CMUV Bancorp Announces 3rd Quarter 2021 Financial Results

Rhea-AI Summary

CMUV Bancorp reported impressive unaudited 3rd quarter results for the period ending September 30, 2021, with a net income of $2,003,929, translating to $0.87 per share. A significant 90% increase in income was recorded for the first nine months of 2021 compared to the previous year, totaling $4,141,804. Total assets reached $271 million, with deposits at $233 million and gross loans at $206 million. The bank maintains a robust leverage capital ratio of 10.47% and a low non-accrual loan rate of 0.22%. Book value per share stands at $13.16, compared to a trading price of $11.55.

Positive

• Net income rose to $2,003,929 for Q3 2021, aided by one-time gains.
• 90% increase in year-to-date net income, totaling $4,141,804.
• Low non-accrual loans at 0.22%, indicating strong loan performance.
• Book value per share at $13.16, higher than trading price of $11.55.

Negative

• None.

El Centro, CA, Oct. 29, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- CMUV Bancorp, the holding company for Community Valley Bank, is pleased to announce unaudited 3rd quarter results for the quarter ending September 30, 2021. Net Income assisted by a payoff of a non-accrual loan and the sale of an OREO property came in at $2,003,929. The two one-time items added about $790,000 to core net income in the 3rd quarter. The net income number equaled $0.87 per share. The net income for the first nine months of 2021 came in at $4,141,804, which is a 90% increase over the first nine months of 2020. Total assets were $271 MM. Total deposits came in at $233 MM. Gross loans were at $206 MM.

We ended the 3rd quarter 2021 with a Community Bank Leverage Capital ratio of 10.47%. This is well above the ratio required to be considered, a well-capitalized bank. Our Allowance for Loan and Lease Losses ended the quarter at $2,262,983 or 1.25% of total loans, excluding SBA PPP loans and guaranteed portion of other loans. Non-accrual loans remain very low at 0.22%. Both Board and Management believe the ALLL is fully funded at this time.

09/30/2021 book value of the common stock was $13.16 per share (diluted). The common stock (CMUV) was trading at $11.55 as of September 30, 2021. ROAA for the first nine months of 2021 was 2.05% and ROAE came in at 21.69%.

The bank is close to completing all SBA PPP loan forgiveness applications and has only about $4.5 MM remaining from a high of $63 MM.

As we celebrate our 14th Anniversary this month, we want to thank all of our customers and shareholders for supporting Your Community Valley Bank.

Jon A. Edney
7603521889
mediarelations@yourcvb.com

FAQ

What was CMUV Bancorp's net income for Q3 2021?

CMUV Bancorp reported a net income of $2,003,929 for Q3 2021.

How much did CMUV Bancorp's net income increase in the first nine months of 2021?

Net income increased by 90% in the first nine months of 2021 compared to the same period in 2020.

What is the book value per share for CMUV Bancorp?

The book value per common share for CMUV Bancorp is $13.16.

What is the current trading price of CMUV stock?

As of September 30, 2021, CMUV stock was trading at $11.55.

What is the non-accrual loan rate for CMUV Bancorp?

The non-accrual loan rate for CMUV Bancorp is 0.22%.