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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 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.
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.
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