105 0 Kommentare CMUV Bancorp Announces 2023 2nd Quarter Financial Results

EL CENTRO, CA, July 21, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – CMUV Bancorp, the holding company for Community Valley Bank (CVB), is pleased to announce unaudited 2nd Quarter results for CVB at the quarter ending June 30, 2023. Net income came in at $915,773. The net income number equaled $0.49 per share. Total assets were $292.4 MM. Total deposits came in at $255.2 MM, up about $16 MM year to date. Gross loans were $222.3 MM.

We ended the second quarter 2023 with a Community Bank Leverage Capital ratio of 11.57%. 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 0.49%. Both Board and Management believe the ACL is fully funded at this time.

June 30, 2023 book value of the common stock was $15.37 per share (diluted). The common stock (CMUV) was trading at $13.00 as of June 30, 2023. ROAA and ROAE year to date June 30, 2023, were 1.3% and 11.5% respectively.

Shareholder Financial Summary
For Quarter End June 30, 2023


			June 30,
				2023			2022
ASSETS
	Cash & Cash Equivalents		$	51,543,292		$	72,659,712
	Total Investments			7,448,986		$	5,831,449
	Gross Loans			222,304,620		$	206,606,592
	ACL			(2,421,556	)		(2,358,501	)
		Total Earning Assets	$	278,875,341		$	282,739,251

	Other Assets			13,583,455		$	12,297,973

	TOTAL ASSETS		$	292,458,796		$	295,037,224

LIABILITIES
	Deposits		$	255,190,988		$	256,882,344
	Total Borrowings & Debt Obligations			2,000,000		$	4,067,317
	Other Liabilities			709,737		$	2,220,198
		TOTAL LIABILITIES	$	257,900,726		$	263,169,859

SHAREHOLDER CAPITAL/EQUITY
	Total Stock, Equity, Retained Earnings		$	32,675,505		$	29,791,527
	Net Income		$	1,882,565		$	2,075,838
		TOTAL EQUITY/CAPITAL	$	34,558,070		$	31,867,365

	TOTAL LIBILITIES & CAPITAL/EQUITY		$	292,458,796		$	295,037,224




STATEMENT OF INCOME AND EXPENSE
	Total Interest Income		$	7,524,659		$	5,568,452
	Total Interest Expense			(1,822,497	)		(355,250	)
		NET INTEREST INCOME	$	5,702,161		$	5,213,202

	Total Other Non-Interest Income		$	435,718		$	782,600
	Total Non-Interest Expenses		$	(3,518,554	)	$	(3,081,238	)
	Provision for Loan Loss			(15,600	)		-

		INCOME BEFORE TAXES	$	2,603,725		$	2,914,564

	Income Tax Expense		$	(721,159	)	$	(838,726	)

NET INCOME			$	1,882,565		$	2,075,838


RATIOS
	Return on Average Assets (ROAA)			1.31	%		1.46	%
	Return on Average Equity (ROAE)			11.53	%		13.93	%
	Earnings Per Share (Basic) - Quarterly Earnings		$	0.49		$	0.57
	Earnings Per Share (Basic) - YTD		$	1.00		$	1.12
	Total Shares (Outstanding/Exercised)			1,877,651			1,858,951
	Book Value (CVB - Bank)		$	18.40		$	17.14
	Book Value (CMUV - Holding Company)		$	15.37		$	13.89