- Net Income for the Second Quarter of 2013: After recognizing the non-reoccurring DTA, partially offset by the $3.8 million prepayment penalty to extinguish high rate FHLB advances, the Bank reported second quarter 2013 net income of $46.4 million.
- Earnings per Share: Diluted earnings per share for the six months ended June 30, 2013, which were largely influenced by recognition of the non-recurring DTA, were $1.02 per common share compared to $0.06 per share for the six months ended June 30, 2012.
- Stockholder Equity/Book Value Per Share: Stockholder equity increased to $187.9 million or $3.95 per share at June 30, 2013 as compared to $140.8 million or $2.97 per share at December 31, 2012 due to DTA recognition.
- Loans: Gross loans up $54.4 million or 6.34% compared to December 31, 2012.
- Deposits: Total deposits up $28.0 million or 2.60% compared to December 31, 2012.
- Credit Quality: Reserve for loan losses at June 30, 2013 was $22.7 million or 2.49% of loans compared to $27.3 million or 3.17% of loans at December 31, 2012.
- Credit Quality: Non-performing assets were 0.84% of total assets at June 30, 2013 compared to 1.94% at December 31, 2012.
- Credit Quality: Substandard loans were reduced by 54.06% to $58.2 million at June 30, 2013 as compared to December 31, 2012. Net charge-offs for the quarter were $2.9 million mainly related to resolution of substandard loans.
- Net Interest Margin ("NIM"): NIM was 3.75% at June 30, 2013 compared to 4.11% at December 31, 2012.
Bank Of The Cascades Second Quarter 2013 Results With Continued Earnings Resulting From A Non-Recurring Tax Benefit Arising From Recognition Of Deferred Tax Asset
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