Cascade Bancorp (CACB Quote) plunged after the Oregon-based bank reported a 69% gain in third-quarter income but warned of subdued loan demand and an easing of its net interest margin.
The bank posted earnings of $10.5 million, or 46 cents a share, up from $6.2 million, or 35 cents a share, a year ago. Total deposits came to $1.6 billion as of Sept. 30, up 41% from a year ago, largely due to the combination with Farmers and Merchants State Bank of Idaho. Cascade said it expects the slowing real estate market to continue and lead to moderate loan demand. Shares slipped $1.51, or 3.9%, to $36.84.
Highland Hospitality(HIH Quote) slipped after the McLean, Va.-based REIT was downgraded by Bear Stearns to peer perform from outperform. Shares were trading down 43 cents, or 2.9%, to $14.24. ...
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