EL CENTRO, CA, April 22, 2022 (GLOBE NEWSWIRE) — via NewMediaWire – CMUV Bancorp, the holding company for Community Valley Bank, is pleased to announce unaudited 1st quarter results for the quarter ending March 31, 2022. Net Income came in at $1,066,067. This is the highest net income for a 1st quarter in bank history. The net income number equaled $0.57 per share. Total assets reached $284.7 MM. Total deposits came in at $248.7 MM. Gross loans surpassed $201.8 MM.
The Bank‘s Community Bank Leverage Capital ratio at March 31, 2022 was 10.76%. 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 $2,369,670, or 1.17%, of total loans. Non-accrual loans and Past Due loans remain very low at 0.95%. Both Board and Management believe the ALLL is fully funded at March 31, 2022.
We ended the 1st quarter 2022 with a Community Bank Leverage Capital ratio of 10.76%. 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 $2,369,670 or 1.17% of total loans. Non-accrual loans and Past Due loans remain very low at 0.95%. Both
Board and Management believe the ALLL is fully funded at this time.
03/31/2022 book value of the common stock was $13.49 per share (diluted). The common stock (CMUV) was trading at $14.30 as of March 31, 2022. ROAA for the quarter was 1.52% and ROAE came in at 14.38%
The CMUV Annual Shareholders Meeting will take place on May 12, 2022, at 10:00 a.m., at 310 Main St, Brawley, CA 92227. Under current pandemic guidelines, we are very excited to welcome our shareholders to attend the meeting in person if able. If you are unable to attend in person, please vote on-line or by mail. Your proxy card, annual report, and the audited financials are available for shareholder review and voting. Please take the opportunity to review and vote, as it is essential for us to have a proper quorum in order to conduct the appropriate business actions.
Jon A. Edney
|Shareholder Financial Summary|
|March 31, 2022||March 31, 2021|
|Cash & Cash Equivalents||$ 67,836,030||$ 41,442,527|
|Total Investments||$ 5,739,187||$ 1,962,762|
|Total Loans, Net||$ 199,427,818||$ 218,660,092|
|Total Earning Assets||$ 273,003,035||$ 262,065,381|
|Other Assets||$ 11,715,660||$ 11,165,678|
|TOTAL ASSETS||$ 284,718,695||$ 273,231,058|
|Deposits||$ 248,519,168||$ 231,361,042|
|Total Borrowings & Other Debt Obligations||$ 4,014,565||$ 13,870,479|
|Other Liabilities||$ 1,084,095||$ 1,264,937|
|TOTAL LIABILITIES||$ 253,617,828||$ 246,496,458|
|Common Stock||$ 16,868,317||$ 16,868,317|
|Surplus||$ 1,015,421||$ 881,961|
|Retained Earnings (Undivided Profits)||$ 12,151,061||$ 7,936,028|
|Net Income||$ 1,066,067||$ 1,048,693|
|TOTAL EQUITY/CAPITAL||$ 31,100,867||$ 26,735,000|
|TOTAL LIBILITIES & CAPITAL/EQUITY||$ 284,718,695||$ 273,231,458|
|STATEMENT OF INCOME AND EXPENSE|
|Total Interest Income||$ 2,668,463||$ 2,573,093|
|Total Interest Expense||$ (177,166)||$ (215,294)|
|NET INTEREST INCOME||$ 2,491,297||$ 2,357,799|
|Total Loan Fee Income||$ 78,026||$ 370,179|
|Total Other Non-Interest Income||$ 496,517||$ 138,918|
|Provision for Loan Loss||$ – 0||$ – 0|
|G&A Expenses||$ (1,567,332)||$ (1,380,463)|
|INCOME BEFORE TAXES||$ 1,498,508||$ 1,486,433|
|Income Tax Expense||$ (431,715)||$ (440,978)|
|NET INCOME||$ 1,066,793||$ 1,045,455|
|Return on Average Assets (ROAA)||1.52%||1.59%|
|Return on Average Equity (ROAE)||14.38%||16.37%|
|Earnings Per Share for Quarter||$0.57||$0.46|
|Book Value (Using Holding Co. Capital)||$13.49||$11.67|
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