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to December 31, 2012. The improvement was achieved through a combination of payoffs, paydowns, note sales and/or restructuring of adversely risk rated legacy loans. This improvement in loan portfolio quality underpins the key priorities of the Bank which include revitalizing quality loan and deposit growth as well as reducing the legacy special mention and substandard assets in the Bank portfolio. Management believes the reserve for loan losses of $24.5 million at March 31, 2013 is adequate to support achievement of this priority.
to deliver business and consumer credit, including mortgage loans to support purchase and refinance needs. We are encouraged by signs of improvement in our local economies and we will continue to seek out opportunities to assist our customers and neighbors.
7 Million Income in First Quarter
Cascade Bancorp, the holding company for Bank of the Cascades, announced net income of $1.7 million or $0.04 per share for the quarter ended March 31, 2013. recent progress is underscored by the removal of the Regulatory Order on March 7, 2013," said Terry Zink, president and chief executive officer.
recent progress is underscored by the removal of the Regulatory Order on March 7, 2013. Our management team continues to focus on actions to build sustainable asset quality and quality core earnings. As we build for our future, we are committed to delivering services of value and convenience to our customers, while also reinforcing the choice to bank local in each of our communities. March 31, 2013, total assets were $1.3 billion materially unchanged from December 31, 2012. Total net loans increased $21.7 million to $850.8 million at March 31, 2013 compared to $829.1 million at December 31, 2012. Construction loans outstanding at March 31, 2013 were down from December 31, 2012, while commercial real estate and residential real estate loan balances were higher over the same period. Cash and cash equivalents increased $31.7 million from December 31, 2012 to March 31, 2013, a result of a $28.0 million increase in deposits over the same Ny Yankees Cap Nz
Loan portfolio quality continued to improve during the first quarter of 2013 with a $57.2 million reduction in loans classified as special mention or substandard as compared Jordan Cap Dri Fit
Net Interest Margin ( NIM was 3.92 percent at March 31, 2013 compared to 4.31 percent at March 31, 2012.
Credit Quality: Remediated $57.2 million of loans classified as special mention or substandard during the first quarter of 2013, representing 6.52 percent of total loans.
Credit Quality: Non performing assets were 1.65 percent of total assets at March 31, 2013 compared to 2.03 percent at March 31, 2012.
The full details of the Company first quarter 2013 results were filed with the SEC in the Company quarterly report on Form 10 Q on May 13, 2013.
Credit Quality: Net charge offs for the quarter were $2.7 million, or 1.25 percent of loans (annualized) mainly related to resolution of special mention and substandard loans.
are pleased that first quarter 2013 continues a trend of consecutive quarterly profitability for the Company. When we are successful, our communities are successful, commented Terry Zink, president and chief executive officer.
Total deposits increased $28.0 million from December 31, 2012 to March 31, 2013. Core checking, savings and money market deposits New Era Washington Capitals increased $25.3 million while time deposits increased slightly.
period. The investment portfolio declined by $24.9 million from December 31, 2012 to March 31, 2013 due to paydowns and maturities of securities. OREO balances at March 31, 2013 were $5.7 million compared to $6.6 million at December 31, 2012.
Credit Quality: Reserve for loan losses at $24.5 million or 2.80 percent of loans. No loan loss provision was made in the first quarter of 2013.
He continued, a catalyst for economic growth, our priority is New Era Cap Houston Colt 45s
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