EL CENTRO, CA, July 21, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – CMUV Bancorp, the holding company for Community Valley Bank (CVB), is pleased to announce unaudited 2nd Quarter results for CVB at the quarter ending June 30, 2023. Net income came in at $915,773. The net income number equaled $0.49 per share. Total assets were $292.4 MM. Total deposits came in at $255.2 MM, up about $16 MM year to date. Gross loans were $222.3 MM.
We ended the second quarter 2023 with a Community Bank Leverage Capital ratio of 11.57%. This is over two times the ratio required to be considered a well-capitalized bank. The new regulatory metric, Allowance for Credit Losses (ACL) was $2,421,467 at quarter end. Non-accrual loans and past due loans remain very low at 0.49%. Both Board and Management believe the ACL is fully funded at this time.
June 30, 2023 book value of the common stock was $15.37 per share (diluted). The common stock (CMUV) was trading at $13.00 as of June 30, 2023. ROAA and ROAE year to date June 30, 2023, were 1.3% and 11.5% respectively.
| Shareholder Financial Summary | |||||||||
| For Quarter End June 30, 2023 | |||||||||
| June 30, | |||||||||
| 2023 | 2022 | ||||||||
| ASSETS | |||||||||
| Cash & Cash Equivalents | $ | 51,543,292 | $ | 72,659,712 | |||||
| Total Investments | 7,448,986 | $ | 5,831,449 | ||||||
| Gross Loans | 222,304,620 | $ | 206,606,592 | ||||||
| ACL | (2,421,556 | ) | (2,358,501 | ) | |||||
| Total Earning Assets | $ | 278,875,341 | $ | 282,739,251 | |||||
| Other Assets | 13,583,455 | $ | 12,297,973 | ||||||
| TOTAL ASSETS | $ | 292,458,796 | $ | 295,037,224 | |||||
| LIABILITIES | |||||||||
| Deposits | $ | 255,190,988 | $ | 256,882,344 | |||||
| Total Borrowings & Debt Obligations | 2,000,000 | $ | 4,067,317 | ||||||
| Other Liabilities | 709,737 | $ | 2,220,198 | ||||||
| TOTAL LIABILITIES | $ | 257,900,726 | $ | 263,169,859 | |||||
| SHAREHOLDER CAPITAL/EQUITY | |||||||||
| Total Stock, Equity, Retained Earnings | $ | 32,675,505 | $ | 29,791,527 | |||||
| Net Income | $ | 1,882,565 | $ | 2,075,838 | |||||
| TOTAL EQUITY/CAPITAL | $ | 34,558,070 | $ | 31,867,365 | |||||
| TOTAL LIBILITIES & CAPITAL/EQUITY | $ | 292,458,796 | $ | 295,037,224 | |||||
| STATEMENT OF INCOME AND EXPENSE | |||||||||
| Total Interest Income | $ | 7,524,659 | $ | 5,568,452 | |||||
| Total Interest Expense | (1,822,497 | ) | (355,250 | ) | |||||
| NET INTEREST INCOME | $ | 5,702,161 | $ | 5,213,202 | |||||
| Total Other Non-Interest Income | $ | 435,718 | $ | 782,600 | |||||
| Total Non-Interest Expenses | $ | (3,518,554 | ) | $ | (3,081,238 | ) | |||
| Provision for Loan Loss | (15,600 | ) | - | ||||||
| INCOME BEFORE TAXES | $ | 2,603,725 | $ | 2,914,564 | |||||
| Income Tax Expense | $ | (721,159 | ) | $ | (838,726 | ) | |||
| NET INCOME | $ | 1,882,565 | $ | 2,075,838 | |||||
| RATIOS | |||||||||
| Return on Average Assets (ROAA) | 1.31 | % | 1.46 | % | |||||
| Return on Average Equity (ROAE) | 11.53 | % | 13.93 | % | |||||
| Earnings Per Share (Basic) - Quarterly Earnings | $ | 0.49 | $ | 0.57 | |||||
| Earnings Per Share (Basic) - YTD | $ | 1.00 | $ | 1.12 | |||||
| Total Shares (Outstanding/Exercised) | 1,877,651 | 1,858,951 | |||||||
| Book Value (CVB - Bank) | $ | 18.40 | $ | 17.14 | |||||
| Book Value (CMUV - Holding Company) | $ | 15.37 | $ | 13.89 | |||||
Contact: Jon A. Edney, President/CEO
Phone (760) 352-1889, mediarelations@yourcvb.com
