CMUV Bancorp Announces 2022 1st Quarter Financial Results & Schedules Annual Shareholder Meeting

Rhea-AI Summary

CMUV Bancorp reported a record net income of $1,066,067 for Q1 2022, equating to $0.57 per share. Total assets increased to $284.7 million, with deposits at $248.7 million and gross loans exceeding $201.8 million. The bank's leverage capital ratio was at 10.76%, indicating strong capitalization. The allowance for loan losses stood at $2,369,670, or 1.17% of total loans, with low non-accrual and past due loans at 0.95%. The book value per share was $13.49 as of March 31, 2022.

Positive

• Record net income of $1,066,067 for Q1 2022
• Total assets increased to $284.7 million
• Deposits rose to $248.7 million
• Strong leverage capital ratio of 10.76%
• Allowance for loan losses at $2,369,670 (1.17% of loans)
• Low non-accrual loans at 0.95%

Negative

• Total loans decreased from $218.66 million in Q1 2021 to $199.43 million in Q1 2022
• Return on average equity (ROAE) decreased from 16.37% in Q1 2021 to 14.38% in Q1 2022

EL CENTRO, CA, April 22, 2022 (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, 2022. Net Income came in at $1,066,067. This is the highest net income for a 1st quarter in bank history. The net income number equaled $0.57 per share. Total assets reached $284.7 MM. Total deposits came in at $248.7 MM. Gross loans surpassed $201.8 MM.

The Bank‘s Community Bank Leverage Capital ratio at March 31, 2022 was 10.76%. 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 $2,369,670, or 1.17%, of total loans. Non-accrual loans and Past Due loans remain very low at 0.95%. Both Board and Management believe the ALLL is fully funded at March 31, 2022. 

We ended the 1st quarter 2022 with a Community Bank Leverage Capital ratio of 10.76%. 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 $2,369,670 or 1.17% of total loans. Non-accrual loans and Past Due loans remain very low at 0.95%. Both

Board and Management believe the ALLL is fully funded at this time.

03/31/2022 book value of the common stock was $13.49 per share (diluted). The common stock (CMUV) was trading at $14.30 as of March 31, 2022. ROAA for the quarter was 1.52% and ROAE came in at 14.38%

The CMUV Annual Shareholders Meeting will take place on May 12, 2022, at 10:00 a.m., at 310 Main St, Brawley, CA 92227.  Under current pandemic guidelines, we are very excited to welcome our shareholders to attend the meeting in person if able. If you are unable to attend in person, please vote on-line or by mail. 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.

Jon A. Edney
7603521889
mediarelations@yourcvb.com

Shareholder Financial Summary
			March 31,  2022	March 31, 2021
ASSETS
	Cash & Cash Equivalents		$ 67,836,030	$ 41,442,527
	Total Investments		$ 5,739,187	$ 1,962,762
	Total Loans, Net		$ 199,427,818	$ 218,660,092
		Total Earning Assets	$ 273,003,035	$ 262,065,381
	Other Assets		$ 11,715,660	$ 11,165,678
		TOTAL ASSETS	$ 284,718,695	$ 273,231,058
LIABILITIES
	Deposits		$ 248,519,168	$ 231,361,042
	Total Borrowings & Other Debt Obligations		$ 4,014,565	$ 13,870,479
	Other Liabilities		$ 1,084,095	$ 1,264,937
		TOTAL LIABILITIES	$ 253,617,828	$ 246,496,458
SHAREHOLDER CAPITAL/EQUITY
	Common Stock		$ 16,868,317	$ 16,868,317
	Surplus		$ 1,015,421	$ 881,961
	Retained Earnings (Undivided Profits)		$ 12,151,061	$ 7,936,028
	Net Income		$ 1,066,067	$ 1,048,693
		TOTAL EQUITY/CAPITAL	$ 31,100,867	$ 26,735,000
TOTAL LIBILITIES & CAPITAL/EQUITY			$ 284,718,695	$ 273,231,458
STATEMENT OF INCOME AND EXPENSE
	Total Interest Income		$ 2,668,463	$ 2,573,093
	Total Interest Expense		$ (177,166)	$ (215,294)
		NET INTEREST INCOME	$ 2,491,297	$ 2,357,799
	Total Loan Fee Income		$ 78,026	$ 370,179
	Total Other Non-Interest Income		$ 496,517	$ 138,918
	Provision for Loan Loss		$ - 0	$ - 0
	G&A Expenses		$ (1,567,332)	$ (1,380,463)
		INCOME BEFORE TAXES	$ 1,498,508	$ 1,486,433
	Income Tax Expense		$ (431,715)	$ (440,978)
NET INCOME			$ 1,066,793	$ 1,045,455
	Return on Average Assets (ROAA)		1.52%	1.59%
	Return on Average Equity (ROAE)		14.38%	16.37%
	Earnings Per Share for Quarter		$0.57	$0.46
	Book Value (Using Holding Co. Capital)		$13.49	$11.67

FAQ

What are the Q1 2022 financial results for CMUV Bancorp?

CMUV Bancorp reported a net income of $1,066,067, or $0.57 per share, with total assets reaching $284.7 million.

How did CMUV Bancorp's total deposits change in Q1 2022?

Total deposits for CMUV Bancorp rose to $248.7 million in Q1 2022.

What was the Community Bank Leverage Capital ratio for CMUV Bancorp?

As of March 31, 2022, CMUV Bancorp's Community Bank Leverage Capital ratio was 10.76%.

What is the book value per share for CMUV Bancorp?

The book value per share of CMUV Bancorp as of March 31, 2022, was $13.49.

What is the outlook for CMUV stock given the latest earnings report?

While CMUV's net income increased, the decline in total loans and ROAE may raise concerns for investors.