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CMUV Bancorp Announces 2024 3rd Quarter Financial Results

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.

  Community Vally Bank / CMUV Bancorp  
  Financial Summary  
  For Quarter Ending September 30, 2024  
             
             
             
             
BALANCE SHEET September 30,  
          2024     2023    
  ASSETS      
    Cash & Cash Equivalents $ 34,778,590   $ 52,443,464    
    Total Investments   7,198,675     7,436,640    
    Gross Loans   261,101,594     223,440,706    
    ACL   (2,697,627 )   (2,447,223 )  
       Total Earning Assets $ 300,381,233   $ 280,873,586    
             
    Other Assets   15,465,927     14,601,831    
             
    TOTAL ASSETS $ 315,847,160   $ 295,475,417    
             
  LIABILITIES      
    Deposits $ 276,264,417   $ 258,001,925    
    Total Borrowings & Debt Obligations   2,161,375     2,057,776    
    Other Liabilities   840,013     757,385    
      TOTAL LIABILITIES $ 279,265,805   $ 260,817,087    
             
  SHAREHOLDER CAPITAL/EQUITY      
    Total Stock, Equity, Retained Earnings $ 33,488,188   $ 31,784,467    
    Net Income $ 3,093,167   $ 2,873,863    
      TOTAL EQUITY/CAPITAL $ 36,581,354   $ 34,658,330    
             
    TOTAL LIBILITIES & CAPITAL/EQUITY $ 315,847,160   $ 295,475,417    
             
             
             
             
STATEMENT OF INCOME AND EXPENSE    
        September 30,  
          2024     2023    
    Total Interest Income $ 13,231,101   $ 11,791,972    
    Total Interest Expense   (3,786,043 )   (2,886,304 )  
      NET INTEREST INCOME $ 9,445,059   $ 8,905,668    
             
    Total Other Non-Interest Income $ 669,690   $ 589,905    
    Total Non-Interest Expenses $ (5,576,824 ) $ (5,474,910 )  
    Provision for Loan Loss   (200,948 )   (45,600 )  
             
      INCOME BEFORE TAXES $ 4,336,977   $ 3,975,064    
             
    Income Tax Expense $ (1,243,810 ) $ (1,101,201 )  
             
  NET INCOME $ 3,093,167   $ 2,873,863    
             
             
             
FINANCIAL RATIOS      
    Return on Average Assets (ROAA)   1.36 %   1.31 %  
    Return on Average Equity (ROAE)   12.02 %   11.74 %  
    Net Income – Quarter $ 1,127,388   $ 991,297    
    Earnings Per Share (Basic) – Quarter $ 0.65   $ 0.50    
    Earnings Per Share (Basic) – YTD $ 1.77   $ 1.57    
    Total Shares (Oustanding/Exercised)   1,746,622     1,830,647    
    Book Value – Basic (CVB – Bank) $ 20.94   $ 18.93    
    Book Value – Basic (CMUV – Holding Company)   $ 17.30   $ 15.79    
             
             
  ** Book Value = Total Equity Capital/Total Shares (Outstanding/Exercised)    
             

Contact:
Jon A Edney
7603521889
[email protected]

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