Businessweek

Cascade Bancorp reported consolidated unaudited earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net income of $1.696 million or $0.04 per basic and diluted share compared to $1.058 million or $0.02 per basic and diluted share for the same period a year ago quarter. Interest income was $12.597 million against $14.596 million a year ago. Net interest income was $11.619 million against $13.125 million a year ago. Income before income taxes was $1.664 million against $1.083 million a year ago. Book value per common share was $3.01 against $2.84 a year ago. Tangible book value per common share was $3.01 against $2.84 a year ago. Return on average total shareholders' equity was 4.84% against 3.16% a year ago. Return on average total assets was 0.53% against 0.32% a year ago. For the first quarter of 2013, the company reported net charge off's of $2.713 million against $1.055 million a year ago.

Cascade Bancorp, Annual General Meeting, May 14, 2013., at 17:30 Pacific Standard Time. Location: Bank of the Cascades, 1100 NW Wall Street. Agenda: To consider the election of 10 Directors to the Board of Directors; to ratify the appointment of BDO USA, LLP as Cascade’s independent auditor for fiscal year 2013; to approve, on a non-binding advisory basis, the compensation paid to Named Executive Officers; and to transact other business that may properly come before the Meeting.

Cascade Bancorp announced unaudited earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company reported interest income of $13,023,000 against $14,914,000 a year ago. Net interest income was $11,955,000 against $12,876,000 a year ago. Net interest income after loan loss provision was $11,955,000 against net interest loss after loan loss provision of $1,824,000 a year ago. Income before income tax was $1,337,000 against loss before income tax was $25,788,000 a year ago. Net income per share was $0.03 against LPS of $0.55 a year ago. Return on average total assets was 0.40% against negative return on total assets of 7.44% a year ago. Return on average total shareholders' equity was 3.71% against negative return on average total shareholders' equity of 64.59% a year ago. For the year, the company reported interest income of $54,879,000 against $67,100,000 a year ago. Net interest income was $49,880,000 against $55,396,000 a year ago. Net interest income after loan loss provision was $48,780,000 against net interest loss after loan loss provision of $19,604,000 a year ago. Income before income tax was $6,030,000 against loss before income tax was $91,836,000 a year ago. Net income was $5,951,000 against net loss of $47,276,000 a year ago. Net income per share was $0.13 against LPS of $1.08 a year ago. Return on average total assets was 4.60% against negative return on total assets of 3.04% a year ago. Return on average total shareholders' equity was 4.34% against negative return on average total shareholders' equity of 25.65% a year ago.

Judith A. Johansen has resigned from the Board of Directors of Cascade Bancorp and the Board of Directors of its wholly owned subsidiary Bank of the Cascades, effective March 25, 2013. Ms. Johansen’s decision is not due to a disagreement with Bancorp or the Bank on any matter relating to Bancorp’s or the Bank’s operations, policies or practices.

On January 16, 2013, Michael Delvin, Executive Vice President and Chief Operating Officer of Cascade Bancorp and of its wholly owned subsidiary Bank of the Cascades, gave notice of his resignation, which will be effective March 31, 2013. Also on January 16, 2013, Judith Johansen, who serves on the board of directors of Bancorp and the Bank, gave notice to Bancorp and the Bank that she will not stand for re-election at the annual meeting of shareholders to be held in 2013. Johansen's decision is not due to a disagreement with Bancorp on any matter relating to Bancorp's or the Bank's operations, policies or practices.