EL CENTRO, Calif., Oct. 18, 2024 (GLOBE NEWSWIRE) — CMUV Bancorp, the holding company for Community Valley Bank (CVB), is pleased to announce unaudited 3rd Quarter results for the quarter ending September 30, 2024. Net Income for the quarter was $1,127,388, which equaled $0.65 per share. Total assets reached $315.9 MM by the end of the quarter, total deposits came in at $276.3 MM, and gross loans ended the quarter at $261.1 MM.
CVB’s Community Bank Leverage Capital ratio ended the quarter at 11.71%, which is well above the ratio required to be considered a well-capitalized bank. Our Allowance for Credit Losses ended the quarter at $2,697,627, and non-accrual and past-due loans remained very low at 0.96%. Both the Board and Management believe the ACL is fully funded at quarter’s end.
The book value for the common stock was $17.30 per share (diluted) on September 30, 2024. The common stock (CMUV) was trading at $18.25 on this date. ROAA for the quarter was 1.36% and ROAE came in at 12.02%.
The first three quarters of 2024 saw the bank exceed expectations in regard to net income, total assets, and loans. Our expectations are for a continued healthy demand for business and investment loans as we continue through the fourth quarter of 2024.
| Â | Community Vally Bank / CMUV Bancorp | Â | ||||||||
| Â | Financial Summary | Â | ||||||||
| Â | For Quarter Ending September 30, 2024 | Â | ||||||||
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| BALANCE SHEET | September 30, | Â | ||||||||
| Â | Â | Â | Â | Â | 2024 | Â | Â | 2023 | Â | Â |
| Â | ASSETS | Â | Â | Â | ||||||
| Â | Â | Cash & Cash Equivalents | $ | 34,778,590 | Â | $ | 52,443,464 | Â | Â | |
| Â | Â | Total Investments | Â | 7,198,675 | Â | Â | 7,436,640 | Â | Â | |
| Â | Â | Gross Loans | Â | 261,101,594 | Â | Â | 223,440,706 | Â | Â | |
| Â | Â | ACL | Â | (2,697,627 | ) | Â | (2,447,223 | ) | Â | |
| Â | Â | Â | Â Total Earning Assets | $ | 300,381,233 | Â | $ | 280,873,586 | Â | Â |
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| Â | Â | Other Assets | Â | 15,465,927 | Â | Â | 14,601,831 | Â | Â | |
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| Â | Â | TOTAL ASSETS | $ | 315,847,160 | Â | $ | 295,475,417 | Â | Â | |
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| Â | LIABILITIES | Â | Â | Â | ||||||
| Â | Â | Deposits | $ | 276,264,417 | Â | $ | 258,001,925 | Â | Â | |
| Â | Â | Total Borrowings & Debt Obligations | Â | 2,161,375 | Â | Â | 2,057,776 | Â | Â | |
| Â | Â | Other Liabilities | Â | 840,013 | Â | Â | 757,385 | Â | Â | |
| Â | Â | Â | TOTAL LIABILITIES | $ | 279,265,805 | Â | $ | 260,817,087 | Â | Â |
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| Â | SHAREHOLDER CAPITAL/EQUITY | Â | Â | Â | ||||||
| Â | Â | Total Stock, Equity, Retained Earnings | $ | 33,488,188 | Â | $ | 31,784,467 | Â | Â | |
| Â | Â | Net Income | $ | 3,093,167 | Â | $ | 2,873,863 | Â | Â | |
| Â | Â | Â | TOTAL EQUITY/CAPITAL | $ | 36,581,354 | Â | $ | 34,658,330 | Â | Â |
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| Â | Â | TOTAL LIBILITIES & CAPITAL/EQUITY | $ | 315,847,160 | Â | $ | 295,475,417 | Â | Â | |
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| STATEMENT OF INCOME AND EXPENSE | Â | Â | ||||||||
| Â | Â | Â | Â | September 30, | Â | |||||
| Â | Â | Â | Â | Â | 2024 | Â | Â | 2023 | Â | Â |
| Â | Â | Total Interest Income | $ | 13,231,101 | Â | $ | 11,791,972 | Â | Â | |
| Â | Â | Total Interest Expense | Â | (3,786,043 | ) | Â | (2,886,304 | ) | Â | |
| Â | Â | Â | NET INTEREST INCOME | $ | 9,445,059 | Â | $ | 8,905,668 | Â | Â |
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| Â | Â | Total Other Non-Interest Income | $ | 669,690 | Â | $ | 589,905 | Â | Â | |
| Â | Â | Total Non-Interest Expenses | $ | (5,576,824 | ) | $ | (5,474,910 | ) | Â | |
| Â | Â | Provision for Loan Loss | Â | (200,948 | ) | Â | (45,600 | ) | Â | |
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| Â | Â | Â | INCOME BEFORE TAXES | $ | 4,336,977 | Â | $ | 3,975,064 | Â | Â |
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| Â | Â | Income Tax Expense | $ | (1,243,810 | ) | $ | (1,101,201 | ) | Â | |
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| Â | NET INCOME | $ | 3,093,167 | Â | $ | 2,873,863 | Â | Â | ||
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| FINANCIAL RATIOS | Â | Â | Â | |||||||
| Â | Â | Return on Average Assets (ROAA) | Â | 1.36 | % | Â | 1.31 | % | Â | |
| Â | Â | Return on Average Equity (ROAE) | Â | 12.02 | % | Â | 11.74 | % | Â | |
| Â | Â | Net Income – Quarter | $ | 1,127,388 | Â | $ | 991,297 | Â | Â | |
| Â | Â | Earnings Per Share (Basic) – Quarter | $ | 0.65 | Â | $ | 0.50 | Â | Â | |
| Â | Â | Earnings Per Share (Basic) – YTD | $ | 1.77 | Â | $ | 1.57 | Â | Â | |
| Â | Â | Total Shares (Oustanding/Exercised) | Â | 1,746,622 | Â | Â | 1,830,647 | Â | Â | |
| Â | Â | Book Value – Basic (CVB – Bank) | $ | 20.94 | Â | $ | 18.93 | Â | Â | |
| Â | Â | Book Value – Basic (CMUV – Holding Company) | Â | $ | 17.30 | Â | $ | 15.79 | Â | Â |
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| Â | ** | Book Value = Total Equity Capital/Total Shares (Outstanding/Exercised) | Â | Â | ||||||
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Contact:
Jon A Edney
7603521889
[email protected]
