CMUV Bancorp Announces 2023 1st Quarter Financial Results & Notice of Annual Shareholder Meeting

Rhea-AI Summary

CMUV Bancorp, the holding company for Community Valley Bank, reported its unaudited first quarter results for 2023, highlighting a net income of $966,793 or $0.51 per share. The total assets reached $293.1 million with total deposits increasing by nearly $18 million to $256.5 million. Gross loans were reported at $224.9 million, while the bank's leverage capital ratio stood at 11.77%, more than double the well-capitalized requirement. The allowance for credit losses is fully funded at $2.42 million, with non-accrual and past due loans at a low 0.79%. The book value of common stock was $15.02 per share, compared to a trading price of $13.67 as of March 31, 2023.

Positive

• Net income of $966,793, equating to $0.51 per share.
• Total assets increased to $293.1 million.
• Total deposits rose by nearly $18 million to $256.5 million.
• Gross loans reached $224.9 million.
• Leverage capital ratio of 11.77%, well above regulatory requirements.
• Fully funded allowance for credit losses at $2.42 million.
• Low non-accrual and past due loans at 0.79%.

Negative

• Net income decreased compared to prior period (down from $1,066,067).
• Return on average assets (ROAA) decreased to 1.38% from 1.52%.
• Return on average equity (ROAE) declined to 11.92% from 14.38%.
• Earnings per share decreased from $0.57 in the fourth quarter.

EL CENTRO, CA, April 20, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – CMUV Bancorp, the holding company for Community Valley Bank, is pleased to announce unaudited First Quarter results for the quarter ending March 31, 2023.  Net Income came in at $966,793.  The net income number equaled $0.51 per share.  Total Assets reached $293.1 MM.  Total Deposits came in at $256.5 MM, an increase of just under $18 MM in the first quarter of 2023.  Gross Loans were $224.9 MM.

We ended the first quarter 2023 with a Community Bank Leverage Capital ratio of 11.77%.  This is over two times the ratio required to be considered a well-capitalized bank.  The new regulatory metric, Allowance for Credit Losses (ACL), was $2,421,467 at quarter end.  Non-Accrual Loans and Past Due Loans remain very low at 0.79%.  Both Board and Management believe the ACL is fully funded at this time.

March 31, 2023 book value of the common stock was $15.02 per share (diluted).  The common stock (CMUV) was trading at $13.67 as of March 31, 2023.  ROAA for the quarter was 1.38% and ROAE came in at 11.92%

The CMUV Annual Shareholders Meeting will take place on May 18, 2023, 10:00 a.m., at 310 Main St., Brawley, CA 92227.  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.

CONTACT:
Jon A Edney
7603521889
mediarelations@yourcvb.com

Shareholder Financial Summary
For Quarter End March 31, 2023
			March 31,
				2023			2022
ASSETS
	Cash & Cash Equivalents		$	51,255,071		$	67,836,030
	Total Investments			7,288,854		$	5,739,187
	Gross Loans			224,962,070		$	201,786,695
	ACL			(2,421,467	)		(2,358,877	)
		Total Earning Assets	$	281,084,528		$	273,003,035
	Other Assets			11,993,220		$	11,715,660
	TOTAL ASSETS		$	293,077,747		$	284,718,695
LIABILITIES
	Deposits		$	256,548,309		$	248,519,168
	Total Borrowings & Debt Obligations			2,000,000		$	4,014,565
	Other Liabilities			740,736		$	1,084,095
		TOTAL LIABILITIES	$	259,289,045		$	253,617,828
SHAREHOLDER CAPITAL/EQUITY
	Total Stock, Equity, Retained Earnings		$	32,821,909		$	30,034,800
	Net Income		$	966,793		$	1,066,067
		TOTAL EQUITY/CAPITAL	$	33,788,702		$	31,100,867
	TOTAL LIBILITIES & CAPITAL/EQUITY		$	293,077,747		$	284,718,695
STATEMENT OF INCOME AND EXPENSE
	Total Interest Income		$	3,612,054		$	2,668,463
	Total Interest Expense			(769,690	)		(177,166	)
		NET INTEREST INCOME	$	2,842,364		$	2,491,297
	Total Other Non-Interest Income		$	244,364		$	574,543
	Total Non-Interest Expenses		$	(1,732,302	)	$	(1,567,332	)
	Provision for Loan Loss			(15,600	)		-
		INCOME BEFORE TAXES	$	1,338,825		$	1,498,508
	Income Tax Expense		$	(372,032	)	$	(431,715	)
NET INCOME			$	966,793		$	1,066,793
RATIOS
	Return on Average Assets (ROAA)			1.38	%		1.52	%
	Return on Average Equity (ROAE)			11.92	%		14.38	%
	Earnings Per Share (Basic) - 1st Quarter / 4th Quarter Comparison		$	0.51		$	0.57
	Earnings Per Share (Basic) - YTD		$	0.51		$	0.57
	Total Shares (Oustanding/Exercised)			1,877,351			1,857,831
	Book Value (CVB - Bank)		$	18.00		$	16.74
	Book Value (CMUV - Holding Company)		$	15.02		$	13.49

FAQ

What are CMUV Bancorp's first quarter results for 2023?

CMUV Bancorp reported a net income of $966,793, or $0.51 per share, for the first quarter of 2023.

How did CMUV's total assets change in the first quarter of 2023?

Total assets increased to $293.1 million as of March 31, 2023.

What was the change in total deposits for CMUV Bancorp?

Total deposits rose by nearly $18 million to $256.5 million in the first quarter of 2023.

What was the leverage capital ratio for CMUV Bancorp?

CMUV Bancorp had a leverage capital ratio of 11.77%, exceeding the well-capitalized requirement.

When is the CMUV Annual Shareholders Meeting?

The CMUV Annual Shareholders Meeting is scheduled for May 18, 2023.