CMUV Bancorp Announces 2023 1st Quarter Financial Results & Notice of Annual Shareholder Meeting
El Centro, CA - 
(NewMediaWire) - April 20, 2023 - CMUV Bancorp, the holding company for Community Valley
Bank, is pleased to announce unaudited First Quarter results for the quarter
ending March 31, 2023. Net Income came
in at $966,793. The net income number
equaled $0.51 per share. Total Assets
reached $293.1 MM. Total Deposits came
in at $256.5 MM, an increase of just under $18 MM in the first quarter of 2023. Gross Loans were $224.9 MM.
We ended the first quarter 2023 with a Community Bank Leverage Capital ratio of 11.77%. This is over two times the ratio required to be considered a well-capitalized bank. The new regulatory metric, Allowance for Credit Losses (ACL), was $2,421,467 at quarter end. Non-Accrual Loans and Past Due Loans remain very low at 0.79%. Both Board and Management believe the ACL is fully funded at this time.
March 31, 2023 book value of the common stock was $15.02 per share (diluted). The common stock (CMUV) was trading at $13.67 as of March 31, 2023. ROAA for the quarter was 1.38% and ROAE came in at 11.92%
The CMUV Annual Shareholders Meeting will take place on May 18, 2023, 10:00 a.m., at 310 Main St., Brawley, CA 92227. 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.
CONTACT:
Jon A Edney
7603521889
mediarelations@yourcvb.com
| Shareholder Financial Summary | |||||||||
| For Quarter End March 31, 2023 | |||||||||
| March 31, | |||||||||
| 2023 | 2022 | ||||||||
| ASSETS | |||||||||
| Cash & Cash Equivalents | $ | 51,255,071 | $ | 67,836,030 | |||||
| Total Investments | 7,288,854 | $ | 5,739,187 | ||||||
| Gross Loans | 224,962,070 | $ | 201,786,695 | ||||||
| ACL | (2,421,467 | ) | (2,358,877 | ) | |||||
| Total Earning Assets | $ | 281,084,528 | $ | 273,003,035 | |||||
| Other Assets | 11,993,220 | $ | 11,715,660 | ||||||
| TOTAL ASSETS | $ | 293,077,747 | $ | 284,718,695 | |||||
| LIABILITIES | |||||||||
| Deposits | $ | 256,548,309 | $ | 248,519,168 | |||||
| Total Borrowings & Debt Obligations | 2,000,000 | $ | 4,014,565 | ||||||
| Other Liabilities | 740,736 | $ | 1,084,095 | ||||||
| TOTAL LIABILITIES | $ | 259,289,045 | $ | 253,617,828 | |||||
| SHAREHOLDER CAPITAL/EQUITY | |||||||||
| Total Stock, Equity, Retained Earnings | $ | 32,821,909 | $ | 30,034,800 | |||||
| Net Income | $ | 966,793 | $ | 1,066,067 | |||||
| TOTAL EQUITY/CAPITAL | $ | 33,788,702 | $ | 31,100,867 | |||||
| TOTAL LIBILITIES & CAPITAL/EQUITY | $ | 293,077,747 | $ | 284,718,695 | |||||
| STATEMENT OF INCOME AND EXPENSE | |||||||||
| Total Interest Income | $ | 3,612,054 | $ | 2,668,463 | |||||
| Total Interest Expense | (769,690 | ) | (177,166 | ) | |||||
| NET INTEREST INCOME | $ | 2,842,364 | $ | 2,491,297 | |||||
| Total Other Non-Interest Income | $ | 244,364 | $ | 574,543 | |||||
| Total Non-Interest Expenses | $ | (1,732,302 | ) | $ | (1,567,332 | ) | |||
| Provision for Loan Loss | (15,600 | ) | - | ||||||
| INCOME BEFORE TAXES | $ | 1,338,825 | $ | 1,498,508 | |||||
| Income Tax Expense | $ | (372,032 | ) | $ | (431,715 | ) | |||
| NET INCOME | $ | 966,793 | $ | 1,066,793 | |||||
| RATIOS | |||||||||
| Return on Average Assets (ROAA) | 1.38 | % | 1.52 | % | |||||
| Return on Average Equity (ROAE) | 11.92 | % | 14.38 | % | |||||
| Earnings Per Share (Basic) - 1st Quarter / 4th Quarter Comparison | $ | 0.51 | $ | 0.57 | |||||
| Earnings Per Share (Basic) - YTD | $ | 0.51 | $ | 0.57 | |||||
| Total Shares (Oustanding/Exercised) | 1,877,351 | 1,857,831 | |||||||
| Book Value (CVB - Bank) | $ | 18.00 | $ | 16.74 | |||||
| Book Value (CMUV - Holding Company) | $ | 15.02 | $ | 13.49 | |||||
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