CMUV Bancorp Announces 2023 4th Quarter Financial Results

Rhea-AI Summary

CMUV Bancorp, the holding company for Community Valley Bank, reported unaudited year-end results for 2023. Earnings were $4,004,744, Total Assets grew to $297 MM, Loans ended at just under $232 MM, and Deposits increased to $260 MM. Earnings per share for 2023 were $2.26. CVB ended 2023 with a Community Bank Capital Leverage ratio of 11.80%, well above the required threshold. Allowance for Credit Losses ended the year at $2,557,440, or 0.93% of Total Loans, and Non-accrual and Past Due Loans remain very low at less than 0.02%. ROAA was 1.37%, and ROAE was at 12.37% for the year. Despite a challenging banking environment in 2023, CVB outperformed expectations and produced solid financial results.

EL CENTRO, CA, Jan. 25, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire – CMUV Bancorp, the holding company for Community Valley Bank, is pleased to announce unaudited year-end results for 2023. Earnings for the year ending December 31, 2023 were $4,004,744. CVB’s Total Assets grew to $297 MM at fiscal year-end 2023, with Loans ending at just under $232 MM. Deposits also increased to $260 MM. Earnings per share for 2023 were $2.26.

CVB ended 2023 with a Community Bank Capital Leverage ratio of 11.80%, well above the ratio threshold required to be considered a well-capitalized bank. Our Allowance for Credit Losses ended the year at $2,557,440, or 0.93%, of Total Loans, and Non-accrual and Past Due Loans remain very low at less than 0.02%. CVB’s Board of Directors and Management believe the ACL is fully funded at this time.

ROAA was 1.37%, and ROAE was at 12.37% for the year ending December 31, 2023.

In what was a challenging banking environment in 2023, CVB was able to outperform expectations and produce solid financial results. The early 2023 regional banking crisis brought about industry concerns over deposits, while inflation and rising interest rates made lending a difficult challenge. However, with effective management, planning, and customer communication CVB was not only able to sustain its deposits, but actually see growth of nearly 9% in 2023. Additionally, a strong 4th quarter also allowed the Bank to exceed budgeted loan targets in spite of the difficult interest rate environment. 

CVB’s Board and Management remain committed to the relationships we have developed with our customers and communities. Most importantly, we are grateful for the loyalty of our shareholders as we strive to deliver outstanding value. As a sign of this commitment, the CMUV Bancorp Board of Directors recently approved a buyback of up to $2MM in shares, while also increasing its quarterly dividend by 20 percent (up to $0.12/share), effective in the 4th quarter of 2023.

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

Community Vally Bank / CMUV Bancorp
Financial Summary
For Year Ending December 31, 2023
BALANCE SHEET				December 31, 2023 (Unaudited)			December 31, 2022
	Assets
		Cash & Cash Equivalents		$	45,198,375		$	36,096,946
		Total Investments			7,426,100			7,300,980
		Gross Loans			231,924,633			224,485,465
		ACL			(2,534,087	)		(2,420,834	)
			Total Earning Assets	$	282,015,021		$	265,462,557
		Other Assets		$	15,025,617		$	12,156,214
	TOTAL ASSETS			$	297,040,638		$	277,618,771
	Liabilities
		Deposits		$	259,604,962		$	239,255,677
		Total Borrowings & Debt Obligations			2,043,630			4,039,530
		Other Liabilities			670,975			852,407
			TOTAL LIABILITIES	$	262,319,567		$	244,147,614
	Shareholder Equity
		Total Stock, Equity, Retained Earnings		$	30,716,328		$	29,330,392
		Net Income			4,004,744			4,140,764
			TOTAL EQUITY/CAPITAL	$	34,721,071		$	33,471,157
	TOTAL LIBILITIES & CAPITAL/EQUITY			$	297,040,638		$	277,618,771
STATEMENT OF INCOME AND EXPENSE				December 31, 2023 (Unaudited)			FYE December 31, 2022
		Total Interest Income		$	15,927,961		$	12,109,439
		Total Interest Expense		$	(4,033,266	)		(1,158,608	)
			NET INTEREST INCOME	$	11,894,695		$	10,950,831
		Total Other Non-Interest Income		$	838,567		$	1,164,164
		Total Non-Interest Expenses		$	(7,065,385	)		(6,248,990	)
		Provision for Loan Loss		$	(135,600	)		(51,900	)
			INCOME BEFORE TAXES	$	5,532,277		$	5,814,105
		Income Tax Expense		$	(1,527,533	)	$	(1,673,341	)
NET INCOME				$	4,004,744		$	4,140,764
FINANCIAL RATIOS
		Return on Average Assets (ROAA)			1.37	%		1.46	%
		Return on Average Equity (ROAE)			12.37	%		13.86	%
		Earnings Per Share (Basic) - Quarterly Earnings		$	0.64		$	0.55
		Earnings Per Share (Basic) - YTD		$	2.26		$	2.83
		Total Shares (Outstanding/Exercised)			1,772,422			1,859,551
		Book Value (CVB - Bank)		$	19.59		$	18.00
		Book Value (CMUV - Holding Company)		$	16.15		$	14.73
		Stock/Shares Repurchased - 4Q 2023			70,225
		Average Repurchase Price		$	15.71

Contact:
Jon A Edney
7603521889
mediarelations@yourcvb.com

FAQ

What were CMUV Bancorp's earnings for the year ending December 31, 2023?

CMUV Bancorp's earnings for the year ending December 31, 2023 were $4,004,744.

What were CVB's Total Assets at fiscal year-end 2023?

CVB's Total Assets grew to $297 MM at fiscal year-end 2023.

What were CVB's Earnings per share for 2023?

CVB's Earnings per share for 2023 were $2.26.

What was CVB's Community Bank Capital Leverage ratio at the end of 2023?

CVB ended 2023 with a Community Bank Capital Leverage ratio of 11.80%, well above the required threshold.

What was CVB's Allowance for Credit Losses at the end of 2023?

CVB's Allowance for Credit Losses ended the year at $2,557,440, or 0.93% of Total Loans.