The parent company of Bank of the Cascades is reporting its first yearly profit in five years.
Bend-based Cascade Bancorp had a net income of $6 million in 2012. The announcement marks a significant milestone in the company’s long journey back from the financial brink.
The last time Bank of the Cascades posted a yearly profit was 2007. Back then, Bend was booming. But when the market crashed, bad loans nearly took the bank down.
Federal regulators stepped in in 2009 imposing a number of restrictions over the bank. But those were lifted earlier this month thanks to the institutions improving financial condition.
President and CEO Terry Zink said the change gives the bank more flexibility to grow, but he said it won’t affect its current lending standards.
“That’s not going to change,” Zink said. “I mean, most of what the regulators asked for was just good common business practices and we’re going to continue to do that.”
Last year’s profit was helped along by an improving economy. Zink says the bank saw 15 percent growth in commercial and industrial loans in the second half of the year.