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Cashmere Valley Bank (CSHX) is a reputable financial institution that has been serving the communities of Chelan, Douglas, Kittitas, and Yakima Counties since its establishment on September 24, 1932. With a total of 11 retail offices and a municipal lending office, the bank offers a wide range of services including business and personal banking, commercial lending, insurance services, investment services, mortgage services, and equipment lease financing. The bank's commitment to providing high-quality personalized service has contributed to its success over the years. Despite the challenging banking environment, Cashmere Valley Bank has managed to maintain strong financial performance, reporting quarterly and annual earnings growth, managing deposit balances, increasing capital levels, and expanding its facilities to better serve its customers.
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.
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.
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