Cashmere Valley Bank Reports Annual Earnings of $28.2 Million and Increases Semi-Annual Dividend
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 (OTCQX:CSHX) ha riportato utili annuali di 28,2 milioni di dollari per il 2024, con un utile per azione diluito di 7,24 dollari, un leggero aumento rispetto ai 7,20 dollari del 2023. La banca ha dichiarato un dividendo semestrale di 0,90 dollari per azione, in aumento di 0,05 dollari.
Nonostante le difficolt脿 legate ai tassi, la banca ha visto una ripresa della crescita dei depositi, con un aumento totale dei depositi di 64,2 milioni di dollari (3,6%) fino a raggiungere 1,8 miliardi di dollari. Tuttavia, il margine di interesse netto 猫 diminuito al 3,14% dal 3,31%, e i prestiti lordi sono scesi di 80,1 milioni di dollari (7,7%) a 962,4 milioni di dollari. Il rapporto di efficienza della banca 猫 aumentato dal 53,5% al 56,6%, mentre il rendimento sul capitale 猫 diminuito dal 15,69% al 12,93%.
Il patrimonio netto degli azionisti 猫 aumentato del 14,5% a 232,2 milioni di dollari, e il rapporto di capitale GAAP della banca 猫 migliorato al 10,94%. I prestiti non performanti sono rimasti stabili allo 0,34% dei prestiti lordi.
Cashmere Valley Bank (OTCQX:CSHX) report贸 ganancias anuales de 28.2 millones de d贸lares para 2024, con una ganancia por acci贸n diluida de 7.24 d贸lares, un ligero aumento de 7.20 d贸lares en 2023. El banco declar贸 un dividendo semestral de 0.90 d贸lares por acci贸n, aumentando 0.05 d贸lares.
A pesar de las tasas desafiantes, el banco vio un crecimiento en los dep贸sitos, con un total de dep贸sitos que aument贸 en 64.2 millones de d贸lares (3.6%) hasta alcanzar 1.8 mil millones de d贸lares. Sin embargo, el margen de inter茅s neto disminuy贸 al 3.14% de 3.31%, y los pr茅stamos brutos cayeron en 80.1 millones de d贸lares (7.7%) a 962.4 millones de d贸lares. La relaci贸n de eficiencia del banco subi贸 del 53.5% al 56.6%, mientras que el retorno sobre el patrimonio disminuy贸 del 15.69% al 12.93%.
El patrimonio neto de los accionistas aument贸 un 14.5% a 232.2 millones de d贸lares, y el ratio de capital GAAP del banco mejor贸 al 10.94%. Los pr茅stamos no productivos se mantuvieron estables en un 0.34% de los pr茅stamos brutos.
Cashmere Valley Bank (OTCQX:CSHX)電� 2024雲勳棎 2,820毵� 雼煬鞚� 鞐瓣皠 靾橃澋鞚� 氤搓碃頄堨溂氅�, 頋劃 欤茧嫻 靾橃澋鞚� 7.24雼煬搿� 2023雲� 7.20雼煬鞐愳劀 鞎疥皠 歃濌皜頄堨姷雼堧嫟. 鞚� 鞚�頄夓潃 欤茧嫻 0.90雼煬鞚� 氚橁赴 氚半嫻旮堨潉 靹犾柛頄堨溂氅�, 鞚措姅 0.05雼煬 歃濌皜頃� 瓴冹瀰雼堧嫟.
鞏措牑鞖� 旮堧Μ鞐愲弰 攵堦惮頃橁碃 鞚�頄夓潃 鞓堦笀 靹膘灔鞚� 鞛皽頄堨溂氅�, 齑� 鞓堦笀鞚� 6420毵� 雼煬(3.6%) 歃濌皜頃橃棳 18鞏� 雼煬鞐� 雼枅鞀惦媹雼�. 攴鸽煬雮� 靾滌澊鞛� 毵堨鞚� 3.31%鞐愳劀 3.14%搿� 臧愳唽頃橃榾瓿�, 齑� 雽�於滌潃 8010毵� 雼煬(7.7%) 臧愳唽頃橃棳 9鞏�6240毵� 雼煬鞐� 霃勲嫭頄堨姷雼堧嫟. 鞚�頄夓潣 須湪靹� 牍勳湪鞚� 53.5%鞐愳劀 56.6%搿� 靸侅姽頄堨溂氅�, 鞛愱赴鞛愲掣鞚挫澋毳犾潃 15.69%鞐愳劀 12.93%搿� 臧愳唽頄堨姷雼堧嫟.
欤检＜ 鞛愲掣鞚� 14.5% 歃濌皜頃橃棳 2鞏�3220毵� 雼煬鞐� 霃勲嫭頄堦碃, 鞚�頄夓潣 GAAP 鞛愲掣 牍勳湪鞚� 10.94%搿� 臧滌劆霅橃棃鞀惦媹雼�. 攵�鞁� 雽�於� 牍勳湪鞚� 齑� 雽�於滌潣 0.34%搿� 鞎堨爼靹鸽ゼ 鞙犾頄堨姷雼堧嫟.
Cashmere Valley Bank (OTCQX:CSHX) a rapport茅 des b茅n茅fices annuels de 28,2 millions de dollars pour 2024, avec un b茅n茅fice par action dilu茅 de 7,24 dollars, une l茅g猫re augmentation par rapport 脿 7,20 dollars en 2023. La banque a d茅clar茅 un dividende semestriel de 0,90 dollar par action, en hausse de 0,05 dollar.
Malgr茅 des taux difficiles, la banque a retrouv茅 une croissance des d茅p么ts, avec des d茅p么ts totaux augmentant de 64,2 millions de dollars (3,6%) pour atteindre 1,8 milliard de dollars. Cependant, la marge d'int茅r锚t nette a diminu茅 脿 3,14% contre 3,31%, et les pr锚ts bruts ont chut茅 de 80,1 millions de dollars (7,7%) 脿 962,4 millions de dollars. Le ratio d'efficacit茅 de la banque a augment茅 de 53,5% 脿 56,6%, tandis que le rendement des capitaux propres a diminu茅 de 15,69% 脿 12,93%.
Les capitaux propres des actionnaires ont augment茅 de 14,5% pour atteindre 232,2 millions de dollars, et le ratio de capital GAAP de la banque s'est am茅lior茅 脿 10,94%. Les pr锚ts non performants sont rest茅s stables 脿 0,34% des pr锚ts bruts.
Cashmere Valley Bank (OTCQX:CSHX) meldete f眉r 2024 einen Jahresgewinn von 28,2 Millionen US-Dollar, mit einem verw盲sserten Gewinn pro Aktie von 7,24 US-Dollar, was einem leichten Anstieg von 7,20 US-Dollar im Jahr 2023 entspricht. Die Bank erkl盲rte eine halbj盲hrliche Dividende von 0,90 US-Dollar pro Aktie, ein Anstieg um 0,05 US-Dollar.
Trotz schwieriger Zinss盲tze verzeichnete die Bank ein Wiederaufleben des Einlagenwachstums, wobei die Gesamteinlagen um 64,2 Millionen US-Dollar (3,6%) auf 1,8 Milliarden US-Dollar stiegen. Allerdings sank der Nettozinsmargen auf 3,14% von 3,31%, und die Bruttodarlehen fielen um 80,1 Millionen US-Dollar (7,7%) auf 962,4 Millionen US-Dollar. Die Effizienzquote der Bank stieg von 53,5% auf 56,6%, w盲hrend die Eigenkapitalrendite von 15,69% auf 12,93% zur眉ckging.
Das Eigenkapital der Aktion盲re stieg um 14,5% auf 232,2 Millionen US-Dollar, und das GAAP-Kapitalquote der Bank verbesserte sich auf 10,94%. Die notleidenden Darlehen blieben stabil bei 0,34% der Bruttodarlehen.
- Annual earnings maintained at $28.2 million with slight EPS increase to $7.24
- Deposit growth resumed with 3.6% increase to $1.8 billion
- Shareholders' equity increased 14.5% to $232.2 million
- Semi-annual dividend increased by $0.05 to $0.90 per share
- Ranked seventh-best bank nationwide by Bank Director magazine
- Net interest margin declined to 3.14% from 3.31%
- Gross loans decreased by 7.7% to $962.4 million
- Return on equity dropped from 15.69% to 12.93%
- Efficiency ratio worsened from 53.5% to 56.6%
- Net interest income decreased by 3.7% to $63.2 million
CASHMERE, WA / / January 22, 2025 / Cashmere Valley Bank (OTCQX:CSHX) ("Bank"), announced annual earnings of
On January 21, 2025, the Bank's Board of Directors declared a semi-annual dividend payment of
"Despite a challenging rate environment, we consider 2024 a success," said Greg Oakes, President and CEO. "We are pleased that deposit growth has resumed. In spite of the significant costs incurred from obtaining new deposits and retaining our existing deposits, we were able to marginally improve earnings. Our capital, liquidity and interest rate risk positions all improved during the course of the year to better position us for 2025. Increasing our dividend rate is reflective of our confidence in our capital position."
2024 Highlights
The Bank reported the following financial highlights for the period ending December 31, 2024 as compared to December 31, 2023:
Cashmere Valley Bank was ranked seventh-best bank nationwide and second-best in its asset size based on capital, earnings and asset quality metrics by Bank Director magazine.
Net income increased slightly to
$28.2 million for the year ended December 31, 2024Fourth quarter net income totaled
$7.1 million , or$1.81 per share.Diluted earnings per share increased slightly from the prior year at
$7.24 per share as compared to$7.20 in 2023.Return on equity decreased from
15.69% in fiscal 2023 to12.93% for fiscal 2024. The decrease in return on equity was due to an increasing capital base from earnings and a reduction in unrealized losses on available for sale securities.Return on assets decreased 3 basis points to
1.36% . While earnings held steady, asset growth occurred during the second half of the year resulting in the reduction.The Bank's net interest margin decreased to
3.14% in 2024 as compared to3.31% a year ago. Retaining and growing deposit balances proved to be expensive throughout the year and significant expense was incurred. While the Bank's yield on assets improved during the year, the improvement could not keep pace with rapidly changing deposit rates.The efficiency ratio rose from
53.5% to56.6% . A significant increase was noted in personnel costs due to the inclusion of a$3.9 million reduction to expense in 2023 for the Employee Tax Retention Credit application.
Cash, Cash Equivalents and Restricted Cash
Cash balances increased
Investments
The fair value of AFS securities and the book value less allowance for credit losses of HTM securities totaled
Security purchases totaling
Unrealized losses on available for sale securities decreased
Loans and Credit Quality
At December 31, 2024 gross loans totaled
The allowance for credit losses on loans (ACL) was
The Bank recorded provision expense of
Non-performing loan totals were largely unchanged from the prior year. As of December 31, 2024, non-performing loans totaled
Deposits
Total deposits were
Capital
As of December 31, 2024, shareholders' equity totaled
Earnings
Net Interest Income
Net interest income totaled
Interest income increased
The average yield on earning assets improved from
Non-Interest Income
Non-interest income increased
Non-Interest Expense
Non-interest expense increased
The provision for loan losses decreased
Federal income tax expense decreased approximately
About Cashmere Valley Bank
Cashmere Valley Bank was established September 24, 1932 and now has 11 retail offices in Chelan, Douglas, Kittitas and Yakima Counties and a municipal lending office in King County. The Bank provides business and personal banking, commercial lending, insurance services through its subsidiary Mitchell, Reed & Schmitten Insurance, investment services, mortgage services, equipment lease financing, auto and marine dealer financing and municipal lending. The success of Cashmere Valley Bank is the result of maintaining a high level of personal service and controlling expenses so our fees and charges offer our customers the best value available. We remain committed to those principles that we feel are best summarized as, "the little Bank with the big circle of friends."
Forward-Looking Statements
This release may contain certain forward-looking statements that are based on management's current expectations regarding economic, legislative, and regulatory issues that may impact the Bank's earnings in future periods. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "intend," "anticipate," "estimate," "will," "would," "should," "could" or "may." Factors that could cause future results to vary materially from current management expectations include, but are not limited to, general economic conditions, economic uncertainty in the United States and abroad, changes in interest rates, deposit flows, real estate values, costs or effects of acquisitions, competition, changes in accounting principles, policies or guidelines, legislation or regulation, and other economic, competitive, governmental, regulatory and technological factors affecting the Bank's operations. The Bank undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.
MEDIA CONTACT:
Greg Oakes, CEO, (509) 782-2092 or
Mike Lundstrom, CFO, (509) 782-5495
Consolidated Balance Sheets (UNAUDITED) |
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(Dollars in Thousands) |
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Cashmere Valley Bank and Subsidiary |
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| December 31, 2024 |
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| September 30, 2024 |
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| December 31, 2023 |
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Assets |
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Cash and Cash Equivalent: |
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Cash & due from banks |
| $ | 27,642 |
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| $ | 33,150 |
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| $ | 26,619 |
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Interest bearing deposits |
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| 188,370 |
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| 149,764 |
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| 87,432 |
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Fed funds sold |
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| 3,909 |
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| 3,982 |
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| 4,085 |
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Total Cash and Cash Equivalent |
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| 219,921 |
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| 186,896 |
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| 118,136 |
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Securities available for sale |
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| 716,508 |
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| 711,205 |
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| 650,905 |
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Securities held to maturity, net of allowance for credit losses of |
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| 130,254 |
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| 131,558 |
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| 139,775 |
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Federal Home Loan Bank stock, at cost |
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| 2,846 |
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| 2,891 |
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|
| 3,008 |
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Loans held for sale |
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| 4 |
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| 964 |
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| 4 |
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Loans |
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| 962,369 |
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| 997,119 |
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| 1,042,453 |
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Allowance for credit losses |
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| (12,748 | ) |
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| (13,134 | ) |
|
| (13,085 | ) |
Net loans |
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| 949,621 |
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|
| 983,985 |
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| 1,029,368 |
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| |
Premises and equipment |
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| 19,472 |
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|
| 19,645 |
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| 21,017 |
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Accrued interest receivable |
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| 8,952 |
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|
| 9,466 |
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|
| 9,411 |
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Other real estate and foreclosed assets |
|
| 97 |
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|
| 97 |
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| 97 |
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Bank Owned Life Insurance |
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| 27,647 |
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|
| 27,428 |
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|
| 26,809 |
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Goodwill |
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| 7,579 |
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|
| 7,579 |
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|
| 7,576 |
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Intangibles |
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| 2,749 |
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|
| 2,964 |
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|
| 3,465 |
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Mortgage servicing rights |
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| 2,441 |
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|
| 2,460 |
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|
| 2,536 |
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Net deferred tax assets |
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| 18,037 |
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| 15,548 |
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| 19,563 |
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Other assets |
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| 15,435 |
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| 10,152 |
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| 12,068 |
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Total assets |
| $ | 2,121,563 |
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| $ | 2,112,838 |
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| $ | 2,043,738 |
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Liabilities and Shareholders' Equity |
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Liabilities |
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Deposits: |
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Non-interest bearing demand |
| $ | 395,327 |
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| $ | 409,407 |
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| $ | 424,380 |
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Savings and interest-bearing demand |
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| 940,084 |
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| 928,238 |
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| 956,290 |
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Time |
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| 502,542 |
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| 487,341 |
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| 393,097 |
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Total deposits |
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| 1,837,953 |
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| 1,824,986 |
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| 1,773,767 |
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Accrued interest payable |
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| 2,842 |
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| 2,991 |
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| 2,216 |
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Short-term borrowings |
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| 36,000 |
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| 37,000 |
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| 48,858 |
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Other liabilities |
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| 12,601 |
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| 15,007 |
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|
| 15,099 |
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Total liabilities |
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| 1,889,396 |
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| 1,879,984 |
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| 1,839,940 |
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Shareholders' Equity |
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Common stock (no par value); authorized 10,000,000 shares; |
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Issued and outstanding: 12/31/2024 -- 3,891,000 ; 9/30/2024 -- 3,890,990 ; 12/31/2023 -- 3,883,986 |
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| -- |
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| -- |
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| -- |
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Additional paid-in capital |
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| 5,229 |
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| 5,233 |
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| 4,833 |
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Treasury stock |
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| (16,784 | ) |
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| (16,784 | ) |
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| (16,784 | ) |
Retained Earnings |
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| 301,636 |
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| 294,578 |
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| 280,087 |
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Other comprehensive income |
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| (58,674 | ) |
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| (50,652 | ) |
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| (65,758 | ) |
Total Cashmere Valley Bank shareholders' equity |
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| 231,407 |
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| 232,375 |
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| 202,378 |
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Noncontrolling interest |
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| 760 |
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| 479 |
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| 420 |
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Total shareholders' equity |
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| 232,167 |
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| 232,854 |
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| 202,798 |
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Total liabilities and shareholders' equity |
| $ | 2,121,563 |
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| $ | 2,112,838 |
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| $ | 2,042,738 |
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Year-to-Date Consolidated Statements of Income (UNAUDITED) |
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(Dollars in Thousands) |
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Cashmere Valley Bank & Subsidiary |
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| For the twelve months ended, |
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| December 31, 2024 |
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| December 31, 2023 |
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Interest Income |
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Loans |
| $ | 52,597 |
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| $ | 47,393 |
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Fed funds sold and deposits at other financial institutions |
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| 6,986 |
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| 4,992 |
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Securities available for sale: |
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Taxable |
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| 29,797 |
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| 24,548 |
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Tax-exempt |
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| 1,313 |
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| 1,886 |
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Securities held to maturity: |
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Taxable |
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| 3,094 |
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| 3,151 |
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Tax-exempt |
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| 142 |
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| 184 |
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Total interest income |
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| 93,929 |
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| 82,154 |
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Interest Expense |
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Deposits |
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| 28,524 |
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| 16,259 |
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Short-term borrowings |
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| 2,226 |
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| 257 |
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Total interest expense |
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| 30,750 |
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| 16,516 |
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Net interest income |
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| 63,179 |
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| 65,638 |
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Provision for Credit Losses |
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| 1,971 |
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| 2,942 |
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Net interest income after provision for credit losses |
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| 61,208 |
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| 62,696 |
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Non-Interest Income |
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Service charges on deposit accounts |
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| 2,045 |
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| 2,128 |
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Mortgage banking operations |
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| 1,565 |
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| 1,514 |
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Net gain (loss) on sales of securities available for sale |
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| -- |
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| (4,818 | ) |
Brokerage commissions |
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| 1,382 |
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|
| 999 |
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Insurance commissions and fees |
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| 8,754 |
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|
| 7,720 |
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Net interchange income (expense) |
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| 4,571 |
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|
| 4,743 |
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BOLI cash value |
|
| 838 |
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|
| 704 |
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Dividends from correspondent banks |
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| 255 |
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| 86 |
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Other |
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| 1,147 |
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| 1,234 |
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Total non-interest income |
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| 20,557 |
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| 14,310 |
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|
|
|
| |
Non-Interest Expense |
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
| 27,584 |
|
|
| 22,359 |
|
Occupancy and equipment |
|
| 3,471 |
|
|
| 4,013 |
|
Audits and examinations |
|
| 507 |
|
|
| 409 |
|
State and local business and occupation taxes |
|
| 1,247 |
|
|
| 1,346 |
|
FDIC insurance & WA state assessments |
|
| 965 |
|
|
| 1,017 |
|
Legal and professional fees |
|
| 1,073 |
|
|
| 1,361 |
|
Check losses and charge-offs |
|
| 509 |
|
|
| 582 |
|
Low income housing investment losses |
|
| 483 |
|
|
| 633 |
|
Data processing |
|
| 6,295 |
|
|
| 6,372 |
|
Product delivery |
|
| 1,380 |
|
|
| 1,255 |
|
Other |
|
| 4,188 |
|
|
| 3,411 |
|
Total non-interest expense |
|
| 47,702 |
|
|
| 42,758 |
|
|
|
|
|
|
|
|
| |
Income before income taxes |
|
| 34,063 |
|
|
| 34,248 |
|
|
|
|
|
|
|
|
| |
Income Taxes |
|
| 5,829 |
|
|
| 6,214 |
|
|
|
|
|
|
|
|
| |
Net income |
| $ | 28,234 |
|
| $ | 28,034 |
|
|
|
|
|
|
|
|
| |
Net income attributable to noncontrolling interest |
|
| 75 |
|
|
| 50 |
|
Net income attributable to Cashmere Valley Bank |
|
| 28,159 |
|
|
| 27,984 |
|
|
|
|
|
|
|
|
| |
Earnings Per Share |
|
|
|
|
|
|
|
|
Basic |
| $ | 7.24 |
|
| $ | 7.20 |
|
Diluted |
| $ | 7.24 |
|
| $ | 7.20 |
|
Quarterly Consolidated Statements of Income (UNAUDITED) |
|
|
|
|
|
|
|
|
| |||
(Dollars in Thousands) |
|
|
|
|
|
|
|
|
| |||
Cashmere Valley Bank & Subsidiary |
|
|
|
|
|
|
|
|
| |||
| For the quarters ended, |
| ||||||||||
| December 31, 2024 |
|
| September 30, 2024 |
|
| December 31, 2023 |
| ||||
Interest Income |
|
|
|
|
|
|
|
|
| |||
Loans |
| $ | 13,102 |
|
| $ | 13,210 |
|
| $ | 12,767 |
|
Fed funds sold and deposits at other financial institutions |
|
| 2,037 |
|
|
| 2,193 |
|
|
| 1,086 |
|
Securities available for sale: |
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
| 7,511 |
|
|
| 7,921 |
|
|
| 6,750 |
|
Tax-exempt |
|
| 344 |
|
|
| 348 |
|
|
| 357 |
|
Securities held to maturty: |
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
| 764 |
|
|
| 759 |
|
|
| 787 |
|
Tax-exempt |
|
| 24 |
|
|
| 24 |
|
|
| 46 |
|
Total interest income |
|
| 23,782 |
|
|
| 24,455 |
|
|
| 21,793 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
| 7,348 |
|
|
| 7,561 |
|
|
| 5,163 |
|
Short-term borrowings |
|
| 457 |
|
|
| 548 |
|
|
| 150 |
|
Total interest expense |
|
| 7,805 |
|
|
| 8,109 |
|
|
| 5,313 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net interest income |
|
| 15,977 |
|
|
| 16,346 |
|
|
| 16,480 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Provision for Credit Losses |
|
| 465 |
|
|
| 904 |
|
|
| 1,115 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net interest income after provision for credit losses |
|
| 15,512 |
|
|
| 15,442 |
|
|
| 15,365 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Non-Interest Income |
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
| 541 |
|
|
| 543 |
|
|
| 473 |
|
Mortgage banking operations |
|
| 413 |
|
|
| 399 |
|
|
| 374 |
|
Net gain (loss) on sales of securities available for sale |
|
| -- |
|
|
| -- |
|
|
| (2,560 | ) |
Brokerage commissions |
|
| 317 |
|
|
| 346 |
|
|
| 232 |
|
Insurance commissions and fees |
|
| 2,402 |
|
|
| 2,177 |
|
|
| 2,007 |
|
Net interchange income (expense) |
|
| 1,105 |
|
|
| 1,169 |
|
|
| 1,043 |
|
BOLI cash value |
|
| 220 |
|
|
| 216 |
|
|
| 182 |
|
Dividends from correspondent banks |
|
| 102 |
|
|
| 60 |
|
|
| 19 |
|
Other |
|
| 276 |
|
|
| 302 |
|
|
| 367 |
|
Total non-interest income |
|
| 5,376 |
|
|
| 5,212 |
|
|
| 2,137 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Non-Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
| 7,197 |
|
|
| 6,781 |
|
|
| 2,512 |
|
Occupancy and equipment |
|
| 918 |
|
|
| 818 |
|
|
| 1,025 |
|
Audits and examinations |
|
| 21 |
|
|
| 108 |
|
|
| 56 |
|
State and local business and occupation taxes |
|
| 300 |
|
|
| 374 |
|
|
| 345 |
|
FDIC insurance & WA state assessments |
|
| 253 |
|
|
| 244 |
|
|
| 229 |
|
Legal and professional fees |
|
| 238 |
|
|
| 290 |
|
|
| 622 |
|
Check losses and charge-offs |
|
| 127 |
|
|
| 115 |
|
|
| 128 |
|
Low income housing investment losses |
|
| 156 |
|
|
| 157 |
|
|
| 154 |
|
Data processing |
|
| 1,562 |
|
|
| 1,555 |
|
|
| 1,676 |
|
Product delivery |
|
| 326 |
|
|
| 354 |
|
|
| 324 |
|
Other |
|
| 1,037 |
|
|
| 1,074 |
|
|
| 858 |
|
Total non-interest expense |
|
| 12,135 |
|
|
| 11,870 |
|
|
| 7,929 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Income before income taxes |
|
| 8,753 |
|
|
| 8,784 |
|
|
| 9,573 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Income Taxes |
|
| 1,677 |
|
|
| 1,587 |
|
|
| 1,858 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net income |
| $ | 7,076 |
|
| $ | 7,197 |
|
| $ | 7,715 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net income attributable to noncontrolling interest |
|
| 17 |
|
|
| 25 |
|
|
| 27 |
|
Net income attributable to Cashmere Valley Bank |
| $ | 7,059 |
|
| $ | 7,172 |
|
| $ | 7,688 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Earnings Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
| $ | 1.81 |
|
| $ | 1.84 |
|
| $ | 1.98 |
|
Diluted |
| $ | 1.81 |
|
| $ | 1.84 |
|
| $ | 1.98 |
|
SOURCE: Cashmere Valley Bank
View the original on ACCESS Newswire
FAQ
What was Cashmere Valley Bank's (CSHX) earnings per share in 2024?
How much did CSHX increase its semi-annual dividend in January 2025?
What was CSHX's deposit growth in 2024?
How did CSHX's loan portfolio perform in 2024?
What was CSHX's net interest margin in 2024?
