CMUV Bancorp Announces 2022 2nd Quarter Financial Results

Rhea-AI Summary

CMUV Bancorp reported unaudited 2nd quarter 2022 results, with a net income of $1,009,044 or $0.55 per share. The company's total assets increased to $295 million, and gross loans reached $206.6 million. The bank maintains a strong leverage capital ratio of 10.97% and an allowance for loan and lease losses at 1.14% of total loans. Non-accrual and past due loans are low at 0.91%. The book value of common stock was $13.89 per share, with trading at $14.30 as of June 30, 2022.

Positive

• Net income of $1,009,044 or $0.55 per share.
• Total assets increased to $295 million.
• Gross loans reached $206.6 million.
• Leverage capital ratio of 10.97%, indicating strong capitalization.
• Very low non-accrual and past due loans at 0.91%.

Negative

• ROAA decreased to 1.46% compared to previous half-year.
• ROAE declined to 13.93% from 16.72% in the prior period.

EL CENTRO, CA, July 22, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – CMUV Bancorp, the holding company for Community Valley Bank, is pleased to announce unaudited 2nd quarter results for the quarter ending June 30, 2022. Net Income came in at $1,009,044. The net income number equaled $0.55 per share. Total assets reached $295 MM. Total deposits were at $256.9 MM. Gross loans surpassed $206.6 MM.

We ended the 2nd quarter 2022 with a Community Bank Leverage Capital ratio of 10.97%. 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 1.14% of total loans. Non-accrual loans and Past Due loans remain very low at 0.91%. Both Board and Management believe the ALLL is fully funded at this time.

June 30, 2022 book value of the common stock was $13.89 per share (basic). The common stock (CMUV) was trading at $14.30 as of June 30, 2022. ROAA for the six months ending June 30, 2022 was 1.46% and ROAE came in at 13.93%

We are cautiously optimistic that in spite of increased inflation and interest rates, we will continue to see favorable financial results, increases in deposits, and satisfactory loan demand as we progress into the second half of 2022.

Jon A Edney
7603521889
mediarelations@yourcvb.com

Shareholder Financial Summary
For Quarter End June 30, 2022
			June 30,
				2022			2021
ASSETS
	Cash & Cash Equivalents		$	72,659,712		$	51,165,013
	Total Investments			5,831,448			1,804,156
	Total Loans, Net			204,248,090			211,418,336
		Total Earning Assets	$	282,739,251		$	264,387,505
	Other Assets			12,297,973			11,665,045
	TOTAL ASSETS		$	295,037,224		$	276,052,550
LIABILITIES
	Deposits		$	256,882,344		$	240,561,059
	Total Borrowings & Other Debt Obligations			4,067,317			6,589,125
	Other Liabilities			2,220,198			1,270,596
		TOTAL LIABILITIES	$	263,169,859		$	248,420,780
SHAREHOLDER CAPITAL/EQUITY
	Total Stock, Equity, Retained Earnings		$	29,791,527		$	25,493,895
	Net Income		$	2,075,838		$	2,137,875
		TOTAL EQUITY/CAPITAL	$	31,867,365		$	27,631,770
	TOTAL LIBILITIES & CAPITAL/EQUITY		$	295,037,224		$	276,052,550
STATEMENT OF INCOME AND EXPENSE
	Total Interest Income		$	5,568,452		$	5,823,297
	Total Interest Expense			(355,250	)		(411,725	)
		NET INTEREST INCOME	$	5,213,202		$	5,411,571
	Total Other Non-Interest Income		$	782,600		$	527,312
	Total Non-Interest Expenses		$	(3,081,238	)	$	(2,933,053	)
	Provision for Loan Loss			-			-
		INCOME BEFORE TAXES	$	2,914,564		$	3,005,830
	Income Tax Expense		$	(838,726	)	$	(867,955	)
NET INCOME			$	2,075,838		$	2,137,875
RATIOS
	Return on Average Assets (ROAA)			1.46	%		1.60	%
	Return on Average Equity (ROAE)			13.93	%		16.72	%
	Earnings Per Share (Basic)		$	1.12		$	0.93
	Total Shares (Oustanding/Exercised)			1,858,951			2,296,264
	Book Value		$	13.89		$	12.04

FAQ

What are CMUV Bancorp's 2nd quarter 2022 earnings results?

CMUV Bancorp reported a net income of $1,009,044 for the 2nd quarter of 2022, equating to $0.55 per share.

What is the total asset value of CMUV Bancorp as of June 30, 2022?

As of June 30, 2022, CMUV Bancorp reported total assets of $295 million.

What is the book value of CMUV Bancorp's common stock?

The book value of CMUV Bancorp's common stock as of June 30, 2022, was $13.89 per share.

What is the status of CMUV Bancorp's loan portfolio in Q2 2022?

CMUV Bancorp's gross loans for Q2 2022 were $206.6 million, with a low non-accrual loan rate of 0.91%.

What guidance did CMUV Bancorp provide for the future?

CMUV Bancorp expressed cautious optimism about continued financial growth despite increased inflation and interest rates.