PRESS RELEASE
By: NewMediaWire
October 18, 2024
CMUV Bancorp Announces 2024 3rd Quarter Financial Results
EL CENTRO, Calif. - (NewMediaWire) - October 18, 2024 - 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
mediarelations@yourcvb.com
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