109 0 Kommentare CMUV Bancorp Announces 2023 3rd Quarter Financial Results

EL CENTRO, CA, Oct. 20, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – CMUV Bancorp, the holding company for Community Valley Bank (CVB), is pleased to announce unaudited 3^rd Quarter results as of September 30, 2023. During the 3^rd quarter, net income totaled $991,000, which brought year-to-date net income to $2,873,863 through the first nine months of the year. Net income for 3^rd quarter equaled $0.54 per share. Also, at the end of 3Q 2023, total assets were $294.5 MM, total deposits were $258 MM, and gross loans were at $222 MM.

We ended the third quarter 2023 with a Community Bank Leverage Capital ratio of 11.24%, which puts the Bank well above the ratio required to be considered a well-capitalized bank. The new regulatory metric for the reserve on loans, Allowance for Credit Losses (ACL), was $2,447,223, or 1.20% of total loans, excluding guaranteed portion of loans. In addition, non-accrual loans remain very low at 0.75%. Both the Board and Management believe the ACL is fully funded at this time.

The September 30, 2023 book value of the common stock was $15.79 per share (diluted), while the common stock (CMUV) was trading at $14.50 as of the same date. ROAA through the third quarter of 2023 was 1.31%, while ROAE came in at 11.74%.

Shareholder Financial Summary
For Quarter End September 30, 2023

			Sept 30 , 2023			Sept 30 , 2022
ASSETS
	Cash & Cash Equivalents		$	52,443,464		$	49,282,886
	Total Investments			7,436,640		$	6,563,192
	Gross Loans			222,266,223		$	211,049,790
	ACL			(2,447,223	)		(2,357,659	)
		Total Earning Assets	$	279,699,104		$	264,538,209

	Other Assets			14,776,313		$	12,127,821

	TOTAL ASSETS		$	294,475,417		$	276,666,030

LIABILITIES
	Deposits		$	258,001,925		$	237,660,261
	Total Borrowings & Debt Obligations			2,057,776		$	4,053,510
	Other Liabilities			757,385		$	2,278,903
		TOTAL LIABILITIES	$	260,817,087		$	243,992,675

SHAREHOLDER CAPITAL/EQUITY
	Total Stock, Equity, Retained Earnings		$	31,784,467		$	29,557,558
	Net Income		$	2,873,863		$	3,115,797
		TOTAL EQUITY/CAPITAL	$	34,658,330		$	32,673,355

	TOTAL LIBILITIES & CAPITAL/EQUITY		$	295,475,417		$	276,666,030


			Sept 30 , 2023			Sept 30 , 2022
STATEMENT OF INCOME AND EXPENSE
	Total Interest Income		$	11,580,565		$	8,697,679
	Total Interest Expense			(2,886,304	)		(616,505	)
		NET INTEREST INCOME	$	8,694,261		$	8,081,175

	Total Other Non-Interest Income		$	589,905		$	977,092
	Total Non-Interest Expenses		$	(5,263,502	)	$	(4,684,186	)
	Provision for Loan Loss			(45,600	)		-

		INCOME BEFORE TAXES	$	3,975,064		$	4,374,081

	Income Tax Expense		$	(1,101,201	)	$	(1,258,284	)

NET INCOME			$	2,873,863		$	3,115,796


FINANCIAL RATIOS
	Return on Average Assets (ROAA)			1.31	%		1.45	%
	Return on Average Equity (ROAE)			11.74	%		13.90	%
	Earnings Per Share (Basic) - Quarterly Earnings		$	0.54		$	0.56
	Earnings Per Share (Basic) - YTD		$	1.57		$	1.68
	Total Shares (Outstanding/Exercised)			1,830,647			1,859,481
	Book Value (CVB - Bank)		$	18.93		$	17.57
	Book Value (CMUV - Holding Company)		$	15.79		$	14.31