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CMUV Bancorp Announces 2023 3rd Quarter Financial Results

EL CENTRO, CA - (NewMediaWire) - October 20, 2023 - 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 , 2023Sept 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 , 2023Sept 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

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