Cascade Bancorp (CACB) has reported 6.31 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $5.92 million, or $0.08 a share in the quarter, compared with $5.57 million, or $0.08 a share for the same period last year.
Revenue during the quarter grew 20.62 percent to $33.24 million from $27.56 million in the previous year period. Net interest income for the quarter rose 26.16 percent over the prior year period to $24.96 million. Non-interest income for the quarter rose 43.43 percent over the last year period to $8.28 million.
Net interest margin improved 3 basis points to 3.55 percent in the quarter from 3.52 percent in the last year period. Efficiency ratio for the quarter improved to 69.66 percent from 70.87 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"I am very pleased with the financial progress and momentum evident in our fourth quarter results, including higher revenue and net income driven by sustained strong organic loan growth," said Terry Zink, president and chief executive officer of Cascade Bancorp. "These results put an exclamation point on Cascades’ turn-around since the great recession, a long journey that has culminated with our recently announced merger with First Interstate Bank. This merger was made possible in part by the unwavering support of our customers and employees as we have grown Cascade into a premier Pacific Northwest community bank over the last four decades."
Liabilities outpace assets growthTotal assets stood at $3,079.06 million as on Dec. 31, 2016, up 24.76 percent compared with $2,468.03 million on Dec. 31, 2015. On the other hand, total liabilities stood at $2,709.41 million as on Dec. 31, 2016, up 27.13 percent from $2,131.26 million on Dec. 31, 2015.
Loans outpace deposit growthNet loans stood at $2,077.36 million as on Dec. 31, 2016, up 24.98 percent compared with $1,662.10 million on Dec. 31, 2015. Deposits stood at $2,661.81 million as on Dec. 31, 2016, down 3.03 percent compared with $2,745.08 million on Dec. 31, 2015. Loans to deposits ratio was 78.04 percent for the quarter, down from 79.79 percent for the previous year quarter.
Investments stood at $635.38 million as on Dec. 31, 2016, down 4.40 percent or $29.23 million from year-ago. Shareholders equity stood at $369.65 million as on Dec. 31, 2016, up 9.76 percent or $32.88 million from year-ago.
Return on average assets moved down 12 basis points to 0.75 percent in the quarter from 0.87 percent in the last year period. At the same time, return on average equity decreased 26 basis points to 6.34 percent in the quarter from 6.60 percent in the last year period.
Nonperforming assets moved up 83.28 percent or $6.99 million to $15.39 million on Dec. 31, 2016 from $8.40 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.50 percent in the quarter, up from 0.34 percent in the last year period.
Book value per share was $4.85 for the quarter, up 4.75 percent or $0.22 compared to $4.63 for the same period last year.
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