Cascade Financial Increases Quarterly Dividend by 13%; Third Quarter Earnings Conference Call Scheduled
28 September 2005 - 10:00PM
Business Wire
Cascade Financial Corporation (Nasdaq:CASB), parent company of
Cascade Bank, today announced that its Board of Directors has
increased its quarterly cash dividend by 13% to $0.09 per share.
The dividend will be paid on October 26, to shareholders of record
on October 12, 2005. "This marks the fourth time we have increased
our quarterly cash payout since initiating dividends just three
years ago," stated Carol K. Nelson, President and CEO. "While
dividends generate an immediate return on an investment in Cascade
Financial, we also work to build shareholder wealth over the
long-term by growing earnings per share and expanding our
franchise." In July, Cascade reported a 41% increase in second
quarter earnings. Net income was $3.2 million, or $0.33 per diluted
share, compared to $2.3 million, or $0.26 per share in the second
quarter of 2004. For the six-month period ended June 30, 2005, net
income was $6.3 million, or $0.64 per diluted share, compared to
$4.9 million, or $0.55 per share in the first six months of last
year. Cascade expects to release earnings for the third quarter of
2005 after the close of market on Monday, October 17, 2005. The
following day, on Tuesday, October 18, Carol K. Nelson, President
and CEO, and Lars Johnson, EVP and CFO, will discuss the bank's
operating results in a conference call at 10:00 am PDT (1:00 pm
EDT). Interested investors may listen to the call live or via
replay at www.cascadebank.com. Investment professionals are invited
to dial (303) 262-2139 to access the live call. A replay of the
call will be available for three weeks at (303) 590-3000, using
passcode 11040278#. Investors wishing to reinvest the upcoming
dividend must complete the enrollment through the company's
transfer agent, Mellon Investor Services. For complete details on
this program, please visit the investor relations portion of the
company's website at www.cascadebank.com/shareholderinfo or at
www.melloninvestor.com. Interested parties may also contact Mellon
Investor Services toll-free at 1-800-839-2983. About Cascade
Financial Established in 1916, Cascade Bank, the only operating
subsidiary of Cascade Financial Corporation, is a state chartered
commercial bank headquartered in Snohomish County, Washington.
Cascade Bank operates 19 full service offices, located in Everett,
Lynnwood, Marysville, Mukilteo, Smokey Point, Issaquah, Clearview,
Woodinville, Lake Stevens, Bellevue, Snohomish and North Bend.
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