Cascade Financial Corporation (Nasdaq: CASB) is the parent company of Cascade Bank. Cascade Bank is a full-service community bank headquartered in Snohomish County, Washington. The region has a strong economic base with diverse sectors including manufacturing, software, military and services. Boeing is the largest employer in the area and the Snohomish County market is home to 23% of all Washington state biotech and biomedical companies. Other large employers include the U.S. Navy, Premera Blue Cross, Goodrich, Philips, Fluke and Verizon.
Cascade Bank operates 22 full service branches in Snohomish, King and Skagit Counties, located in Edmonds, Everett, Lynnwood, Marysville, Mukilteo, Shoreline, Smokey Point, Issaquah, Clearview, Woodinville, Lake Stevens, Bellevue, Snohomish, North Bend and Burlington.
- 3Q09 Highlights: (compared to 3Q08)
- Net income of $1.6 million, with income available to common shareholders of $1.0 million, or $0.09 per diluted common share
- Compensation expense down 11% in spite of adding one new branch
- Deposit mix improved with total checking account balances representing 32% of total deposits versus 17%
- Total checking account balances increased 89%
- Personal checking account balances grew 119%
- Business checking account balances grew 56%
- Loan portfolio mix improved with a 29% reduction in real estate construction loans
- Total allowance for loan losses to total loans increased to 2.02%, up from 1.21%
- Tier 1 capital ratio improved to 9.05% from 7.87%
- Risk weighted capital ratio increased to 13.01% from 10.40%
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As of November 20, 2009
Minimum 20 minute delay.
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