El Centro, CA – (NewMediaWire) – January 29, 2021 – CMUV Bancorp, the holding company for Community Valley Bank, is pleased to announce unaudited year-end results for 2020. Earnings for the year ending 12/31/2020 were $3,386,757. This is a 40% increase over year-end 2019 results. Total Assets came in at $260 MM, marking the 1st time that the bank has surpassed the $250 MM threshold. Total loans reached $208.7 MM, a 28.8% increase over the ending numbers for 2019. Total Deposits increased from $170 MM at the end of 2019 to $207 MM at 12/31/2020. Earnings per share for 2020 were $1.31, a 24% increase over the $1.06 per share earnings in 2019.
The Bank ended 2020 with a Community Bank Capital Leverage ratio of 10.34%. This is well above the ratio required to be considered a well-capitalized bank. Our Allowance for Loan and Lease Losses ended the year at $2,187,983 or 1.05% of total loans. Non-accrual and Past Due Loans remain very low at just 0.50%. As of 12/31/2020, there are no loans on deferral or modified payments. Board and Management believe the ALLL is fully funded at this time.
12/31/20 book value of the common stock was $11.58 per share (diluted). The common stock (CMUV) was trading at $9.35 as of December 31, 2020. ROAA for the year ending 12/31/2019 was 1.42% and ROAE came in at 13.83%.
The results delivered in 2020 are nothing short of phenomenal considering all that the bank endured through this horrific pandemic. The strong year in 2020 allowed the bank to continue with the quarterly dividend started in 2019 and the Bancorp has now returned in excess of $1.1 MM back to its shareholders in the last 6 quarters.
We thank each of you for being a valuable shareholder in Your Community Valley Bank.
Jon A Edney