CMUV Bancorp Announces 2022 3rd Quarter Financial Results

Rhea-AI Summary

CMUV Bancorp reported its unaudited 3rd quarter results for 2022, with a net income of $1,039,959 or $0.56 per share, contributing to a year-to-date net income of $3,115,797. Total assets reached $276.7 million, with total deposits of $237.7 million and gross loans amounting to $211 million. The Community Bank Leverage Capital ratio stood at 11.24%, indicating strong capitalization. The book value per share was $14.31, while CMUV stock traded at $14.10, reflecting a healthy return on assets and equity of 1.45% and 13.90% respectively.

Positive

• Net income increased to $1,039,959 for Q3 2022.
• Year-to-date net income reached $3,115,797.
• Total assets rose to $276.7 million.
• Community Bank Leverage Capital ratio at 11.24%, indicating strong capitalization.
• Non-accrual loans remained low at 0.88%.

Negative

• Net income decreased compared to $4,141,804 in the same period last year.
• Earnings per share dropped from $0.91 in Q3 2021 to $0.56 in Q3 2022.
• Return on Average Assets (ROAA) declined from 2.04% a year ago to 1.45%.
• Return on Average Equity (ROAE) fell from 21.56% to 13.90%.

EL CENTRO, CA, Oct. 21, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – CMUV Bancorp, the holding company for Community Valley Bank, is pleased to announce unaudited 3rd quarter results for the quarter ending September 30, 2022. During the 3rd Quarter, net income totaled $1,039,959, which put year-to-date net income at $3,115,797 through the first nine months of the year.  The net income for 3rd quarter equaled $0.56 per share. Also at the end of 3rd quarter 2022, total assets were $276.7 MM, total deposits came in at $237.7 MM, and gross loans were at $211 MM.

We ended the 3rd quarter 2022 with a Community Bank Leverage Capital ratio of 11.24%, which puts the Bank 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 1.20% of total loans, excluding guaranteed portion of loans. Non-accrual loans remain very low at 0.88%. Both Board and Management believe the ALLL is fully funded at this time.

The September 30, 2022 book value of the common stock was $14.31 per share (diluted), while the common stock (CMUV) was trading at $14.10 as of the same date. ROAA through the 3rd quarter of 2022 was 1.45%, while ROAE came in at 13.90%.

As we celebrate our 15th Anniversary this month, we are very appreciative and grateful to all of you who have supported your locally owned community bank.

Jon A Edney
mediarelations@yourcvb.com

Shareholder Financial Summary
For Quarter End September 30, 2022
			September 30,
				2022			2021
ASSETS
	Cash & Cash Equivalents		$	49,282,886		$	53,063,943
	Total Investments			6,563,192			1,781,721
	Gross Loans			211,049,790			206,136,340
	ALLL			(2,357,659	)		(2,233,030	)
		Total Earning Assets	$	264,538,209		$	258,748,974
	Other Assets			12,127,821			11,870,551
	TOTAL ASSETS		$	276,666,030		$	270,619,525
			$	-
LIABILITIES
	Deposits		$	237,660,261		$	233,815,785
	Total Borrowings & Debt Obligations			5,270,275			6,019,914
	Other Liabilities			1,062,138			1,480,650
		TOTAL LIABILITIES	$	243,992,675		$	241,316,349
SHAREHOLDER CAPITAL/EQUITY
	Total Stock, Equity, Retained Earnings		$	29,557,558		$	25,161,372
	Net Income		$	3,115,797		$	4,141,804
		TOTAL EQUITY/CAPITAL	$	32,673,355		$	29,303,176
	TOTAL LIBILITIES & CAPITAL/EQUITY		$	276,666,030		$	270,619,525
STATEMENT OF INCOME AND EXPENSE
	Total Interest Income		$	8,697,679		$	9,568,900
	Total Interest Expense			(616,505	)		(581,460	)
		NET INTEREST INCOME	$	8,081,175		$	8,987,440
	Total Other Non-Interest Income		$	977,092		$	1,246,878
	Total Non-Interest Expenses		$	(4,684,186	)	$	(4,395,922	)
	Provision for Loan Loss			-			-
		INCOME BEFORE TAXES	$	4,374,081		$	5,838,396
			$	-
	Income Tax Expense		$	(1,258,284	)	$	(1,696,592	)
NET INCOME			$	3,115,797		$	4,141,804
RATIOS
	Return on Average Assets (ROAA)			1.45	%		2.04	%
	Return on Average Equity (ROAE)			13.90	%		21.56	%
	Earnings Per Share (Basic) - 3rd Quarter		$	0.56		$	0.91
	Earnings Per Share (Basic) - YTD		$	1.68		$	1.88
	Total Shares (Oustanding/Exercised)			1,859,481			2,208,120
	Book Value		$	14.31		$	13.33

FAQ

What were CMUV's earnings for Q3 2022?

CMUV Bancorp reported earnings of $1,039,959 for Q3 2022, equivalent to $0.56 per share.

How did CMUV perform year-to-date as of September 30, 2022?

Year-to-date, CMUV's net income stood at $3,115,797.

What is the current book value of CMUV's stock?

As of September 30, 2022, the book value of CMUV's common stock was $14.31 per share.

What is the Community Bank Leverage Capital ratio for CMUV?

CMUV's Community Bank Leverage Capital ratio is 11.24%, indicating it is well-capitalized.

What are the total assets and deposits reported by CMUV?

CMUV reported total assets of $276.7 million and total deposits of $237.7 million as of Q3 2022.