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CMUV Bancorp Announces 2022 3rd Quarter Financial Results
October 21, 2022 at 09:01 am EDT
EL CENTRO, CA , Oct. 21, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – CMUV Bancorp , the holding company for Community Valley Bank , is pleased to announce unaudited 3rd quarter results for the quarter ending September 30, 2022 . During the 3rd Quarter, net income totaled $1,039,959 , which put year-to-date net income at $3,115,797 through the first nine months of the year. The net income for 3rd quarter equaled $0.56 per share. Also at the end of 3rd quarter 2022, total assets were $276.7 MM, total deposits came in at $237.7 MM, and gross loans were at $211 MM.
We ended the 3rd quarter 2022 with a Community Bank Leverage Capital ratio of 11.24%, which puts the Bank well above the ratio required to be considered a well-capitalized bank. Our Allowance for Loan and Lease Losses ended the quarter at $2,369,670 or 1.20% of total loans, excluding guaranteed portion of loans. Non-accrual loans remain very low at 0.88%. Both Board and Management believe the ALLL is fully funded at this time.
The September 30, 2022 book value of the common stock was $14.31 per share (diluted), while the common stock (CMUV) was trading at $14.10 as of the same date. ROAA through the 3rd quarter of 2022 was 1.45%, while ROAE came in at 13.90%.
As we celebrate our 15th Anniversary this month, we are very appreciative and grateful to all of you who have supported your locally owned community bank.
Jon A Edney mediarelations@yourcvb.com
Shareholder Financial Summary For Quarter End September 30, 2022 September 30 , 2022 2021 ASSETS Cash & Cash Equivalents $ 49,282,886 $ 53,063,943 Total Investments 6,563,192 1,781,721 Gross Loans 211,049,790 206,136,340 ALLL (2,357,659 ) (2,233,030 ) Total Earning Assets $ 264,538,209 $ 258,748,974 Other Assets 12,127,821 11,870,551 TOTAL ASSETS $ 276,666,030 $ 270,619,525 $ - LIABILITIES Deposits $ 237,660,261 $ 233,815,785 Total Borrowings & Debt Obligations 5,270,275 6,019,914 Other Liabilities 1,062,138 1,480,650 TOTAL LIABILITIES $ 243,992,675 $ 241,316,349 SHAREHOLDER CAPITAL/EQUITY Total Stock, Equity, Retained Earnings $ 29,557,558 $ 25,161,372 Net Income $ 3,115,797 $ 4,141,804 TOTAL EQUITY/CAPITAL $ 32,673,355 $ 29,303,176 TOTAL LIBILITIES & CAPITAL/EQUITY $ 276,666,030 $ 270,619,525 STATEMENT OF INCOME AND EXPENSE Total Interest Income $ 8,697,679 $ 9,568,900 Total Interest Expense (616,505 ) (581,460 ) NET INTEREST INCOME $ 8,081,175 $ 8,987,440 Total Other Non-Interest Income $ 977,092 $ 1,246,878 Total Non-Interest Expenses $ (4,684,186 ) $ (4,395,922 ) Provision for Loan Loss - - INCOME BEFORE TAXES $ 4,374,081 $ 5,838,396 $ - Income Tax Expense $ (1,258,284 ) $ (1,696,592 ) NET INCOME $ 3,115,797 $ 4,141,804 RATIOS Return on Average Assets (ROAA) 1.45 % 2.04 % Return on Average Equity (ROAE) 13.90 % 21.56 % Earnings Per Share (Basic) - 3rd Quarter $ 0.56 $ 0.91 Earnings Per Share (Basic) - YTD $ 1.68 $ 1.88 Total Shares (Oustanding/Exercised) 1,859,481 2,208,120 Book Value $ 14.31 $ 13.33
Source:
CMUV Bancorp 2022 GlobeNewswire, Inc., source Press Releases
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