CMUV Bancorp Announces 2023 4th Quarter Financial Results


EL CENTRO, CA, Jan. 25, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire – 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 SHEETDecember 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