CMUV Bancorp Announces 2024 3Rd Quarter Financial Results

(MENAFN- GlobeNewsWire - Nasdaq) 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 $1,127,388, which equaled $0.65 per share. Total assets reached $315.9 MM by the end of the quarter, total deposits came in at $276.3 MM, and gross loans ended the quarter at $261.1 MM.

CVB's Community Bank Leverage Capital ratio ended the quarter at 11.71%, which is well above the ratio required to be considered a well-capitalized bank. Our Allowance for Credit Losses ended the quarter at $2,697,627, and non-accrual and past-due loans remained very low at 0.96%. Both the Board and Management believe the ACL is fully funded at quarter's end.

The book value for the common stock was $17.30 per share (diluted) on September 30, 2024. The common stock (CMUV) was trading at $18.25 on this date. ROAA for the quarter was 1.36% and ROAE came in at 12.02%.

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
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