PRESS RELEASE
By: NewMediaWire
January 31, 2025
CMUV Bancorp Announces 2024 4th Quarter Financial Results
EL CENTRO, CA - January 31, 2025 (NEWMEDIAWIRE) - CMUV Bancorp, the holding company for Community Valley Bank (“CVB”), is pleased to announce unaudited year-end results for 2024. Earnings for the year ending December 31, 2024, were $4,156,350. CVB’s Total Assets grew to $311 MM at fiscal year-end 2024, with Gross Loans ending at just short of $263 MM. Deposits also increased to $271 MM. Earnings per share for 2024 were $2.38.
CVB ended 2024 with a Community Bank Capital Leverage ratio of 12.0%, well above the ratio threshold required to be considered a well-capitalized bank. Our Allowance for Credit Losses ended the year at $2,710,837, or 1.04% 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 1.36% and ROAE was at 12.17% for the year ending December 31, 2024.
We thank each of you for being a valuable shareholder in your Community Valley Bank!
Community Valley Bank / CMUV BancorpFinancial SummaryFor Quarter Ending December 31, 2024BALANCE SHEET December 31, 2024 December 31, 2023 ASSETSCash & Cash Equivalents $ 28,472,322 $ 45,198,375 Total Investments 7,191,513 7,426,100 Gross Loans 262,932,710 231,924,633 ACL (2,710,837)(2,534,087) Total Earning Assets $ 295,885,707 $ 282,015,021 Other Assets 15,481,678 $ 15,025,617 TOTAL ASSETS $ 311,367,385 $ 297,040,638 LIABILITIESDeposits $ 270,934,149 $ 259,604,962 Total Borrowings & Debt Obligations 2,003,400 2,043,630 Other Liabilities 896,329 670,975 TOTAL LIABILITIES $ 273,833,877 $ 262,319,567 SHAREHOLDER CAPITAL/EQUITYTotal Stock, Equity, Retained Earnings $ 33,377,158 $ 30,716,328 Net Income $ 4,156,350 4,004,744 TOTAL EQUITY/CAPITAL $ 37,533,507 $ 34,721,071 TOTAL LIABILITIES & CAPITAL/EQUITY $ 311,367,385 $ 297,040,638 STATEMENT OF INCOME AND EXPENSE December 31, 2024 December 31, 2023 Total Interest Income $ 17,885,742 $ 15,927,961 Total Interest Expense (5,188,631) $ (4,033,266) NET INTEREST INCOME $ 12,697,111 $ 11,894,695 Total Other Non-Interest Income $ 911,349 $838,567 Total Non-Interest Expenses $ (7,564,023) $ (7,065,385) Provision for Loan Loss (210,948) $ (135,600) INCOME BEFORE TAXES $ 5,833,490 $ 5,532,277 Income Tax Expense $ (1,677,141) $ (1,527,533) NET INCOME $ 4,156,350 $ 4,004,744 FINANCIAL RATIOSReturn on Average Assets (ROAA) 1.36%1.37% Return on Average Equity (ROAE) 12.17%12.37% Net Income - Quarter $1,063,184$1,130,729 Earnings Per Share (Basic) - Quarter $0.61$0.64 Earnings Per Share (Basic) - YTD $2.38$2.26 Total Shares (Oustanding/Exercised) 1,746,622 1,772,422 Book Value - Basic (CVB - Bank) $21.49$19.59 Book Value - Basic (CMUV - Holding Company) $17.79$16.15** Book Value = Total Equity-Capital/Total Shares (Exercised)
Contact:
Jon A Edney
7603521889
mediarelations@yourcvb.com
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