A growing Puget Sound economy boosted Cascade Financial Corp.’s performance in the second quarter, executives said.
The Everett-based parent company of Cascade Bank reported its profits for the quarter increased to $3.3 million, up from the $3.2 million it recorded during the same period last year.
On a per-share basis, earnings went to 27 cents from 26 cents. The results are adjusted for a 5-for-4 stock split Cascade issued in May.
Performance in several key areas improved, and revenues grew 4 percent to $11.3 million. But non-interest income fell.
Cascade President Carol Nelson said that was the result of a big deal for multi-family home loans during last year’s second quarter. The deal gave the bank a $434,000 profit on the sale of loans in last year’s period, which fell to $42,000 in the most-recent quarter, she said.
“We view the current level … as fairly sustainable, while the sale of multi-family loans was an unusual event that was opportunistic in nature,” Nelson said.
For the first six months of the year, Cascade reported a profit of $19.2 million, up 7 percent from $17.9 million in the first half of 2005.
Loan growth is “solid,” Nelson said, thanks to growth in the region.
“The ongoing success of the aerospace, biotech and biomed industries have strengthened the local economy,” she said. “Strong population growth has raised demand for new construction and resulted in meaningful real estate price (increases).”
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