CMUV Bancorp Announces 2024 2nd Quarter Financial Results

EL CENTRO, CA - (NewMediaWire) - July 24, 2024 - CMUV Bancorp, the holding company for Community Valley Bank (CVB), is pleased to announce unaudited 2nd Quarter results for the period ending June 30, 2024. Net income for the 2nd Quarter of 2024 was $1,017,025, the equivalent of $0.57 per share. Total assets reached $310.6 MM by the end of the quarter, with total deposits at $265.2 MM and gross loans ending at $256.7 MM.

CVB’s Community Bank Leverage Capital ratio ended the quarter at 11.92%, which is well above the ratio required to be considered a well-capitalized bank. Our Allowance for Credit Losses (ACL) had a balance of $2,717,057 at the end of the quarter, and non-accrual and past-due loans remained very low at 0.16%. Both the Board and Management believe the ACL is fully funded at quarter’s end.

The book value for the common stock was $16.81 per share (basic) on June 30, 2024, however the common stock (CMUV) was trading at $17.75 on this date. ROAA for the quarter was 1.32% and ROAE came in at 11.43%.

In spite of interest rate pressures, the Bank has seen outstanding loan growth through the first six months of 2024 with net loans increasing by just under $25 MM. The result is the Bank’s total assets reached an all-time high at the end of the second quarter. Net income also ended the second quarter above budget despite providing significant funding to the ACL as a result of the extraordinary loan growth.

We are also very pleased to report that Your Community Valley Bank was ranked as one of the Top 100 performing community banks by American Banker Magazine. Community Valley Bank was rated 68th out of over 3,700 community banks with assets below $2 billion.

Shareholder Financial Summary    
For Quarter Ending June 30, 2024    
         
        June 30, 2024 June 30, 2023
  ASSETS    
    Cash & Cash Equivalents  $                             33,136,468  $                           51,543,292
    Total Investments                                   7,456,687                                 7,448,986
    Gross Loans                               256,744,164                             222,304,620
    ACL                                  (2,717,057)                                (2,421,556)
       Total Earning Assets  $                           294,620,261  $                         278,875,341
           
    Other Assets                                 16,022,310                               13,583,455
           
    TOTAL ASSETS  $                           310,642,571  $                         292,458,796
           
  LIABILITIES    
    Deposits  $                           265,225,691  $                         255,190,988
    Total Borrowings & Debt Obligations                                   8,500,000                                 2,000,000
    Other Liabilities                                      942,019                                    709,737
      TOTAL LIABILITIES  $                           274,667,711  $                         257,900,726
           
  SHAREHOLDER CAPITAL/EQUITY    
    Total Stock, Equity, Retained Earnings  $                            34,009,082  $                           32,675,505
    Net Income  $                              1,965,779  $                             1,882,565
      TOTAL EQUITY/CAPITAL  $                            35,974,861  $                           34,558,070
           
    TOTAL LIBILITIES & CAPITAL/EQUITY  $                          310,642,571  $                         292,458,796
           
           
        June 30, 2024 June 30, 2023
STATEMENT OF INCOME AND EXPENSE    
    Total Interest Income  $                              8,593,474  $                              7,524,659
    Total Interest Expense                                (2,363,421)                                (1,822,497)
      NET INTEREST INCOME  $                              6,230,052  $                              5,702,161
           
    Total Other Non-Interest Income  $                                 404,234  $                                 435,718
    Total Non-Interest Expenses  $                             (3,707,927)  $                             (3,518,554)
    Provision for Loan Loss                                    (175,948)                                      (15,600)
           
      INCOME BEFORE TAXES  $                              2,750,412  $                              2,603,725
           
    Income Tax Expense  $                                (784,633)  $                                (721,159)
           
  NET INCOME  $                              1,965,779  $                              1,882,565
           
           
FINANCIAL RATIOS    
    Return on Average Assets (ROAA) 1.32% 1.31%
    Return on Average Equity (ROAE) 11.43% 11.53%
    Net Income - Quarter  $                                1,017,025  $                                   915,772
    Earnings Per Share (Basic) - Quarter  $                                         0.57  $                                         0.49
    Earnings Per Share (Basic) - YTD  $                                         1.11  $                                         1.00
    Total Shares (Oustanding/Exercised)                                    1,768,922                                    1,877,651
    Book Value - Basic (CVB - Bank)  $                                       20.34  $                                       18.40
    Book Value - Basic (CMUV - Holding Company)  $                                       16.81  $                                       15.37
           
           
  ** Book Value = Total Equity Capital/Total Shares (Outstanding/Exercised)  
     
   

Media Contact:
Jon A Edney
Phone: 7603521889
Email: mediarelations@yourcvb.com

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