Cascade Bancorp (Oregon) Announces Filing Of Form 10-Q Quarterly Report And Financial Results For The First Quarter Of 2010
BEND, Ore., May 17 /PRNewswire-FirstCall/ --
Quarter ended March 31, 2010 performance compared to December 31, 2009:
- Credit Quality: Reserve for credit losses increased to $52.4 million or 3.58% of total loans, up from $38.3 million and 2.47% at December 31, 2009.
- Credit Quality: Non-performing assets (NPA's) were stable at $160.7 million compared to $161.7 million at December 31, 2009.
- Credit Quality: Net charge-offs were lower at $12.0 million compared to $43.5 million for the linked-quarter.
- Total Loans: $82.0 million decline from December 31, 2009.
- Total Deposits: $82.2 million decline from December 31, 2009, primarily due to decreased brokered deposits; down 5.7% compared to a year-ago period.
- First Quarter Net Loss Per Share: of ($0.87) or ( $24.4 million) mainly due to elevated provision for loan losses of $25.9 million. This compared to a net loss per share of ($1.73) or ( $48.5 million) for the linked-quarter.
- Liquidity Portfolio: Interest bearing balances held at Federal Reserve Bank were approximately $286.9 million or 14% of assets to enhance liquidity.
- Net Interest Margin: improved to 3.50% compared to 3.25% for the linked-quarter.
Cascade Bancorp ("Cascade") (Nasdaq: CACB) reported a net loss of ( $24.4 million) or ($0.87) per share for the first quarter of 2010 which is significantly lower than the prior quarter's net loss of ( $48.5 million) or ($1.73) per share. The quarterly loss was primarily due to an elevated loan loss provision expense to offset charge-offs and to increase reserve for credit losses to approximately $52.4 million or 3.58% of gross loans compared to approximately $38.3 million or 2.47% at December 31, 2009. NPA's were stable at $160.7 million compared to $161.7 million for the linked-quarter and delinquent loans just 0.58% as of March 31, 2010 compared to 0.65% at December 31, 2009. Net charge-offs were $12.0 million for the first quarter of 2010 down from $43.5 million for the linked-quarter.
"We are encouraged that NPA's and delinquent loans were stable and that the level of charge-offs improved," said Patricia L Moss, CEO. "With a $52.4 million reserve for credit losses, we believe we have recognized the preponderance of credit quality issues within our portfolio." She continued, "We remain actively engaged in efforts to secure a significant capital injection and have been working diligently towards that end. As shareholders are aware, we have the conditional $65 million capital commitment of Lightyear Capital and David F. Bolger through May 28, 2010. We are hopeful that the above factors will strengthen our ability to attract other participants toward our minimum goal of $150 million in new capital. The Company can provide no assurance that our efforts to raise capital will ultimately be successful."In addition to pursing a capital raise, the Company continues to implement the following operating plan to improve its financial condition 1) reduce loan portfolio to mitigate credit risk and conserve capital; 2) strive to maintain liquidity and expand core deposits and other funding sources; 3) reduce controllable non-interest expenses; and 4) retain high performing employees. Because of the uncertainties of the current economic climate and other factors outside of its control, there can be no assurance that the implementation of this plan will be successful.
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