CMUV Bancorp Announces 2022 4th Quarter Financial Results

Rhea-AI Summary

CMUV Bancorp, the holding company for Community Valley Bank, reported its unaudited financial results for 2022, highlighting earnings of $4.14 million and earnings per share of $2.23. The bank's gross loans reached $224 million, while total assets remained stable at $278 million. Despite challenges posed by rising interest rates, CVB maintained total deposits at approximately $239 million. The Community Bank Capital Leverage ratio stood at 12.07%, indicating strong capitalization. In 2022, the bank returned over $700,000 to shareholders in cash dividends, totaling nearly $2.7 million in the past 14 quarters.

Positive

• Earnings of $4.14 million for 2022.
• Earnings per share of $2.23.
• Gross loans increased to $224 million.
• Total assets remained stable at $278 million.
• Total deposits held constant at $239 million despite industry trends.
• Community Bank Capital Leverage ratio at 12.07%.
• Returned over $700,000 in cash dividends to shareholders in 2022.

Negative

• Net income decreased from $5.20 million in 2021 to $4.14 million in 2022.
• Return on Average Assets (ROAA) declined from 1.91% in 2021 to 1.46% in 2022.
• Return on Average Equity (ROAE) dropped from 20.34% in 2021 to 13.86% in 2022.

El Centro, CA, Jan. 26, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- CMUV Bancorp, the holding company for Community Valley Bank, is pleased to announce unaudited year-end results for 2022. Earnings for the year ending December 31, 2022 were $4,140,000. CVB was able to end 2022 with over $224 MM in Gross Loans, positive results in light of a significant and radical change in the interest rate environment beginning in mid-2022. Total Assets remained at $278 MM, while Total Deposits ended the year at just over $239 MM.  Earnings per share for 2022 were $2.23.

CVB ended 2022 with a Community Bank Capital Leverage ratio of 12.07%, well above the ratio threshold required to be considered a well-capitalized bank. Our Allowance for Loan and Lease Losses ended the year at $2,420,670, or 1.08%, of total loans, and Non-accrual and Past Due Loans remain very low at 0.87%.  CVB Board of Directors and Management believe the ALLL is fully funded at this time.

ROAA was 1.46%, and ROAE was at 13.86% for the year ending December 31, 2022.

Fiscal Year 2022 financial results were very much in line with the Board-approved budget. While the significant increases in interest rates affected both interest expense and loan rates during the second half of 2022, CVB was still able to produce loan growth in 2022.  On the surface, deposits remaining flat from 2021 may not appear positive.  However, the fact is that many community banks saw deposit runoff of more than ten percent (10%) during 2022, so keeping our deposit balances constant says a lot about the longstanding relationships CVB has with its customers.  CVB’s Board and Management both appreciate greatly the continued support of our shareholders, and we are proud to have returned over $700,000 in cash dividends from CMUV Bancorp to our shareholders in 2022.  CMUV Bancorp has now returned almost $2,700,000 in dividends to shareholders over the last 14 quarters. 

We thank each of you for being a valuable shareholder in Your Community Valley Bank!

Shareholder Financial Summary
For Quarter End December 31, 2022
			December 31,
				2022			2021
ASSETS
	Cash & Cash Equivalents		$	36,096,946		$	54,401,633
	Total Investments			7,300,980			1,761,103
	Gross Loans			224,485,465			211,123,846
	ALLL			(2,420,834	)		(2,369,670	)
		Total Earning Assets	$	265,462,557		$	264,916,912
	Other Assets			12,156,214			12,187,041
	TOTAL ASSETS		$	277,618,771		$	277,103,954
LIABILITIES
	Deposits		$	239,255,677		$	239,786,970
	Total Borrowings & Debt Obligations			4,000,000			6,021,313
	Other Liabilities			891,938			1,086,412
		TOTAL LIABILITIES	$	244,147,614		$	246,894,695
SHAREHOLDER CAPITAL/EQUITY
	Total Stock, Equity, Retained Earnings		$	29,330,392		$	25,010,459
	Net Income		$	4,140,764		$	5,198,800
		TOTAL EQUITY/CAPITAL	$	33,471,157		$	30,209,258
	TOTAL LIBILITIES & CAPITAL/EQUITY		$	277,618,771		$	277,103,954
STATEMENT OF INCOME AND EXPENSE
	Total Interest Income		$	12,112,023		$	11,296,743
	Total Interest Expense			(1,158,608	)		(761,994	)
		NET INTEREST INCOME	$	10,953,415		$	10,534,749
	Total Other Non-Interest Income		$	1,164,164		$	3,069,438
	Total Non-Interest Expenses		$	(6,251,574	)	$	(6,077,522	)
	Provision for Loan Loss			(51,900	)		(200,000	)
		INCOME BEFORE TAXES	$	5,814,105		$	7,326,666
	Income Tax Expense		$	(1,673,341	)	$	(2,127,866	)
NET INCOME			$	4,140,764		$	5,198,800
RATIOS
	Return on Average Assets (ROAA)			1.46	%		1.91	%
	Return on Average Equity (ROAE)			13.86	%		20.34	%
	Earnings Per Share (Basic) - 4th Quarter		$	0.55		$	0.57
	Earnings Per Share (Basic) - YTD		$	2.23		$	2.83
	Total Shares (Oustanding/Exercised)			1,859,551			1,838,831
	Book Value (CVB - Bank)		$	18.00		$	16.43
	Book Value (CMUV - Holding Company)		$	14.73		$	13.22

Contact:
Jon A Edney
7603521889
mediarelations@yourcvb.com

FAQ

What were CMUV Bancorp's earnings for 2022?

CMUV Bancorp reported earnings of $4.14 million for the year ending December 31, 2022.

What is the earnings per share for CMUV in 2022?

The earnings per share for CMUV Bancorp in 2022 were $2.23.

How did interest rates affect CMUV Bancorp's financial results?

Despite rising interest rates affecting interest expense and loan rates, CMUV Bancorp managed to maintain loan growth and stable deposits.

What is the total asset value of CMUV Bancorp as of December 31, 2022?

The total asset value of CMUV Bancorp as of December 31, 2022, was $278 million.

How much did CMUV Bancorp return to shareholders in 2022?

CMUV Bancorp returned over $700,000 in cash dividends to shareholders in 2022.