El Centro, CA – (NewMediaWire) – October 30, 2020 – CMUV Bancorp, the holding company for Community Valley Bank, is pleased to announce unaudited 3rd quarter results for the quarter ending September 30, 2020. Earnings for the 3rd quarter were $801,371. This number equaled $0.35 per share. Total assets reached $251.8 MM. Total deposits came in at $205.5 MM. Gross loans surpassed $206 MM. Year to date earnings have reached $2.239 MM at 09/30/2020. This represents a 21% increase over the $1.852 MM reported at 09/30/2019.
We ended the 3rd quarter 2020 with a Community Bank Leverage Capital ratio of 9.76%. This is well above the ratio required to be considered, a well-capitalized bank. Our Allowance for Loan and Lease Losses ended the quarter at $2,027,245 or 1.21% of total loans, excluding SBA PPP loans that are 100% guaranteed. Non-accrual loans remain very low at 0.65%. Some uncertainty concerning the impact of the COVID-19 pandemic exists but both Board and Management believe the ALLL is fully funded at this time.
09/30/2020 book value of the common stock was $11.08 per share (diluted). The common stock (CMUV) was trading at $7.65 as of September 30, 2020. ROAA for the quarter ending 09/30/2020 was 1.38% and ROAE came in at 13.92%.
We continue to monitor the effects of the pandemic and its impact to our loan portfolio. At this point, over 95% of our loan customers who had previously requested loan deferrals are now paying as agreed.
This month we celebrate our 13th anniversary at Community Valley Bank. On behalf of the Board of Directors and the entire CVB Team, please know that we are extremely grateful for the support of both our customers and our shareholders. We remain committed to our original mission: Helping our businesses and communities grow.
Jon A. Edney