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Cascade Financial Corp. (CASB) filed Quarterly Report for the period ended 2011-03-31.
Cascade Financial Corp. has a market cap of $5.3 million; its shares were traded at around $0.431 with and P/S ratio of 0.1.
This is the annual revenues and earnings per share of CASB over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of CASB.
Highlight of Business Operations:
The Corporation conducts its business from its main office in Everett, Washington, and 21 other full-service offices in the greater Puget Sound region. At March 31, 2011, the Corporation had total assets of $1.5 billion, total deposits of $1.1 billion and total equity of $54.6 million.
Under the terms of the merger agreement, the Corporation s common shareholders will receive an amount in cash of approximately $0.45 per share, which values the transaction at $5.5 million. In addition, Opus Bank has offered to purchase the $39.0 million of the Corporation s preferred stock and the associated warrant issued to the U.S. Department of the Treasury (the Treasury) under the Capital Purchase Program for $16.25 million in cash. The Treasury has indicated its willingness to agree to sell the Corporation s preferred stock and warrant for such cash consideration subject to the entry into definitive documentation acceptable to the Treasury in its sole discretion. Opus also agreed to assume our $25.8 million of obligations with respect to the trust preferred securities issued by the Corporation s trust subsidiaries. Consummation of the merger is subject to approval by regulatory authorities, approval by the shareholders of the Corporation at a special meeting of shareholders to be held on May 31, 2011, and certain other conditions set forth in the merger agreement. The merger is expected to close in the latter part of the second quarter of 2011. Notwithstanding this, there are no assurances that the Corporation, the Bank and Opus Bank will be able to successfully close the proposed merger.
For the three months ended March 31, 2011, we had a net loss attributable to common stockholders of $3.3 million, or $0.27 per diluted common share, compared to $32.8 million, or $2.69 per diluted common share for the three months ended March 31, 2010.
Net interest income for the three months ended March 31, 2011 was $8.8 million, compared to $9.7 million for the three months ended March 31, 2010. Other income was $1.8 million for the three months ended March 31, 2011, compared to $1.9 million for the three months ended March 31, 2010. For the three months ended March 31, 2011, total other expenses increased to $10.7 million compared to $9.2 million for the three months ended March 31, 2010. The increase was largely due to a $1.6 million increase in write-downs/losses on sales of REO.
Total securities, including FHLB stock, decreased by $3.8 million to $296.6 million as of March 31, 2011, compared to December 31, 2010. Securities designated as available-for-sale decreased to $232.3 million at March 31, 2011, versus $234.6 million at December 31, 2010. Securities designated as held-to-maturity decreased to $52.4 million at March 31, 2011, from $53.9 million at December 31, 2010. The securities in both portfolios consist of notes issued by Government Sponsored Enterprises (i.e. Federal Home Loan Bank (FHLB), Fannie Mae (FNMA), Freddie Mac (FHLMC) or mortgage-backed securities issued by FNMA, FHLMC, or Ginnie Mae). There were no investment securities that were backed by subprime loans and all investments received the highest credit rating from at least one of the major rating agencies.
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