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CMUV Bancorp Announces 2023 4th Quarter Financial Results

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EL CENTRO, CA – (NewMediaWire) – January 25, 2024 –  CMUV Bancorp, the holding company for Community Valley Bank, is pleased to announce unaudited year-end results for 2023. Earnings for the year ending December 31, 2023 were $4,004,744. CVB’s Total Assets grew to $297 MM at fiscal year-end 2023, with Loans ending at just under $232 MM. Deposits also increased to $260 MM. Earnings per share for 2023 were $2.26.

CVB ended 2023 with a Community Bank Capital Leverage ratio of 11.80%, well above the ratio threshold required to be considered a well-capitalized bank. Our Allowance for Credit Losses ended the year at $2,557,440, or 0.93%, of Total Loans, and Non-accrual and Past Due Loans remain very low at less than 0.02%. CVB’s Board of Directors and Management believe the ACL is fully funded at this time.

ROAA was 1.37%, and ROAE was at 12.37% for the year ending December 31, 2023.

In what was a challenging banking environment in 2023, CVB was able to outperform expectations and produce solid financial results. The early 2023 regional banking crisis brought about industry concerns over deposits, while inflation and rising interest rates made lending a difficult challenge. However, with effective management, planning, and customer communication CVB was not only able to sustain its deposits, but actually see growth of nearly 9% in 2023. Additionally, a strong 4th quarter also allowed the Bank to exceed budgeted loan targets in spite of the difficult interest rate environment. 

CVB’s Board and Management remain committed to the relationships we have developed with our customers and communities. Most importantly, we are grateful for the loyalty of our shareholders as we strive to deliver outstanding value. As a sign of this commitment, the CMUV Bancorp Board of Directors recently approved a buyback of up to $2MM in shares, while also increasing its quarterly dividend by 20 percent (up to $0.12/share), effective in the 4th quarter of 2023.

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

Community Vally Bank / CMUV Bancorp
Financial Summary
For Year Ending December 31, 2023
                 
                 
BALANCE SHEET December 31, 2023 (Unaudited) December 31, 2022      
  Assets          
    Cash & Cash Equivalents $ 45,198,375   $ 36,096,946        
    Total Investments   7,426,100     7,300,980        
    Gross Loans   231,924,633     224,485,465        
    ACL   (2,534,087 )   (2,420,834 )      
       Total Earning Assets $ 282,015,021   $ 265,462,557        
                 
    Other Assets $ 15,025,617   $ 12,156,214        
                 
  TOTAL ASSETS $ 297,040,638   $ 277,618,771        
                 
  Liabilities          
    Deposits $ 259,604,962   $ 239,255,677        
    Total Borrowings & Debt Obligations   2,043,630     4,039,530        
    Other Liabilities   670,975     852,407        
      TOTAL LIABILITIES $ 262,319,567   $ 244,147,614        
                 
  Shareholder Equity          
    Total Stock, Equity, Retained Earnings $ 30,716,328   $ 29,330,392        
    Net Income   4,004,744     4,140,764        
      TOTAL EQUITY/CAPITAL $ 34,721,071   $ 33,471,157        
                 
  TOTAL LIBILITIES & CAPITAL/EQUITY $ 297,040,638   $ 277,618,771        
                 
                 
STATEMENT OF INCOME AND EXPENSE       December 31, 2023 (Unaudited) FYE December 31, 2022      
                 
    Total Interest Income $ 15,927,961   $ 12,109,439        
    Total Interest Expense $ (4,033,266 )   (1,158,608 )      
      NET INTEREST INCOME $ 11,894,695   $ 10,950,831        
                 
    Total Other Non-Interest Income $ 838,567   $ 1,164,164        
    Total Non-Interest Expenses $ (7,065,385 )   (6,248,990 )      
    Provision for Loan Loss $ (135,600 )   (51,900 )      
      INCOME BEFORE TAXES $ 5,532,277   $ 5,814,105        
                 
    Income Tax Expense $ (1,527,533 ) $ (1,673,341 )      
                 
NET INCOME $ 4,004,744   $ 4,140,764        
                 
                 
FINANCIAL RATIOS          
    Return on Average Assets (ROAA)   1.37 %   1.46 %      
    Return on Average Equity (ROAE)   12.37 %   13.86 %      
    Earnings Per Share (Basic) – Quarterly Earnings $ 0.64   $ 0.55        
    Earnings Per Share (Basic) – YTD $ 2.26   $ 2.83        
    Total Shares (Outstanding/Exercised)   1,772,422     1,859,551        
    Book Value (CVB – Bank) $ 19.59   $ 18.00        
    Book Value (CMUV – Holding Company) $ 16.15   $ 14.73        
                 
    Stock/Shares Repurchased – 4Q 2023   70,225          
    Average Repurchase Price $ 15.71          
                 

Contact:

Jon A Edney

7603521889

mediarelations@yourcvb.com

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