Cascade Financial of Everett posted a $6.6 million quarterly loss after taking a $17.3 million write-down on its shares of Fannie Mae and Freddie Mac.
Cascade Financial took a charge of $11.3 million to third-quarter earnings from the write-down of preferred shares in Fannie Mae and Freddie Mac, which the federal government has taken over.
The Everett banking company posted a loss of $6.6 million, or 55 cents a diluted share, in the third quarter, down from earnings of $3.8 million a year ago.
Cascade’s preferred shares were worth $18.6 million in June. By late September, they had devalued to $1.3 million. Cascade’s pre-tax charge was $17.3 million; the net charge was $11.3 million.
Cascade cut its non-performing loans in half during the quarter, to $15.7 million. The company also added $1.3 million to its allowance for loan losses during the quarter, compared to $350,000 a year ago. Net charge-offs for the quarter were $43,000.
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