Earnings & Results
Cashmere Valley Bank Posts $7.4 Million Q3 Profit as Len Devaisher Begins CEO Tenure
By News Desk ·
Key takeaways
- Cashmere Valley Bank reported third-quarter 2026 net income of $7.4 million, down from $7.7 million a year earlier.
- Quarterly diluted earnings per share rose 2.5% to $2.02, while nine-month diluted EPS fell 4.1% to $5.43.
- Gross loans grew 19.8% year over year to $1.156 billion and deposits rose 4.1% to $1.976 billion.
- Len Devaisher joined as CEO Elect and will succeed Greg Oakes after his December 31, 2026 retirement.
Cashmere Valley Bank reported third-quarter 2026 net income of $7.4 million, down from $7.7 million a year earlier, while quarterly diluted earnings per share rose 2.5% to $2.02. The bank said nine-month earnings fell to $20.0 million from $22.1 million. Stock Titan published the results on October 21, 2026.
Cashmere Valley Bank's Loan and Deposit Growth
Gross loans reached $1.156 billion at September 30, 2026, up 19.8% from a year earlier, and deposits rose 4.1% to $1.976 billion. Non-performing loans declined to 0.23% of gross loans from 0.48%. Nine-month net interest income rose to $52.4 million, while non-interest expense increased to $40.7 million from $38.0 million.
Third-quarter CEO transition costs totaled $545,000. GAAP capital fell to $243.1 million following repurchases and higher unrealized securities losses. Nine-month return on assets fell to 1.17% from 1.37%, and return on equity declined to 10.36% from 12.24%.
"I was pleased to see an increase in our earnings over the linked quarter," said Greg Oakes, President and CEO. "In addition to the earnings improvement seen throughout the year, our deposit franchise continues to increase market share."
Len Devaisher, CEO Elect, said, "I am thrilled to begin my role with Cashmere Valley Bank."
Cashmere Valley Bank's Capital Return and Prior Provision
Cashmere Valley Bank is a community bank founded in 1932 that serves consumers, small-to-medium businesses and municipalities across Chelan, Douglas, Kittitas and Yakima Counties in Central Washington, according to akta.pro company records. The same records show a completed self-tender offer in April 2026 that repurchased 327,419 shares, or 8.38% of outstanding common stock, for $24.6 million at $75.00 per share. The records also show first-quarter 2026 quarterly earnings of $5.8 million and diluted earnings per share of $1.54, a decrease of $0.10 per share or 6.1% compared with the prior-year quarter, driven by increased loan loss provision expense.
Len Devaisher's Selection as Next CEO
Cashmere Valley Bank's Board of Directors selected Len Devaisher as its next President and Chief Executive Officer in August 2026, with a planned transition period through the end of 2026, FinancialContent Business Page reported. Stock Titan reported the same month that Devaisher was selected to replace outgoing CEO Greg Oakes.
East Wenatchee Branch Opening
Construction has started on a new full-service branch in East Wenatchee along Grant Rd., and the bank expects it to open in the first half of 2027. Greg Oakes is scheduled to retire on December 31, 2026, when Devaisher becomes President and CEO.