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.
- 4Q09 Highlights: (compared to 4Q08)
- Cascade remains well-capitalized by regulatory standards with total risk-based capital at 13.14%
- Net income was $1.1 million, with income available to common shareholders of $521,000, or $0.04 per diluted common share
- Allowance for loan losses increased $1.2 million with provision for loan losses of $8.0 million and net charge-offs of $6.4 million in the quarter
- The allowance for loan losses to total loans increased to 2.16%, up from 1.31% a year ago
- Nonperforming assets totaled 7.33% of total assets, compared to 8.05% three months earlier, a reduction of $19.6 million
- Deposit mix improved with total checking account balances representing 39% of total deposits versus 19% as of December 31, 2008
- Total checking account balances increased 138% from December 31, 2008
- Loan portfolio mix improved with a 37% reduction in real estate construction loans from a year ago
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As of February 9, 2010
Minimum 20 minute delay.
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Cascade Financial Corporation
2828 Colby Avenue
Everett, WA 98201-3537
(425) 339-5500Investor Relations Contact
Mr. Terry Stull
(425) 339-5500
tstull@cascadebank.com
Transfer Agent
BNY Mellon Shareowner Services
480 Washington Boulevard
27th Floor
Jersey City, NJ 07310-1900
(201) 680-4000 |
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