This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
March 27, 2012 /PRNewswire/ -- Cascade Bancorp (NASDAQ: CACB). On
March 27, 2012, Cascade Bancorp filed its 2011 annual report on Form 10-K with the Securities and Exchange Commission. For the year ended
December 31, 2011 Cascade Bancorp recorded a net loss of
$47.3 million compared to a net loss of
$13.7 million in 2010. The 2011 loss was primarily due to a loan loss provision of
$75.0 million for the year,
$54.0 million of which related to the bulk sale of
$110.0 million of mainly non-performing and substandard loans in
September 2011. The objective of the bulk sale was to improve the risk profile of the Company's loan portfolio, thereby positioning the Company for a stronger future. As of
December 31, 2011, Cascade Bancorp's wholly owned subsidiary, Bank of the Cascades, (the "Bank") had regulatory capital ratios in excess of 'well capitalized' regulatory benchmarks, and at the same time maintained a reserve for loan losses at over
$43 million or 4.89% of gross loans; a level among the highest for community banks in the West.
"The year 2011 ushered in a time of transition for the banking industry as well as for our company," said Zink. "As we enter our 35th year, I believe that we are moving into a position of strength. We believe that, for the most part, the credit problems in our loan portfolio have been identified and addressed. This enables us to return Cascade to its top priority of putting local deposits to work in the communities we serve in the form of business and consumer loans, including mortgages. This is our opportunity to further enhance the vitality of the markets we serve," he added.