EL CENTRO, CA, Oct. 20, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – CMUV Bancorp, the holding company for Community Valley Bank (CVB), is pleased to announce unaudited 3rd Quarter results as of September 30, 2023. During the 3rd quarter, net income totaled $991,000, which brought year-to-date net income to $2,873,863 through the first nine months of the year. Net income for 3rd quarter equaled $0.54 per share. Also, at the end of 3Q 2023, total assets were $294.5 MM, total deposits were $258 MM, and gross loans were at $222 MM.
We ended the third quarter 2023 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. The new regulatory metric for the reserve on loans, Allowance for Credit Losses (ACL), was $2,447,223, or 1.20% of total loans, excluding guaranteed portion of loans. In addition, non-accrual loans remain very low at 0.75%. Both the Board and Management believe the ACL is fully funded at this time.
The September 30, 2023 book value of the common stock was $15.79 per share (diluted), while the common stock (CMUV) was trading at $14.50 as of the same date. ROAA through the third quarter of 2023 was 1.31%, while ROAE came in at 11.74%.
Shareholder Financial Summary
For Quarter End September 30, 2023
Sept 30 , 2023
Sept 30 , 2022
ASSETS
Cash & Cash Equivalents
$
52,443,464
$
49,282,886
Total Investments
7,436,640
$
6,563,192
Gross Loans
222,266,223
$
211,049,790
ACL
(2,447,223
)
(2,357,659
)
Total Earning Assets
$
279,699,104
$
264,538,209
Other Assets
14,776,313
$
12,127,821
TOTAL ASSETS
$
294,475,417
$
276,666,030
LIABILITIES
Deposits
$
258,001,925
$
237,660,261
Total Borrowings & Debt Obligations
2,057,776
$
4,053,510
Other Liabilities
757,385
$
2,278,903
TOTAL LIABILITIES
$
260,817,087
$
243,992,675
SHAREHOLDER CAPITAL/EQUITY
Total Stock, Equity, Retained Earnings
$
31,784,467
$
29,557,558
Net Income
$
2,873,863
$
3,115,797
TOTAL EQUITY/CAPITAL
$
34,658,330
$
32,673,355
TOTAL LIBILITIES & CAPITAL/EQUITY
$
295,475,417
$
276,666,030
Sept 30 , 2023
Sept 30 , 2022
STATEMENT OF INCOME AND EXPENSE
Total Interest Income
$
11,580,565
$
8,697,679
Total Interest Expense
(2,886,304
)
(616,505
)
NET INTEREST INCOME
$
8,694,261
$
8,081,175
Total Other Non-Interest Income
$
589,905
$
977,092
Total Non-Interest Expenses
$
(5,263,502
)
$
(4,684,186
)
Provision for Loan Loss
(45,600
)
-
INCOME BEFORE TAXES
$
3,975,064
$
4,374,081
Income Tax Expense
$
(1,101,201
)
$
(1,258,284
)
NET INCOME
$
2,873,863
$
3,115,796
FINANCIAL RATIOS
Return on Average Assets (ROAA)
1.31
%
1.45
%
Return on Average Equity (ROAE)
11.74
%
13.90
%
Earnings Per Share (Basic) - Quarterly Earnings
$
0.54
$
0.56
Earnings Per Share (Basic) - YTD
$
1.57
$
1.68
Total Shares (Outstanding/Exercised)
1,830,647
1,859,481
Book Value (CVB - Bank)
$
18.93
$
17.57
Book Value (CMUV - Holding Company)
$
15.79
$
14.31
Contact: Jon A. Edney, President/CEO Phone (760) 352-1889, mediarelations@yourcvb.com