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%.
Contact: Jon A. Edney, President/CEO
Phone (760) 352-1889, email@example.com