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
