Cascade Financial Corp. set a new record for profits in 2003, the company reported Tuesday.
The Everett-based parent of Cascade Bank finished the year with net income of $9.6 million, an increase of 19 percent over 2002’s profit of $8.1 million.
Profits per-share grew from 98 cents in 2002 to $1.13 in 2003, a figure that was adjusted to reflect a 5-for-4 stock split announced by Cascade in December.
For the year, Cascade’s revenues climbed 9.5 percent to $32.9 million. Cascade’s business loan portfolio grew nearly 44 percent to $204 million.
Business loans now account for 35 percent of the bank’s portfolio, Cascade officials said.
Structural changes, coupled with internal changes involved in converting to a commercial bank, are "fostering a cycle of success throughout the bank," chief executive Carol Nelson said in a statement on Tuesday.
She attributed the increased profits to "delivering excellent service to an expanding customer base."
As revenues increased, Cascade also improved its operating efficiency slightly, from 53.9 to 54.3 percent.
For the fourth quarter, Cascade reported that net income grew 16 percent to $2.5 million, from $2.2 million in the fourth quarter of 2002. Revenues were up 6 percent to $8.2 million, from $7.7 million in the same period for 2003.
Cascade executives will discuss the annual and quarterly reports in a conference call with investors this morning; it will be available online at www.cascadebank.com.
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