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Overview of Cashmere Valley Bank (CSHX)
Cashmere Valley Bank, trading under the symbol CSHX, is a well-established regional financial institution headquartered in Cashmere, Washington. Founded in 1932, the bank has built a reputation for providing high-quality, personalized banking services across its network of retail offices in Chelan, Douglas, Kittitas, and Yakima Counties, as well as a municipal lending office in King County.
Core Business and Revenue Streams
Cashmere Valley Bank operates as a full-service community bank, offering a comprehensive range of financial products and services to individuals, businesses, and municipalities. Its primary revenue streams include net interest income from loans and securities, as well as non-interest income derived from insurance commissions, wealth management services, and other banking fees. The bank's commitment to maintaining a high net interest margin and controlling deposit costs underscores its focus on sustainable financial performance.
Banking Services
Cashmere Valley Bank provides a wide array of banking services, including:
- Personal and Business Banking: Checking and savings accounts, certificates of deposit, and specialized deposit products.
- Commercial Lending: Loans for real estate, equipment financing, and working capital.
- Municipal Lending: Tailored financial solutions for local governments and public entities.
- Auto and Marine Dealer Financing: Customized credit solutions for dealerships.
Ancillary Services
In addition to its core banking operations, Cashmere Valley Bank offers:
- Insurance Services: Through its subsidiary, Mitchell, Reed & Schmitten Insurance, the bank provides a variety of personal and commercial insurance products.
- Wealth Management: Investment advisory and financial planning services to help clients achieve their financial goals.
- Mortgage Services: Residential mortgage lending tailored to meet the needs of local communities.
Operational Strengths
Cashmere Valley Bank is known for its conservative financial management, which prioritizes liquidity, credit quality, and capital strength. The bank has consistently maintained strong credit metrics, with low levels of non-performing loans and a well-funded allowance for credit losses. Its focus on cost control and operational efficiency is reflected in its competitive efficiency ratio.
Market Position and Differentiation
Operating in a competitive regional banking landscape, Cashmere Valley Bank differentiates itself through its emphasis on personalized service, deep community ties, and a diversified product portfolio. Its long-standing presence in the Pacific Northwest has enabled it to build a loyal customer base while maintaining a prudent approach to risk management and capital allocation.
Commitment to Stability and Growth
Cashmere Valley Bank's strategic focus on deposit growth, liquidity management, and diversified revenue streams positions it as a reliable partner for both individual and institutional clients. By balancing traditional banking values with modern financial solutions, the bank continues to uphold its motto as "the little Bank with the big circle of friends."
Cashmere Valley Bank (OTCQX:CSHX) reported annual earnings of $28.2 million for 2024, with diluted earnings per share of $7.24, a slight increase from $7.20 in 2023. The bank declared a semi-annual dividend of $0.90 per share, up by $0.05.
Despite challenging rates, the bank saw resumed deposit growth, with total deposits increasing by $64.2 million (3.6%) to $1.8 billion. However, net interest margin decreased to 3.14% from 3.31%, and gross loans declined by $80.1 million (7.7%) to $962.4 million. The bank's efficiency ratio rose from 53.5% to 56.6%, while return on equity decreased from 15.69% to 12.93%.
Shareholders' equity increased 14.5% to $232.2 million, and the bank's GAAP capital ratio improved to 10.94%. Non-performing loans remained stable at 0.34% of gross loans.
Cashmere Valley Bank (CSHX) reported Q3 2024 earnings of $7.2 million, with year-to-date earnings reaching $21.1 million, up from $20.3 million in the same period of 2023. Diluted earnings per share were $5.42 year-to-date, a 3.9% increase. Deposits grew by $52.5 million in Q3 to $1.825 billion, with non-interest deposits at $409.4 million. The bank's net interest margin improved to 3.22% in Q3 2024 from 3.07% a year ago, despite gross loans decreasing by $45.3 million to $997.1 million since December 2023.
Cashmere Valley Bank (OTCQX:CSHX) reported robust year-to-date earnings of $13.9 million for the six months ended June 30, 2024, up from $13.1 million in the same period last year. Quarterly earnings reached $6.6 million, with diluted earnings per share increasing 23.1% to $1.71. The bank's deposits have stabilized, totaling $1.772 billion as of June 30, 2024. Despite a slight decrease in gross loans to $1.015 billion, credit quality remains strong with non-performing loans at just 0.23% of gross loans. The bank's net interest margin settled at 3.11% for the first half of 2024, down from 3.30% in the same period of 2023. Notably, the bank's GAAP capital to assets ratio improved to 10.60% from 9.07% a year ago, reflecting strong Tier 1 capital growth.
Cashmere Valley Bank (OTCQX:CSHX) reported quarterly earnings of $7.7 million, or $1.99 diluted earnings per share, for the quarter ending March 31, 2023, reflecting a 27.6% increase year-over-year.
Key highlights include an increase in gross loans to $1.016 billion, though deposit balances fell by 6.2% to $1.84 billion. The bank's net interest income rose to $17.3 million, driven by an improved net interest margin of 3.42%.
Despite strong credit quality with non-performing loans at 0.15%, unrealized losses in the investment portfolio were reported at $76.7 million. Non-interest expense grew to $11.8 million, primarily due to increased salaries. Tier 1 capital improved to $238.0 million.
Cashmere Valley Bank (OTCQX:CSHX) reported annual earnings of $26.0 million for 2022, resulting in a diluted earnings per share (EPS) of $6.69, down 9.5% from 2021. The Board declared a semi-annual dividend of $0.85 per share, payable on February 13, 2023. Despite the challenging interest rate environment and tight labor market, net income exceeded all but 2021's earnings. The bank's net interest margin improved to 2.91%, while total deposits fell 1.9% to $1.9 billion. Return on equity increased to 14.68%, although shareholder equity decreased 33.8% to $158.4 million due to unrealized losses on securities.
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.
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