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CMUV Bancorp Announces 2024 3rd Quarter Financial Results

EL CENTRO, Calif., Oct. 18, 2024 (GLOBE NEWSWIRE) — CMUV Bancorp, the holding company for Community Valley Bank (CVB), is pleased to announce unaudited 3rd Quarter results for the quarter ending September 30, 2024. Net Income for the quarter was $1,127,388, which equaled $0.65 per share. Total assets reached $315.9 MM by the end of the quarter, total deposits came in at $276.3 MM, and gross loans ended the quarter at $261.1 MM.

CVB’s Community Bank Leverage Capital ratio ended the quarter at 11.71%, which is well above the ratio required to be considered a well-capitalized bank. Our Allowance for Credit Losses ended the quarter at $2,697,627, and non-accrual and past-due loans remained very low at 0.96%. Both the Board and Management believe the ACL is fully funded at quarter’s end.

The book value for the common stock was $17.30 per share (diluted) on September 30, 2024. The common stock (CMUV) was trading at $18.25 on this date. ROAA for the quarter was 1.36% and ROAE came in at 12.02%.

The first three quarters of 2024 saw the bank exceed expectations in regard to net income, total assets, and loans. Our expectations are for a continued healthy demand for business and investment loans as we continue through the fourth quarter of 2024.

 Community Vally Bank / CMUV Bancorp 
 Financial Summary 
 For Quarter Ending September 30, 2024 
       
       
       
       
BALANCE SHEETSeptember 30, 
     2024  2023  
 ASSETS   
  Cash & Cash Equivalents$34,778,590 $52,443,464  
  Total Investments 7,198,675  7,436,640  
  Gross Loans 261,101,594  223,440,706  
  ACL (2,697,627) (2,447,223) 
    Total Earning Assets$300,381,233 $280,873,586  
       
  Other Assets 15,465,927  14,601,831  
       
  TOTAL ASSETS$ 315,847,160 $ 295,475,417  
       
 LIABILITIES   
  Deposits$276,264,417 $258,001,925  
  Total Borrowings & Debt Obligations 2,161,375  2,057,776  
  Other Liabilities 840,013  757,385  
   TOTAL LIABILITIES$279,265,805 $260,817,087  
       
 SHAREHOLDER CAPITAL/EQUITY   
  Total Stock, Equity, Retained Earnings$33,488,188 $31,784,467  
  Net Income$3,093,167 $2,873,863  
   TOTAL EQUITY/CAPITAL$36,581,354 $34,658,330  
       
  TOTAL LIBILITIES & CAPITAL/EQUITY$ 315,847,160 $ 295,475,417  
       
       
       
       
STATEMENT OF INCOME AND EXPENSE  
    September 30, 
     2024  2023  
  Total Interest Income$13,231,101 $11,791,972  
  Total Interest Expense (3,786,043) (2,886,304) 
   NET INTEREST INCOME$9,445,059 $8,905,668  
       
  Total Other Non-Interest Income$669,690 $589,905  
  Total Non-Interest Expenses$(5,576,824)$(5,474,910) 
  Provision for Loan Loss (200,948) (45,600) 
       
   INCOME BEFORE TAXES$4,336,977 $3,975,064  
       
  Income Tax Expense$(1,243,810)$(1,101,201) 
       
 NET INCOME$3,093,167 $2,873,863  
       
       
       
FINANCIAL RATIOS   
  Return on Average Assets (ROAA) 1.36% 1.31% 
  Return on Average Equity (ROAE) 12.02% 11.74% 
  Net Income – Quarter$1,127,388 $991,297  
  Earnings Per Share (Basic) – Quarter$0.65 $0.50  
  Earnings Per Share (Basic) – YTD$1.77 $1.57  
  Total Shares (Oustanding/Exercised) 1,746,622  1,830,647  
  Book Value – Basic (CVB – Bank)$20.94 $18.93  
  Book Value – Basic (CMUV – Holding Company) $17.30 $15.79  
       
       
 **Book Value = Total Equity Capital/Total Shares (Outstanding/Exercised)  
       

Contact:
Jon A Edney
7603521889
mediarelations@yourcvb.com

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