Banking company losses up

The parent company of Bank of the Cascades has reported a net loss of $28.1 million, or $1 per share, for the second quarter of the year.

Bend-based Cascade Bancorp said it had decreased interest income and an increase in non-interest expense due to real estate valuation adjustments and a higher FDIC deposit insurance assessment.

Also, net interest income decreased to $18.9 million for the second quarter due to lower loan balances and lost interest from bad loans, the company reported.

It posted a net loss of $3.4 million, or 12 cents per share, in the same quarter a year ago.

Bank of the Cascades operates three branches in Medford and two in Grants Pass.

— Greg Stiles

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