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CMUV Bancorp Announces 2023 3rd Quarter Financial Results

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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 , 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

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