Cashmere Valley Bank

OTCQX US:CSHXUnited States

Apr 16, 2024

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• Cashmere Valley Bank Reports Quarterly Earnings of $7.3 Million, from 11:01PM ET on Tuesday Apr 16, 2024 by Accesswire

  11:01PM ET on Tuesday Apr 16, 2024 by Accesswire
  Companies Mentioned: CSHX

  CASHMERE, WA / ACCESSWIRE / April 16, 2024 / Cashmere Valley Bank (OTCQX:CSHX) ("Bank"), announced quarterly earnings of $7.3 million for the quarter ended March 31, 2024. Diluted earnings per share was $1.87, representing a decrease of $0.12 per share, or 6.0%.

• Cashmere Valley Bank Reports Quarterly Earnings of $7.3 Million, from 11:01PM ET on Tuesday Apr 16, 2024 by Dow Jones

  11:01PM ET on Tuesday Apr 16, 2024 by Dow Jones
  Companies Mentioned: CSHX
  Premises and equipment 20,510 21,017 19,286 Accrued interest receivable 9,444 9,411 8,486 Other real estate and foreclosed assets 97 97 - Bank Owned Life Insurance 27,009 26,809 26,275 Goodwill 7,576 7,576 7,576 Intangibles 3,291 3,465 3,715 Mortgage servicing rights 2,485 2,536 2,628 Net deferred tax assets 18,695 19,037 21,293 Other assets 13,569 12,594 7,861 Total assets $2,066,251 $2,042,738 $2,049,817 ========= ========= ========= Liabilities and Shareholders' Equity Liabilities Deposits: Non-interest bearing demand $ 398,960 $ 424,380 $ 425,526 Savings and interest-bearing demand 936,416 956,290 1,093,805 Time 449,462 393,097 321,767 Total deposits 1,784,838 1,773,767 1,841,098 Accrued interest payable 2,661 2,216 1,060 Short-term borrowings 54,636 48,858 14,163 Other liabilities 14,008 15,099 15,326 Total liabilities 1,856,143 1,839,940 1,871,647 Shareholders' Equity Common stock (no par value); authorized 10,000,000 shares; Issued and outstanding: 3/31/2024 -- 3,884,186 ; 12/31/2023 -- 3,883,986 ; 3/31/2023 -- 3,883,971 -- -- -- Additional paid-in capital 4,895 4,833 4,660 Treasury stock (16,784) (16,784) (16,784) Retained Earnings 284,062 280,087 263,123 Other comprehensive income (62,491) (65,758) (72,986) Total Cashmere Valley Bank shareholders' equity 209,682 202,378 178,013 Noncontrolling interest 426 420 157 --------- --------- --------- Total shareholders' equity 210,108 202,798 178,170 Total liabilities and shareholders' equity $2,066,251 $2,042,738 $2,049,817 ========= ========= ========= Quarterly Consolidated Statements of Income (UNAUDITED) (Dollars in Thousands) Cashmere Valley Bank & Subsidiary For the quarters ended, ------------------------------------------ March 31, December March 31, 2024 31, 2023 2023 Interest Income Loans $ 13,021 $ 12,767 $ 10,953 Fed funds sold and deposits at other financial institutions 1,299 1,087 1,467 Securities available for sale: Taxable 7,220 6,750 5,568 Tax-exempt 277 357 689 Securities held to maturity: Taxable 785 787 804 Tax-exempt 47 46 46 Total interest income 22,649 21,794 19,527 Interest Expense Deposits 6,449 5,163 2,230 Short-term borrowings 609 150 7 Total interest expense 7,058 5,313 2,237 Net interest income 15,591 16,481 17,290 Provision for Credit Losses (54) 1,115 605 Net interest income after provision for credit losses 15,366 15,512 17,068 Non-Interest Income Service charges on deposit accounts 460 473 541 Mortgage banking operations 290 374 312 Net gain (loss) on sales of securities available for sale -- (2,560) (365) Brokerage commissions 369 232 270 Insurance commissions and fees 1,950 2,007 1,863 Net interchange income (expense) 1,166 1,043 1,360 BOLI cash value 200 182 170 Dividends from correspondent banks 34 19 27 Other 257 367 287 Total non-interest income 4,726 2,137 4,465 Non-Interest Expense Salaries and employee benefits 7,069 2,512 7,075 Occupancy and equipment 880 1,025 928 Audits and examinations 183 56 89 State and local business and occupation taxes 335 345 323 FDIC insurance & WA state assessments 244 229 165 Legal and professional fees 242 622 245 Check losses and charge-offs 120 128 117 Low income housing investment losses -- 154 155 Data processing 1,599 1,676 1,539 Product delivery 330 324 314 Other 993 859 807 Total non-interest expense 11,995 7,930 11,757 Income before income taxes 8,376 9,573 9,393 Income Taxes 1,093 1,858 1,670 Net income $ 7,283 $ 7,715 $ 7,723 Net income attributable to noncontrolling interest 6 27 6 Net income attributable to Cashmere Valley Bank $ 7,277 $ 7,688 $ 7,717 ====== ====== ======== Earnings Per Share Basic $ 1.87 $ 1.98 $ 1.99 Diluted $ 1.87 $ 1.98 $ 1.99