BOTC sees gains in first quarter

Cascade Bancorp, holding company for Bend-based Bank of the Cascades, reported a $100,000 gain in net income in the first quarter along with an increase in loans of nearly $80 million, according to its earnings report released Monday.

Net income totaled $5.1 million in the first quarter, compared with $5 million in the fourth quarter of 2014.

The bank’s total assets of $2.4 billion were $1 million higher than the previous quarter.

The bank reported strong loan growth in the quarter. Loans grew to $1.6 billion total, with lending concentrated in commercial real estate, construction and consumer residential, according to the report.

Delinquent loans represented less than one quarter of 1 percent of the total portfolio, down from just under a third of 1 percent in the preceding quarter.

Cascade Bancorp President and CEO Terry Zink on Monday declared the acquisition of Home Federal Bancorp of Idaho one year ago is complete, with all costs paid. The $241.5 million acquisition basically doubled the bank’s assets to more than $2 billion.

However, Zink is still surveying the landscape, looking for further opportunities to double the bank’s assets again to $5 billion.

“The two markets that are our primary markets are in the 95th percentile in growth in the U.S.,” he said during the earnings call.

The bank has hired at least six new bankers to generate business in the area served by Bank of the Cascades, which includes Boise, Bend and parts of southern and western Oregon. The bank also has loan production offices in Portland and Salt Lake City and plans to open another soon in Seattle.

Cascade Bancorp shares closed at $4.80 on Monday, down 3 cents from Friday’s close, according to Nasdaq.com.

— Bulletin staff report