EL CENTRO, CA - (NewMediaWire) - July 21, 2023 - CMUV Bancorp, the holding company for Community Valley Bank (CVB), is pleased to announce unaudited 2nd Quarter results for CVB at the quarter ending June 30, 2023.  Net income came in at $915,773.  The net income number equaled $0.49 per share.  Total assets were $292.4 MM. Total deposits came in at $255.2 MM, up about $16 MM year to date.  Gross loans were $222.3 MM.

We ended the second quarter 2023 with a Community Bank Leverage Capital ratio of 11.57%.  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 0.49%.  Both Board and Management believe the ACL is fully funded at this time.

June 30, 2023 book value of the common stock was $15.37 per share (diluted).  The common stock (CMUV) was trading at $13.00 as of June 30, 2023.  ROAA and ROAE year to date June 30, 2023, were 1.3% and 11.5% respectively.

Shareholder Financial Summary

For Quarter End June 30, 2023

June 30,

2023

2022

ASSETS

Cash & Cash Equivalents

 $             51,543,292

 $             72,659,712

Total Investments

                  7,448,986

 $               5,831,449

Gross Loans

              222,304,620

 $           206,606,592

ACL

                 (2,421,556)

                 (2,358,501)

 Total Earning Assets

 $           278,875,341

 $           282,739,251

Other Assets

                13,583,455

 $             12,297,973

TOTAL ASSETS

 $           292,458,796

 $           295,037,224

LIABILITIES

Deposits

 $           255,190,988

 $           256,882,344

Total Borrowings & Debt Obligations

                  2,000,000

 $               4,067,317

Other Liabilities

                     709,737

 $               2,220,198

TOTAL LIABILITIES

 $           257,900,726

 $           263,169,859

SHAREHOLDER CAPITAL/EQUITY

Total Stock, Equity, Retained Earnings

 $             32,675,505

 $             29,791,527

Net Income

 $               1,882,565

 $               2,075,838

TOTAL EQUITY/CAPITAL

 $             34,558,070

 $             31,867,365

TOTAL LIBILITIES & CAPITAL/EQUITY

 $           292,458,796

 $           295,037,224

STATEMENT OF INCOME AND EXPENSE

Total Interest Income

 $               7,524,659

 $               5,568,452

Total Interest Expense

                 (1,822,497)

                    (355,250)

NET INTEREST INCOME

 $               5,702,161

 $               5,213,202

Total Other Non-Interest Income

 $                  435,718

 $                  782,600

Total Non-Interest Expenses

 $              (3,518,554)

 $              (3,081,238)

Provision for Loan Loss

                      (15,600)

                               -  

INCOME BEFORE TAXES

 $               2,603,725

 $               2,914,564

Income Tax Expense

 $                 (721,159)

 $                 (838,726)

NET INCOME

 $               1,882,565

 $               2,075,838

RATIOS

Return on Average Assets (ROAA)

1.31%

1.46%

Return on Average Equity (ROAE)

11.53%

13.93%

Earnings Per Share (Basic) -                              Quarterly Earnings

 $                        0.49

 $                        0.57

Earnings Per Share (Basic) - YTD

 $                        1.00

 $                        1.12

Total Shares (Outstanding/Exercised)

                  1,877,651

                  1,858,951

Book Value (CVB - Bank)

 $                      18.40

 $                      17.14

Book Value (CMUV - Holding Company)

 $                      15.37

 $                      13.89

Contact: Jon A. Edney, President/CEO

Phone (760) 352-1889, mediarelations@yourcvb.com