Cashmere Valley Bank

OTCQX US:CSHXUnited States

Oct 23, 2024

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• Cashmere Valley Bank Reports Another Strong Quarter of Earnings at $7.2 Million, Year to Date Earnings of $21.1 Million, from 2:01AM ET on Wednesday Oct 23, 2024 by Dow Jones

  2:01AM ET on Wednesday Oct 23, 2024 by Dow Jones
  Companies Mentioned: CSHX
  --------- ------ -------- Net income attributable to Cashmere Valley Bank $ 7,175 $ 6,647 $ 7,183 ========= ====== ======== Earnings Per Share Basic $ 1.84 $ 1.71 $ 1.85 Diluted $ 1.84 $ 1.71 $ 1.85 Year-to-Date Consolidated Statements of Income (UNAUDITED) (Dollars in Thousands) Cashmere Valley Bank & Subsidiary For the nine months ended, ----------------------- September September 30, 2024 30, 2023 Interest Income Loans $ 39,495 $ 34,626 Fed funds sold and deposits at other financial institutions 4,949 3,906 Securities available for sale: Taxable 22,286 17,797 Tax-exempt 969 1,529 Securities held to maturity: Taxable 2,330 2,364 Tax-exempt 118 138 --------- ------- Total interest income 70,147 60,360 Interest Expense Deposits 21,177 11,096 Short-term borrowings 1,768 108 --------- ------- Total interest expense 22,945 11,204 Net interest income 47,202 49,156 Provision for Credit Losses 1,506 1,828 Net interest income after provision for credit losses 45,696 47,328 Non-Interest Income Service charges on deposit accounts 1,504 1,656 Mortgage banking operations 1,152 1,140 Net gain (loss) on sales of securities available for sale -- (2,258) Brokerage commissions 1,065 767 Insurance commissions and fees 6,352 5,713 Net interchange income (expense) 3,467 3,700 BOLI cash value 619 523 Dividends from correspondent banks 153 66 Other 868 867 --------- ------- Total non-interest income 15,180 12,174 Non-Interest Expense Salaries and employee benefits 20,387 19,847 Occupancy and equipment 2,553 2,988 Audits and examinations 486 353 State and local business and occupation taxes 947 1,001 FDIC insurance & WA state assessments 712 788 Legal and professional fees 834 740 Check losses and charge-offs 382 454 Low income housing investment losses 327 479 Data processing 4,732 4,696 Product delivery 1,054 931 Other 3,153 2,552 --------- ------- Total non-interest expense 35,567 34,829 Income before income taxes 25,309 24,673 Income Taxes 4,152 4,356 Net income $ 21,157 $ 20,317 Net income attributable to noncontrolling interest 57 23 --------- ------- Net income attributable to Cashmere Valley Bank 21,100 20,294 ========= ======= Earnings Per Share Basic $ 5.43 $ 5.23 Diluted $ 5.42 $ 5.22