CMUV Bancorp Announces 2023 1st Quarter Financial Results & Notice of Annual Shareholder Meeting

April 20, 2023 at 09:00 AM EDT

El Centro, CA - (NewMediaWire) - April 20, 2023 - CMUV Bancorp, the holding company for Community Valley Bank, is pleased to announce unaudited First Quarter results for the quarter ending March 31, 2023. Net Income came in at $966,793. The net income number equaled $0.51 per share. Total Assets reached $293.1 MM. Total Deposits came in at $256.5 MM, an increase of just under $18 MM in the first quarter of 2023. Gross Loans were $224.9 MM.

We ended the first quarter 2023 with a Community Bank Leverage Capital ratio of 11.77%. This is over two times the ratio required to be considered a well-capitalized bank. The new regulatory metric, Allowance for Credit Losses (ACL), was $2,421,467 at quarter end. Non-Accrual Loans and Past Due Loans remain very low at 0.79%. Both Board and Management believe the ACL is fully funded at this time.

March 31, 2023 book value of the common stock was $15.02 per share (diluted). The common stock (CMUV) was trading at $13.67 as of March 31, 2023. ROAA for the quarter was 1.38% and ROAE came in at 11.92%

The CMUV Annual Shareholders Meeting will take place on May 18, 2023, 10:00 a.m., at 310 Main St., Brawley, CA 92227. We are very excited to welcome our shareholders to attend the meeting in person, if able. If you are unable to attend in person, please vote on-line or by mail. Your proxy card, Annual Report, and the audited financials are available for shareholder review and voting. Please take the opportunity to review and vote, as it is essential for us to have a proper quorum in order to conduct the appropriate business actions.

CONTACT:

Jon A Edney

7603521889

mediarelations@yourcvb.com

Shareholder Financial Summary
For Quarter End March 31, 2023


			March 31,
				2023			2022
ASSETS
	Cash & Cash Equivalents		$	51,255,071		$	67,836,030
	Total Investments			7,288,854		$	5,739,187
	Gross Loans			224,962,070		$	201,786,695
	ACL			(2,421,467	)		(2,358,877	)
		Total Earning Assets	$	281,084,528		$	273,003,035

	Other Assets			11,993,220		$	11,715,660

	TOTAL ASSETS		$	293,077,747		$	284,718,695

LIABILITIES
	Deposits		$	256,548,309		$	248,519,168
	Total Borrowings & Debt Obligations			2,000,000		$	4,014,565
	Other Liabilities			740,736		$	1,084,095
		TOTAL LIABILITIES	$	259,289,045		$	253,617,828

SHAREHOLDER CAPITAL/EQUITY
	Total Stock, Equity, Retained Earnings		$	32,821,909		$	30,034,800
	Net Income		$	966,793		$	1,066,067
		TOTAL EQUITY/CAPITAL	$	33,788,702		$	31,100,867

	TOTAL LIBILITIES & CAPITAL/EQUITY		$	293,077,747		$	284,718,695


STATEMENT OF INCOME AND EXPENSE
	Total Interest Income		$	3,612,054		$	2,668,463
	Total Interest Expense			(769,690	)		(177,166	)
		NET INTEREST INCOME	$	2,842,364		$	2,491,297

	Total Other Non-Interest Income		$	244,364		$	574,543
	Total Non-Interest Expenses		$	(1,732,302	)	$	(1,567,332	)
	Provision for Loan Loss			(15,600	)		-

		INCOME BEFORE TAXES	$	1,338,825		$	1,498,508

	Income Tax Expense		$	(372,032	)	$	(431,715	)

NET INCOME			$	966,793		$	1,066,793


RATIOS
	Return on Average Assets (ROAA)			1.38	%		1.52	%
	Return on Average Equity (ROAE)			11.92	%		14.38	%
	Earnings Per Share (Basic) - 1st Quarter / 4th Quarter Comparison		$	0.51		$	0.57
	Earnings Per Share (Basic) - YTD		$	0.51		$	0.57
	Total Shares (Oustanding/Exercised)			1,877,351			1,857,831
	Book Value (CVB - Bank)		$	18.00		$	16.74
	Book Value (CMUV - Holding Company)		$	15.02		$	13.49

View the original release on www.newmediawire.com

Please Enable Cookies

CMUV Bancorp Announces 2023 1st Quarter Financial Results & Notice of Annual Shareholder Meeting