Local Business

Boise's fourth-quarter profit thanks to housing starts rise

Boise Cascade Co. swung to a fourth-quarter profit of $1.3 million, following a $13.8 million loss a year earlier.

The wood products firm with plants in Medford and White City reported revenue of $694.6 million during the final three months of 2012, compared with $547.4 million for the same period in 2011.

Boise benefited from improved U.S. housing starts, which grew 28 percent to 780,000 in 2012, compared with 609,000 in 2011. Even so, housing start levels remain far below historical averages for the past 20 years, when about 1.4 million units were built per year. Forecasts for 2013 anticipate starts of 990,000 homes, a 27 percent gain from 2012.

Bank of the Cascades parent firm gets OK from regulators

Cascade Bancorp, parent company for Bend-based Bank of the Cascades, said Thursday federal and state regulators have terminated a cease-and-desist order put in place in August 2009 and entered into a memorandum of understanding with the Federal Deposit Insurance Corp. and the Oregon Finance and Corporate Securities Division.

Termination of the order recognizes the Bank of Cascade Bank's improved capital position which exceeds minimum capital ratios required to qualify as a "well-capitalized" institution.

Bank of the Cascades operates two branch offices in Medford and two in Grants Pass.

Innkeepers continue rebound with strong January numbers

Southern Oregon innkeepers topped 2012 performances in virtually every category during January, according to data compiled by Smith Travel Research of Hendersonville, Tenn. Occupancy was up 7 percent, room rates edged up 1.5 percent to $68.55, and revenue per available room rose 8.6 percent to $26.80.

Compiled from staff reports

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