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Cashmere Valley Bank reports earnings, dividends and capital actions for an OTC-traded Washington community bank. Established in 1932, the bank provides business and personal banking, commercial lending, mortgage services, investment services, equipment lease financing, auto and marine dealer financing, municipal lending, and insurance services through Mitchell, Reed & Schmitten Insurance.
Recurring updates include quarterly and annual operating results, loan and deposit trends, credit costs in lending portfolios, semi-annual dividend declarations, and cash tender offers to repurchase common stock. Company announcements also describe its retail banking presence in Chelan, Douglas, Kittitas and Yakima Counties and its municipal lending office in King County.
Cashmere Valley Bank (OTCQX:CSHX) reported quarterly earnings of $8.9 million for Q3 2022, bringing year-to-date earnings to $16.3 million, down from $22.2 million in 2021. Year-to-date diluted EPS decreased by 25.6% to $4.19 due to $7.2 million in realized losses on securities. Total deposits rose by 1.0% to $1.98 billion. The bank's net interest income increased to $16.3 million. However, the return on assets fell to 1.00% from 1.41% a year prior, highlighting ongoing challenges amidst a rising interest rate environment.
Cashmere Valley Bank (OTCQX:CSHX) reported quarterly earnings of $1.3 million for Q2 2022, down from $14.2 million year-to-date. Diluted earnings per share fell to $1.91, a 46.9% decrease due to $7.3 million in realized losses on securities sales. Total deposits reached $1.96 billion, a slight increase of 0.1% from Q1 2022. The bank's net interest income improved to $14.6 million, with a net interest margin of 2.67%. A dividend of $0.85 per share was declared, payable on August 8, 2022. Overall, credit quality remains strong with non-performing loans at 0.04%.
Cashmere Valley Bank (CSHX) announced an update on the fair value of its investment portfolio, highlighting significant unrealized losses due to rising treasury yields. Between December 31, 2021, and March 31, 2022, the bank's net unrealized loss on available for sale securities increased from a gain of $14.2 million to a loss of $52.7 million, totaling a $66.9 million impact. In response, the bank liquidated approximately $54.1 million in securities at a realized loss of $8.2 million and reclassified $55.6 million in securities to held to maturity to mitigate future risks.
Cashmere Valley Bank (OTCQX:CSHX) reported a quarterly earnings of $6.1 million for the period ending March 31, 2022, with diluted earnings per share at $1.56, down 15.2% year-over-year. Total deposits increased by 1.3% to $1.96 billion, while gross loans rose to $971.7 million, reflecting a 3.3% quarterly increase. However, net interest income decreased slightly from the previous quarter. The bank noted strong credit quality, with non-performing loans at 0.03%.
Cashmere Valley Bank (OTCQX:CSHX) reported annual earnings of $29.0 million for 2021, reflecting a 15.1% increase in diluted earnings per share to $7.39. Total deposits reached $1.9 billion, achieving a 12.6% growth over the previous year. The Board declared a semi-annual dividend of $0.85 per share. However, challenges remain, particularly with the influence of declining PPP loan income and labor expenses impacting net interest margin, which fell to 2.60%.
Cashmere Valley Bank (OTCQX:CSHX) announced a semi-annual cash dividend of $0.85 per share, reflecting a 6.25% increase from the previous dividend. This cash dividend will be payable on February 7, 2022, to shareholders on record as of January 28, 2022. The Bank has a strong presence with 11 retail offices across several counties and provides a variety of banking services.
Cashmere Valley Bank (OTCQX:CSHX) reported Q3 2021 earnings of $8.0 million, bringing year-to-date earnings to $22.2 million, a 20.9% increase in diluted EPS to $5.64. Deposit balances rose 14.0% to $1.9 billion, with a quarterly increase of $37.9 million. Gross loans decreased by $33.8 million, while non-PPP loans grew by $22.4 million. Despite strong earnings, the net interest margin declined to 2.60%. The bank returned $13.0 million to shareholders through dividends and repurchases. The credit quality remains strong with non-performing loans at 0.08% of total loans.
Cashmere Valley Bank (OTCQX:CSHX) declared a semi-annual cash dividend of $0.80 per share, payable on August 9, 2021, to shareholders of record as of July 30, 2021. This marks a 6.7% increase from the previous dividend. Established in 1932, the Bank operates 11 retail offices across multiple counties and offers a range of services including commercial lending, insurance, and investment services. The declaration reflects the Bank's commitment to shareholder returns and its robust operational framework.
Cashmere Valley Bank (OTCQX:CSHX) reported 2021 year-to-date earnings of $14.2 million and quarterly earnings of $6.9 million for the period ending June 30, 2021. Year-to-date diluted earnings per share increased 18.8% to $3.59. Total deposits grew 8.9% to $1.9 billion, with non-interest bearing deposits rising 15.6%. The bank saw a decrease in gross loans of 1.0% and non-performing loans at 0.09%. Net interest income rose to $25.5 million from $23.2 million year-over-year, despite a declining net interest margin of 2.61%.
Cashmere Valley Bank (OTCQX:CSHX) announced preliminary results of its cash tender offer, which expired on May 13, 2021. The bank plans to acquire approximately 98,223 shares at a price of $70.00 per share, totaling about $6,875,610. This represents 2.47% of the bank's outstanding common stock. The final results will depend on the confirmation of the shares tendered. Payments for the accepted shares will be made promptly thereafter.