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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 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.
Cashmere Valley Bank (OTCQX:CSHX) reported quarterly earnings of $7.3 million for the period ending March 31, 2021, with diluted earnings per share increasing 34.0% to $1.84. Total deposits reached $1.9 billion, marking a 7.7% increase from the previous quarter. The bank's earnings were bolstered by loan forgiveness and a growing asset base; however, concern over net interest margin due to a slowing pace of PPP loan forgiveness was noted by CEO Greg Oakes. Additionally, a share repurchase program was announced to buy back up to 340,000 shares at $70.00 per share.
Cashmere Valley Bank (OTCQX:CSHX) announced a tender offer for up to 340,000 shares of common stock at $70.00 per share, set to expire on May 13, 2021. This offer represents 8.6% of the 3,972,304 shares outstanding as of March 31, 2021. The purchase will be funded with cash on hand. While the bank's directors will not participate in the tender, it is anticipated that this initiative will enhance shareholder value. Shareholders should review all related materials before making decisions regarding the tender offer.