CMUV Bancorp Announces 2021 1st Quarter Financial Results & Schedules Annual Shareholder Meeting

Rhea-AI Summary

CMUV Bancorp reported record net income of $1,045,454 for Q1 2021, achieving $0.46 per share, the highest for a first quarter in its history. Total assets reached $251.8 million, with deposits at $231.6 million and gross loans exceeding $220 million. The bank's leverage capital ratio stood at 10.19%, significantly above the well-capitalized threshold. Non-accrual and past due loans are low at 0.33%. The common stock's book value is $11.82 per share, while shares traded at $10.82 as of March 31, 2021.

Positive

• Record net income of $1,045,454 in Q1 2021.
• Earnings per share of $0.46, highest in bank's first quarter history.
• Total assets of $251.8 million, indicating strong financial health.
• Leverage capital ratio of 10.19%, well above required levels.
• Gross loans surpassing $220 million, showing loan growth.

Negative

• None.

EL CENTRO, CA, April 26, 2021 (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, 2021. Net Income came in at $1,045,454. This is the highest net income for a 1st quarter in bank history. The net income number equaled $0.46 per share. Total assets reached $251.8 MM. Total deposits came in at $231.6 MM. Gross loans surpassed $220 MM. 

We ended the 1st quarter 2021 with a Community Bank Leverage Capital ratio of 10.19%.  This is well above the ratio required to be considered, a well-capitalized bank. Our Allowance for Loan and Lease Losses ended the quarter at $2,158,681 or 1.20% of total loans, excluding SBA PPP loans that have a 100% guarantee. Non-accrual loans and Past Due loans remain very low at 0.33%. Both Board and Management believe the ALLL is fully funded at this time. 

03/31/2021 book value of the common stock was $11.82 per share (diluted). The common stock (CMUV) was trading at $10.82 as of March 31, 2021. ROAA for the quarter was 1.38% and ROAE came in at 13.92%

The bank continues to participate in the SBA PPP program. As of the end of the 1st quarter, CVB had assisted over 150 businesses with second Draw PPP loans and processed more than 225 first Draw PPP forgiveness applications. At quarter end, the bank had approximately $ 40 MM in first and second round PPP loans.

The CMUV Annual Shareholders Meeting will take place on May 13, 2021, 10:00 a.m., at 310 Main St, Brawley, CA 92227.  We would normally be excited to invite our shareholders to attend but as we are still going through the pandemic issues, we would suggest that you not attend the meeting in person. Your proxy card, annual report, and the audited financials are available for shareholder review and voting. Please take the opportunity to review and vote, as it is essential for us to have a proper quorum in order to conduct the appropriate business actions.

Contact: Jon A. Edney, President/CEO
Phone (760) 352-1889, mediarelations@yourcvb.com

FAQ

What were CMUV's Q1 2021 earnings results?

CMUV Bancorp reported a net income of $1,045,454 for Q1 2021, equivalent to $0.46 per share.

What is CMUV's total asset value as of March 31, 2021?

As of March 31, 2021, CMUV's total assets reached $251.8 million.

How did CMUV perform in terms of loans in Q1 2021?

CMUV Bancorp reported gross loans exceeding $220 million for Q1 2021.

What is the leverage capital ratio for CMUV?

CMUV's leverage capital ratio was 10.19% at the end of Q1 2021.

When is CMUV's Annual Shareholders Meeting?

CMUV's Annual Shareholders Meeting is scheduled for May 13, 2021, at 10:00 a.m.