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EL CENTRO, CA – 
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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