First Interstate Bank completed its acquisition Tuesday of Bend-based Bank of the Cascades. (Andy Tullis/ Bulletin file photo)

Cascade Bancorp, holding company for Bend-based Bank of the Cascades, reported net income of $4.8 million in the second quarter, and strong growth in lending.

The bank made approximately $58 million in new loans during the quarter, a 17.8 percent increase year over year in all types of loans. Bank of the Cascades reported a total $1.6 billion in loans outstanding on June 30. Cascade Bancorp President and CEO Terry Zink attributed that growth to the hiring of new bankers and the strong economy in the Pacific Northwest.

“The loan pipeline is strong, and organic loan growth is accelerating given our investment in new bankers,” Zink said during an earnings call Tuesday. In May, Zink said Cascade Bancorp had hired six new bankers to generate business in its service area, which includes Boise, Bend and parts of southern and western Oregon. The bank has loan offices in Salt Lake City and Portland and another planned in Seattle.

Total deposits were $2 billion when the second quarter ended, up $31.3 million from the first quarter, according to the bank. More than 55 percent of total deposits were in checking accounts, which lowered bank costs by about 0.02 percent from the first quarter.

Zink said Cascade Bancorp, which merged with Idaho’s Home Federal Bancorp in 2014, is still on the hunt for further mergers and acquisitions, with a goal of creating a bank with $5 billion in assets, about twice its current size.

“Our goal remains consistent,” he said Tuesday, “creating a valuable franchise in one of the fastest growing regions in the country.”

Cascade Bancorp shares closed at $5.21 on Tuesday, unchanged from the previous day, according to Nasdaq.