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CMUV Bancorp Announces 2022 4th Quarter Financial Results

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El Centro CA – (NewMediaWire) – January 26, 2023 – CMUV Bancorp, the holding company for Community Valley Bank, is pleased to announce unaudited year-end results for 2022. Earnings for the year ending December 31, 2022 were $4,140,000. CVB was able to end 2022 with over $224 MM in Gross Loans, positive results in light of a significant and radical change in the interest rate environment beginning in mid-2022. Total Assets remained at $278 MM, while Total Deposits ended the year at just over $239 MM.  Earnings per share for 2022 were $2.23.

CVB ended 2022 with a Community Bank Capital Leverage ratio of 12.07%, well above the ratio threshold required to be considered a well-capitalized bank. Our Allowance for Loan and Lease Losses ended the year at $2,420,670, or 1.08%, of total loans, and Non-accrual and Past Due Loans remain very low at 0.87%.  CVB Board of Directors and Management believe the ALLL is fully funded at this time.

ROAA was 1.46%, and ROAE was at 13.86% for the year ending December 31, 2022.

Fiscal Year 2022 financial results were very much in line with the Board-approved budget. While the significant increases in interest rates affected both interest expense and loan rates during the second half of 2022, CVB was still able to produce loan growth in 2022.  On the surface, deposits remaining flat from 2021 may not appear positive.  However, the fact is that many community banks saw deposit runoff of more than ten percent (10%) during 2022, so keeping our deposit balances constant says a lot about the longstanding relationships CVB has with its customers.  CVB’s Board and Management both appreciate greatly the continued support of our shareholders, and we are proud to have returned over $700,000 in cash dividends from CMUV Bancorp to our shareholders in 2022.  CMUV Bancorp has now returned almost $2,700,000 in dividends to shareholders over the last 14 quarters. 

We thank each of you for being a valuable shareholder in Your Community Valley Bank!

Shareholder Financial Summary    
For Quarter End December 31, 2022      
           
           
      December 31,  
        2022     2021    
ASSETS      
  Cash & Cash Equivalents $ 36,096,946   $ 54,401,633    
  Total Investments   7,300,980     1,761,103    
  Gross Loans   224,485,465     211,123,846    
  ALLL   (2,420,834 )   (2,369,670 )  
     Total Earning Assets $ 265,462,557   $ 264,916,912    
           
  Other Assets   12,156,214     12,187,041    
           
  TOTAL ASSETS $ 277,618,771   $ 277,103,954    
           
LIABILITIES      
  Deposits $ 239,255,677   $ 239,786,970    
  Total Borrowings & Debt Obligations   4,000,000     6,021,313    
  Other Liabilities   891,938     1,086,412    
    TOTAL LIABILITIES $ 244,147,614   $ 246,894,695    
           
SHAREHOLDER CAPITAL/EQUITY      
  Total Stock, Equity, Retained Earnings $ 29,330,392   $ 25,010,459    
  Net Income $ 4,140,764   $ 5,198,800    
    TOTAL EQUITY/CAPITAL $ 33,471,157   $ 30,209,258    
           
  TOTAL LIBILITIES & CAPITAL/EQUITY $ 277,618,771   $ 277,103,954    
           
           
           
           
STATEMENT OF INCOME AND EXPENSE      
  Total Interest Income $ 12,112,023   $ 11,296,743    
  Total Interest Expense   (1,158,608 )   (761,994 )  
    NET INTEREST INCOME $ 10,953,415   $ 10,534,749    
           
  Total Other Non-Interest Income $ 1,164,164   $ 3,069,438    
  Total Non-Interest Expenses $ (6,251,574 ) $ (6,077,522 )  
  Provision for Loan Loss   (51,900 )   (200,000 )  
           
    INCOME BEFORE TAXES $ 5,814,105   $ 7,326,666    
           
  Income Tax Expense $ (1,673,341 ) $ (2,127,866 )  
           
NET INCOME $ 4,140,764   $ 5,198,800    
           
           
RATIOS      
  Return on Average Assets (ROAA)   1.46 %   1.91 %  
  Return on Average Equity (ROAE)   13.86 %   20.34 %  
  Earnings Per Share (Basic) – 4th Quarter $ 0.55   $ 0.57    
  Earnings Per Share (Basic) – YTD $ 2.23   $ 2.83    
  Total Shares (Oustanding/Exercised)   1,859,551     1,838,831    
  Book Value (CVB – Bank) $ 18.00   $ 16.43    
  Book Value (CMUV – Holding Company) $ 14.73   $ 13.22    
     

Contact:
Jon A Edney

7603521889

mediarelations@yourcvb.com

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