CMUV Bancorp Announces 2024 1st Quarter Financial Results & Notice of Annual Shareholder Meeting

EL CENTRO, CA, April 19, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire – CMUV Bancorp, the holding company for Community Valley Bank, is pleased to announce unaudited 1st Quarter results for the quarter ending March 31, 2024. Net income for the quarter was $948,754 which equaled $0.53 per share. Total assets reached $302.3 MM by the end of the quarter, total deposits came in at $264MM, and gross loans ended the quarter at $239.7MM.

CVB’s Community Bank Leverage Capital ratio ended the quarter at 11.94%, which is well above the ratio required to be considered a well-capitalized bank. Our Allowance for Credit Losses ended the quarter at $2,590,899, and non-accrual and past due loans remain very low at 0.18%. Both the Board and Management believe the ACL is fully funded at quarter’s end.

The book value for the common stock was $16.42 per share (diluted) on March 31, 2024, however the common stock (CMUV) was trading at $17.08 on this date. ROAA for the quarter was 1.29% and ROAE came in at 10.99%.

The CMUV Annual Shareholders Meeting will take place at 10:00 a.m. on May 23, 2024, at our branch located at 310 Main Street in Brawley, California.  We welcome our shareholders to attend the meeting in person if possible, but if you are unable to attend in person, please vote on-line or by mail. Your proxy card, a copy of the Annual Report and the audited financial statements are now available for shareholder review. Please take the opportunity to review and vote as it is essential for us to have a proper quorum in order to conduct and take action on appropriate CMUV business.

Community Vally Bank / CMUV Bancorp
Financial Summary
For Quarter Ending March 31, 2024
			March 31,
				2024			2023
ASSETS
	Cash & Cash Equivalents		$	42,248,433		$	51,255,071
	Total Investments			7,417,126			7,288,854
	Gross Loans			239,782,161			224,962,070
	ACL			(2,590,899	)		(2,421,467	)
	Total Earning Assets		$	286,856,821		$	281,084,528
	Other Assets			15,403,350			11,993,220
	TOTAL ASSETS		$	302,260,172		$	293,077,747
LIABILITIES
	Deposits		$	264,018,061		$	256,548,309
	Total Borrowings & Debt Obligations			2,029,153			2,000,000
	Other Liabilities			799,222			740,736
	TOTAL LIABILITIES		$	266,846,436		$	259,289,045
SHAREHOLDER CAPITAL/EQUITY
	Total Stock, Equity, Retained Earnings		$	34,464,981		$	32,821,909
	Net Income		$	948,754		$	966,793
	TOTAL EQUITY/CAPITAL		$	35,413,735		$	33,788,702
	TOTAL LIBILITIES & CAPITAL/EQUITY		$	302,260,172		$	293,077,747
STATEMENT OF INCOME AND EXPENSE
	Total Interest Income		$	4,162,988		$	3,612,054
	Total Interest Expense			(1,147,460	)		(769,690	)
	NET INTEREST INCOME		$	3,015,527		$	2,842,364
	Total Other Non-Interest Income		$	193,765		$	244,364
	Total Non-Interest Expenses		$	(1,836,619	)	$	(1,732,302	)
	Provision for Loan Loss			(53,000	)		(15,600	)
	INCOME BEFORE TAXES		$	1,319,674		$	1,338,825
	Income Tax Expense		$	(370,920	)	$	(372,032	)
NET INCOME			$	948,754		$	966,793
RATIOS
	Return on Average Assets (ROAA)			1.29	%		1.52	%
	Return on Average Equity (ROAE)			10.99	%		14.38	%
	Earnings Per Share (Basic) - Quarter		$	0.53		$	0.57
	Earnings Per Share (Basic) - YTD		$	0.53		$	0.57
	Total Shares (Oustanding/Exercised)			1,784,422			1,857,831
	Book Value (CVB - Bank)		$	19.85		$	16.74
	Book Value (CMUV - Holding Company)		$	16.42		$	13.49
**	Book Value = Total Equity Capital/Total Shares (Outstanding/Exercised)

Jon A Edney
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