Cashmere Valley Bank - CSHX STOCK NEWS

Cashmere Valley Bank reported quarterly earnings of $7.3 million with diluted earnings per share of $1.87, a decrease of 6.0%. Despite challenges in the financial environment, the bank showed strong core earnings. The bank highlighted an increase in gross loans, a decrease in deposit balances, and a slight increase in non-interest deposits. Return on assets and equity decreased due to asset growth and reduced earnings. Cash, cash equivalents, and restricted cash increased primarily due to higher cash balances. The investment portfolio grew, and securities earned higher rates. Credit quality remained strong with a slight increase in non-performing loans. Deposits increased with a rise in the average cost of deposits. Tier 1 capital and GAAP capital increased, reflecting strong financial positions. Net interest income decreased, while non-interest income and expenses slightly increased. The bank's efficiency ratio rose to 59.0%.

Cashmere Valley Bank (CSHX) announced annual earnings of $28.0 million for the year ended December 31, 2023, with diluted earnings per share of $7.20. The bank declared a semi-annual dividend payment of $0.85 per share. The net income increased by 7.6% to $28.0 million, and the return on equity increased to 15.69% in fiscal 2023. However, there was a decrease in cash balances, and non-interest bearing deposits totaled $424.4 million, which was 23.9% of total deposits. The Bank's net interest margin increased to 3.30% in 2023, and the book value on AFS and HTM securities totaled $858.0 million at December 31, 2023. Gross loans totaled $1.042 billion, representing an increase of $36.7 million from December 31, 2022. The allowance for credit losses on loans (ACL) was 1.26%, and the Bank recorded provision expense of $2,942,000 in 2023. Total deposits were $1.8 billion as of December 31, 2023, representing a decrease of $126.3 million from December 31, 2022. Shareholders' equity totaled $202.8 million, a 28.0% increase from December 31, 2022.

Cashmere Valley Bank announces quarterly earnings of $7.2 million and year-to-date earnings of $20.3 million. Deposit balances decrease by 5.4% from December 2022. Return on assets and return on equity improve. New Union Gap location opens.

Cashmere Valley Bank (OTCQX:CSHX) announced quarterly earnings of $5.4 million, with year-to-date earnings totaling $13.1 million. Diluted earnings per share increased by 77.1% to $3.37. Deposit balances decreased by 5.3% to $1.799 billion. Gross loans reached an all-time high of $1.026 billion. The Bank's return on assets increased to 1.30% from 0.68%, and return on equity was 15.21% compared to 7.51% last year.