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Cascade Financial reports $25M loss for fiscal ’09

Cascade Financial Corp., parent company of Cascade Bank (not to be confused with Bend, Ore.-based Bank of the Cascades which operates branches in Idaho and Oregon), reported fourth-quarter net income attributable to shareholders of $521,000, or 4 cents per diluted share, which compares with earnings of $2.2 million, or 18 cents per share a year earlier.

For fiscal 2009, the Everett, Wash.-based Cascade Financial reported a loss of $25.8 million, or a loss of $2.13 per share, which compares with net income of $1.8 million, or 15 cents per share a year earlier. Fiscal 2009 was affected by a $11.7 million impairment charge taken in the second quarter.

In November, the Federal Deposit Insurance Corp. told Cascade Financial to quit paying dividends on the $39 million it’s received through the federal government’s capital infusion program.

Bank officials said they will continue to build up reserves.

“We are continuing to build our reserves until we see improvement in the regional economy,” said CEO Carol Nelson in a statement. She added that the fourth quarter provision for loan losses was $8 million, up from the $4 million provision in the third quarter of 2009 and $2.4 million in the fourth quarter of 2008.

In after-hours trading Jan. 26, shares in Cascade Financial rose more than 12 percent, jumping 35 cents to $3.10.


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