Cascade Bancorp, the parent company of Bend-based Bank of the Cascades, brought in a net income of $1.8 million in the third quarter, according to its quarterly report filed with the U.S. Securities and Exchange Commission.
The modest gain comes on the heels of similar reports in the first two quarters, bringing the bank’s year-to-date net income to $4.6 million.
The bank reported net losses of $21 million through the first three quarters of last year, driven largely by a bulk sale of $110 million in bad loans in September 2011.
The SEC report filed Wednesday showed a slight uptick in gross loans on the company’s books, up to $862.7 million for the quarter ending Sept. 30, versus $845.5 million as of June 30. But gross loans are down from the third quarter of 2011, when the total stood at $929.3 million.
Cascade Bancorp has been under state and federal regulatory orders since 2009, when a wave of delinquent commercial real estate loans turned net profits into losses.
Bank president and CEO Terry Zink told The Bulletin in early November that he expects the regulator orders to be lifted in the next few months.