CMUV Bancorp Announces 2023 3rd Quarter Financial Results
- Net income for the 3rd quarter was $991,000, bringing year-to-date net income to $2,873,863
- Total assets at the end of 3Q 2023 were $294.5 MM
- Community Bank Leverage Capital ratio was 11.24%, well above the required ratio
- Allowance for Credit Losses (ACL) was $2,447,223, or 1.20% of total loans
- Non-accrual loans remain very low at 0.75%
- ROAA through the third quarter of 2023 was 1.31%, while ROAE came in at 11.74%
- Book value of the common stock was $15.79 per share (diluted)
- None.
EL CENTRO, CA, Oct. 20, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – CMUV Bancorp, the holding company for Community Valley Bank (CVB), is pleased to announce unaudited 3rd Quarter results as of September 30, 2023. During the 3rd quarter, net income totaled
We ended the third quarter 2023 with a Community Bank Leverage Capital ratio of
The September 30, 2023 book value of the common stock was
| Shareholder Financial Summary | |||||||||
| For Quarter End September 30, 2023 | |||||||||
| Sept 30 , 2023 | Sept 30 , 2022 | ||||||||
| ASSETS | |||||||||
| Cash & Cash Equivalents | $ | 52,443,464 | $ | 49,282,886 | |||||
| Total Investments | 7,436,640 | $ | 6,563,192 | ||||||
| Gross Loans | 222,266,223 | $ | 211,049,790 | ||||||
| ACL | (2,447,223 | ) | (2,357,659 | ) | |||||
| Total Earning Assets | $ | 279,699,104 | $ | 264,538,209 | |||||
| Other Assets | 14,776,313 | $ | 12,127,821 | ||||||
| TOTAL ASSETS | $ | 294,475,417 | $ | 276,666,030 | |||||
| LIABILITIES | |||||||||
| Deposits | $ | 258,001,925 | $ | 237,660,261 | |||||
| Total Borrowings & Debt Obligations | 2,057,776 | $ | 4,053,510 | ||||||
| Other Liabilities | 757,385 | $ | 2,278,903 | ||||||
| TOTAL LIABILITIES | $ | 260,817,087 | $ | 243,992,675 | |||||
| SHAREHOLDER CAPITAL/EQUITY | |||||||||
| Total Stock, Equity, Retained Earnings | $ | 31,784,467 | $ | 29,557,558 | |||||
| Net Income | $ | 2,873,863 | $ | 3,115,797 | |||||
| TOTAL EQUITY/CAPITAL | $ | 34,658,330 | $ | 32,673,355 | |||||
| TOTAL LIBILITIES & CAPITAL/EQUITY | $ | 295,475,417 | $ | 276,666,030 | |||||
| Sept 30 , 2023 | Sept 30 , 2022 | ||||||||
| STATEMENT OF INCOME AND EXPENSE | |||||||||
| Total Interest Income | $ | 11,580,565 | $ | 8,697,679 | |||||
| Total Interest Expense | (2,886,304 | ) | (616,505 | ) | |||||
| NET INTEREST INCOME | $ | 8,694,261 | $ | 8,081,175 | |||||
| Total Other Non-Interest Income | $ | 589,905 | $ | 977,092 | |||||
| Total Non-Interest Expenses | $ | (5,263,502 | ) | $ | (4,684,186 | ) | |||
| Provision for Loan Loss | (45,600 | ) | - | ||||||
| INCOME BEFORE TAXES | $ | 3,975,064 | $ | 4,374,081 | |||||
| Income Tax Expense | $ | (1,101,201 | ) | $ | (1,258,284 | ) | |||
| NET INCOME | $ | 2,873,863 | $ | 3,115,796 | |||||
| FINANCIAL RATIOS | |||||||||
| Return on Average Assets (ROAA) | 1.31 | % | 1.45 | % | |||||
| Return on Average Equity (ROAE) | 11.74 | % | 13.90 | % | |||||
| Earnings Per Share (Basic) - Quarterly Earnings | $ | 0.54 | $ | 0.56 | |||||
| Earnings Per Share (Basic) - YTD | $ | 1.57 | $ | 1.68 | |||||
| Total Shares (Outstanding/Exercised) | 1,830,647 | 1,859,481 | |||||||
| Book Value (CVB - Bank) | $ | 18.93 | $ | 17.57 | |||||
| Book Value (CMUV - Holding Company) | $ | 15.79 | $ | 14.31 | |||||
Contact: Jon A. Edney, President/CEO
Phone (760) 352-1889, mediarelations@yourcvb.com
FAQ
What was the net income for the 3rd quarter?
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What was the Allowance for Credit Losses (ACL)?
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What was the book value of the common stock?
