2015 | December 31, 2014 | March 31, 2014 | ||||||||
Total stockholders’ equity | $ | 321,999 | $ | 315,483 | $ | 190,263 | |||||
Core deposit intangible | 7,478 | 7,683 | 502 | ||||||||
Goodwill | 78,610 | 80,082 | — | ||||||||
Tangible stockholders’ equity | $ | 235,911 | $ | 227,718 | $ | 189,761 | |||||
Reconciliation of period end common stockholders’ equity ratio to period end tangible common stockholders’ equity ratio: | March 31, 2015 | December 31, 2014 | March 31, 2014 | ||||||||
Total stockholders’ equity | $ | 321,999 | $ | 315,483 | $ | 190,263 | |||||
Total assets | $ | 2,383,021 | $ | 2,341,137 | $ | 1,374,013 | |||||
Common stockholders’ equity ratio | 13.51 | % | 13.48 | % | 13.85 | % | |||||
Tangible stockholders’ equity | $ | 235,911 | $ | 227,718 | $ | 189,761 | |||||
Total assets | $ | 2,383,021 | $ | 2,341,137 | $ | 1,374,013 | |||||
Tangible common stockholders’ equity ratio | 9.90 | % | 9.73 | % | 13.81 | % | |||||
Reconciliation of period end tangible book value per common share: | March 31, 2015 | December 31, 2014 | March 31, 2014 | ||||||||
Total stockholders’ equity | $ | 321,999 | $ | 315,483 | $ | 190,263 | |||||
Core deposit intangible | 7,478 | 7,683 | 502 | ||||||||
Goodwill | 78,610 | 80,082 | — | ||||||||
Tangible stockholders equity | $ | 235,911 | $ | 227,718 | $ | 189,761 | |||||
Common shares outstanding | 72,472,034 | 72,491,850 | 47,562,849 | ||||||||
Tangible book value per common share | $ | 3.26 | $ | 3.14 | $ | 3.99 |
Reconciliation of loan growth to organic loan growth: | March 31, 2015 | |||
Total loan growth | $ | 80,137 | ||
Acquired loans | 46,449 | |||
Organic loan growth | $ | 33,688 |
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