Cascade Bancorp (CACB) has reported 248.56 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $6.76 million, or $0.09 a share in the quarter, compared with $1.94 million, or $0.03 a share for the same period last year. Revenue during the quarter grew 17.12 percent to $32.34 million from $27.62 million in the previous year period. Net interest income for the quarter rose 12.22 percent over the prior year period to $24.87 million. Non-interest income for the quarter rose 37.02 percent over the last year period to $7.48 million.
Net interest margin contracted 17 basis points to 3.63 percent in the quarter from 3.80 percent in the last year period. Efficiency ratio for the quarter improved to 65.97 percent from 88.79 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
“I am very pleased with our first quarter financial results highlighted by continued solid loan and deposit growth. Our return on assets improved by 14 basis points to 0.89% and we improved our efficiency ratio by 369 basis points to 66.0% from the linked quarter.” said Terry Zink, President and Chief Executive Officer of Cascade Bancorp. “I would note that total non-interest income was nearly 1% percent of average assets despite what was a particularly harsh winter in the Northwest. The weather and seasonal factors contributed to lower customer debit card utilization and related revenue as compared to the linked quarter.”
Assets outpace liabilities growth
Total assets stood at $3,136.67 million as on Mar. 31, 2017, up 5.19 percent compared with $2,982 million on Mar. 31, 2016. On the other hand, total liabilities stood at $2,758.08 million as on Mar. 31, 2017, up 4.38 percent from $2,642.28 million on Mar. 31, 2016.
Loans outpace deposit growth
Net loans stood at $2,088.17 million as on Mar. 31, 2017, up 18.74 percent compared with $1,758.60 million on Mar. 31, 2016. Deposits stood at $2,714.78 million as on Mar. 31, 2017, up 5.39 percent compared with $2,576.04 million on Mar. 31, 2016. Loans to deposits ratio was 76.92 percent for the quarter, up from 68.27 percent for the previous year quarter.
Investments stood at $608.92 million as on Mar. 31, 2017, up 6.28 percent or $35.98 million from year-ago. Shareholders equity stood at $378.59 million as on Mar. 31, 2017, up 11.44 percent or $38.86 million from year-ago.
Return on average assets moved up 59 basis points to 0.89 percent in the quarter from 0.30 percent in the last year period. At the same time, return on average equity increased 503 basis points to 7.33 percent in the quarter from 2.30 percent in the last year period.
Nonperforming assets moved down 1 percent or $0.15 million to $14.49 million on Mar. 31, 2017 from $14.64 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.46 percent in the quarter, down from 0.49 percent in the last year period.
Tier-1 leverage ratio stood at 9.03 percent for the quarter, up from 8.64 percent for the previous year quarter. Book value per share was $4.96 for the quarter, up 6.21 percent or $0.29 compared to $4.67 for the same period last year.
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