CMUV Bancorp Announces 2024 3rd Quarter Financial Results
Rhea-AI Summary
CMUV Bancorp, holding company for Community Valley Bank (CVB), has released its unaudited 3rd Quarter 2024 financial results. Net Income for the quarter was $1,127,388, or $0.65 per share. Total assets reached $315.9 million, with deposits at $276.3 million and gross loans at $261.1 million. The bank's Community Bank Leverage Capital ratio stood at 11.71%, well above the required level for well-capitalized status.
Key financial metrics include:
- Allowance for Credit Losses: $2,697,627
- Non-accrual and past-due loans: 0.96%
- Book value per share: $17.30 (diluted)
- ROAA: 1.36%
- ROAE: 12.02%
The bank has exceeded expectations in net income, total assets, and loans for the first three quarters of 2024. Management anticipates continued healthy demand for business and investment loans in Q4 2024.
Positive
- Net Income for Q3 2024 increased to $1,127,388, up from $991,297 in Q3 2023
- Earnings Per Share (Basic) for Q3 2024 rose to $0.65, compared to $0.50 in Q3 2023
- Total assets grew to $315.9 million, up from $295.5 million in the previous year
- Gross loans increased to $261.1 million, compared to $223.4 million in Q3 2023
- Community Bank Leverage Capital ratio of 11.71%, well above the required level for well-capitalized status
- Low non-accrual and past-due loans at 0.96%
- ROAA improved to 1.36% from 1.31% year-over-year
- ROAE increased to 12.02% from 11.74% year-over-year
Negative
- Cash & Cash Equivalents decreased to $34.8 million from $52.4 million in Q3 2023
- Total Interest Expense increased to $3.8 million from $2.9 million year-over-year
EL CENTRO, Calif., Oct. 18, 2024 (GLOBE NEWSWIRE) -- CMUV Bancorp, the holding company for Community Valley Bank (CVB), is pleased to announce unaudited 3rd Quarter results for the quarter ending September 30, 2024. Net Income for the quarter was
CVB’s Community Bank Leverage Capital ratio ended the quarter at
The book value for the common stock was
The first three quarters of 2024 saw the bank exceed expectations in regard to net income, total assets, and loans. Our expectations are for a continued healthy demand for business and investment loans as we continue through the fourth quarter of 2024.
| Community Vally Bank / CMUV Bancorp | ||||||||||
| Financial Summary | ||||||||||
| For Quarter Ending September 30, 2024 | ||||||||||
| BALANCE SHEET | September 30, | |||||||||
| 2024 | 2023 | |||||||||
| ASSETS | ||||||||||
| Cash & Cash Equivalents | $ | 34,778,590 | $ | 52,443,464 | ||||||
| Total Investments | 7,198,675 | 7,436,640 | ||||||||
| Gross Loans | 261,101,594 | 223,440,706 | ||||||||
| ACL | (2,697,627 | ) | (2,447,223 | ) | ||||||
| Total Earning Assets | $ | 300,381,233 | $ | 280,873,586 | ||||||
| Other Assets | 15,465,927 | 14,601,831 | ||||||||
| TOTAL ASSETS | $ | 315,847,160 | $ | 295,475,417 | ||||||
| LIABILITIES | ||||||||||
| Deposits | $ | 276,264,417 | $ | 258,001,925 | ||||||
| Total Borrowings & Debt Obligations | 2,161,375 | 2,057,776 | ||||||||
| Other Liabilities | 840,013 | 757,385 | ||||||||
| TOTAL LIABILITIES | $ | 279,265,805 | $ | 260,817,087 | ||||||
| SHAREHOLDER CAPITAL/EQUITY | ||||||||||
| Total Stock, Equity, Retained Earnings | $ | 33,488,188 | $ | 31,784,467 | ||||||
| Net Income | $ | 3,093,167 | $ | 2,873,863 | ||||||
| TOTAL EQUITY/CAPITAL | $ | 36,581,354 | $ | 34,658,330 | ||||||
| TOTAL LIBILITIES & CAPITAL/EQUITY | $ | 315,847,160 | $ | 295,475,417 | ||||||
| STATEMENT OF INCOME AND EXPENSE | ||||||||||
| September 30, | ||||||||||
| 2024 | 2023 | |||||||||
| Total Interest Income | $ | 13,231,101 | $ | 11,791,972 | ||||||
| Total Interest Expense | (3,786,043 | ) | (2,886,304 | ) | ||||||
| NET INTEREST INCOME | $ | 9,445,059 | $ | 8,905,668 | ||||||
| Total Other Non-Interest Income | $ | 669,690 | $ | 589,905 | ||||||
| Total Non-Interest Expenses | $ | (5,576,824 | ) | $ | (5,474,910 | ) | ||||
| Provision for Loan Loss | (200,948 | ) | (45,600 | ) | ||||||
| INCOME BEFORE TAXES | $ | 4,336,977 | $ | 3,975,064 | ||||||
| Income Tax Expense | $ | (1,243,810 | ) | $ | (1,101,201 | ) | ||||
| NET INCOME | $ | 3,093,167 | $ | 2,873,863 | ||||||
| FINANCIAL RATIOS | ||||||||||
| Return on Average Assets (ROAA) | 1.36 | % | 1.31 | % | ||||||
| Return on Average Equity (ROAE) | 12.02 | % | 11.74 | % | ||||||
| Net Income - Quarter | $ | 1,127,388 | $ | 991,297 | ||||||
| Earnings Per Share (Basic) - Quarter | $ | 0.65 | $ | 0.50 | ||||||
| Earnings Per Share (Basic) - YTD | $ | 1.77 | $ | 1.57 | ||||||
| Total Shares (Oustanding/Exercised) | 1,746,622 | 1,830,647 | ||||||||
| Book Value - Basic (CVB - Bank) | $ | 20.94 | $ | 18.93 | ||||||
| Book Value - Basic (CMUV - Holding Company) | $ | 17.30 | $ | 15.79 | ||||||
| ** | Book Value = Total Equity Capital/Total Shares (Outstanding/Exercised) | |||||||||
Contact:
Jon A Edney
7603521889
mediarelations@yourcvb.com
FAQ
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