WASHINGTON, Jan 2 (Reuters) - Cascade Bancorp told the U.S. Securities and Exchange Commission in a filing:
* Says amends some financial data due to discovery of 'miscalculation' within its loan data extract software.
* Says its correction of the miscalculation resulted in understated balance in loan loss reserve as of June 30, 2008 and September 30, 2008.
* Says additional loan loss provision in Q3 of $0.3 million resulted in decrease in net income of $0.2 million.
* Says earnings for nine months ended September 30, 2008 fell to $3.0 million from previous $6.8 million; bank continues to rank as 'well-capitalized' under regulatory standards.
(Washington desk for company news; +1 202 898 8400, washington.newsroom@reuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* Says amends some financial data due to discovery of 'miscalculation' within its loan data extract software.
* Says its correction of the miscalculation resulted in understated balance in loan loss reserve as of June 30, 2008 and September 30, 2008.
* Says additional loan loss provision in Q3 of $0.3 million resulted in decrease in net income of $0.2 million.
* Says earnings for nine months ended September 30, 2008 fell to $3.0 million from previous $6.8 million; bank continues to rank as 'well-capitalized' under regulatory standards.
(Washington desk for company news; +1 202 898 8400, washington.newsroom@reuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.