EL CENTRO, CA, July 21, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – CMUV Bancorp, the holding company for Community Valley Bank (CVB), is pleased to announce unaudited 2nd Quarter results for CVB at the quarter ending June 30, 2023. Net income came in at $915,773. The net income number equaled $0.49 per share. Total assets were $292.4 MM. Total deposits came in at $255.2 MM, up about $16 MM year to date. Gross loans were $222.3 MM.
We ended the second quarter 2023 with a Community Bank Leverage Capital ratio of 11.57%. This is over two times the ratio required to be considered a well-capitalized bank. The new regulatory metric, Allowance for Credit Losses (ACL) was $2,421,467 at quarter end. Non-accrual loans and past due loans remain very low at 0.49%. Both Board and Management believe the ACL is fully funded at this time.
June 30, 2023 book value of the common stock was $15.37 per share (diluted). The common stock (CMUV) was trading at $13.00 as of June 30, 2023. ROAA and ROAE year to date June 30, 2023, were 1.3% and 11.5% respectively.
Shareholder Financial Summary
For Quarter End June 30, 2023
June 30,
2023
2022
ASSETS
Cash & Cash Equivalents
$
51,543,292
$
72,659,712
Total Investments
7,448,986
$
5,831,449
Gross Loans
222,304,620
$
206,606,592
ACL
(2,421,556
)
(2,358,501
)
Total Earning Assets
$
278,875,341
$
282,739,251
Other Assets
13,583,455
$
12,297,973
TOTAL ASSETS
$
292,458,796
$
295,037,224
LIABILITIES
Deposits
$
255,190,988
$
256,882,344
Total Borrowings & Debt Obligations
2,000,000
$
4,067,317
Other Liabilities
709,737
$
2,220,198
TOTAL LIABILITIES
$
257,900,726
$
263,169,859
SHAREHOLDER CAPITAL/EQUITY
Total Stock, Equity, Retained Earnings
$
32,675,505
$
29,791,527
Net Income
$
1,882,565
$
2,075,838
TOTAL EQUITY/CAPITAL
$
34,558,070
$
31,867,365
TOTAL LIBILITIES & CAPITAL/EQUITY
$
292,458,796
$
295,037,224
STATEMENT OF INCOME AND EXPENSE
Total Interest Income
$
7,524,659
$
5,568,452
Total Interest Expense
(1,822,497
)
(355,250
)
NET INTEREST INCOME
$
5,702,161
$
5,213,202
Total Other Non-Interest Income
$
435,718
$
782,600
Total Non-Interest Expenses
$
(3,518,554
)
$
(3,081,238
)
Provision for Loan Loss
(15,600
)
-
INCOME BEFORE TAXES
$
2,603,725
$
2,914,564
Income Tax Expense
$
(721,159
)
$
(838,726
)
NET INCOME
$
1,882,565
$
2,075,838
RATIOS
Return on Average Assets (ROAA)
1.31
%
1.46
%
Return on Average Equity (ROAE)
11.53
%
13.93
%
Earnings Per Share (Basic) - Quarterly Earnings
$
0.49
$
0.57
Earnings Per Share (Basic) - YTD
$
1.00
$
1.12
Total Shares (Outstanding/Exercised)
1,877,651
1,858,951
Book Value (CVB - Bank)
$
18.40
$
17.14
Book Value (CMUV - Holding Company)
$
15.37
$
13.89
Contact: Jon A. Edney, President/CEO Phone (760) 352-1889, mediarelations@yourcvb.com