CMUV Bancorp
31-Jan-2025 / 19:00 CET/CEST
The issuer is solely responsible for the content of this announcement.
EL CENTRO, CA - January 31, 2025 ( NEWMEDIAWIRE) - CMUV Bancorp, the holding company for Community Valley Bank (“CVB”), is pleased to announce unaudited year-end results for 2024. Earnings for the year ending December 31, 2024, were $4,156,350. CVB’s Total Assets grew to $311 MM at fiscal year-end 2024, with Gross Loans ending at just short of $263 MM. Deposits also increased to $271 MM. Earnings per share for 2024 were $2.38. CVB ended 2024 with a Community Bank Capital Leverage ratio of 12.0%, well above the ratio threshold required to be considered a well-capitalized bank. Our Allowance for Credit Losses ended the year at $2,710,837, or 1.04% of total loans, and Non-Accrual and Past Due Loans remain very low at less than 0.02%. CVB’s Board of Directors and Management believe the ACL is fully funded at this time. ROAA was 1.36% and ROAE was at 12.17% for the year ending December 31, 2024. We thank each of you for being a valuable shareholder in your Community Valley Bank! | Community Valley Bank / CMUV Bancorp | | Financial Summary | | For Quarter Ending December 31, 2024 | | | | | | | | | | BALANCE SHEET | December 31, 2024 | | December 31, 2023 | | | ASSETS | | | | | | | | Cash & Cash Equivalents | $ | 28,472,322 | | $ | 45,198,375 | | | Total Investments | | 7,191,513 | | | 7,426,100 | | | Gross Loans | | 262,932,710 | | | 231,924,633 | | | ACL | | (2,710,837) | | | (2,534,087) | | | Total Earning Assets | $ | 295,885,707 | | $ | 282,015,021 | | | | | | | | | | | Other Assets | | 15,481,678 | | $ | 15,025,617 | | | | | | | | | | | TOTAL ASSETS | $ | 311,367,385 | | $ | 297,040,638 | | | | | | | | | | LIABILITIES | | | | | | | | Deposits | $ | 270,934,149 | | $ | 259,604,962 | | | Total Borrowings & Debt Obligations | | 2,003,400 | | | 2,043,630 | | | Other Liabilities | | 896,329 | | | 670,975 | | | TOTAL LIABILITIES | $ | 273,833,877 | | $ | 262,319,567 | | | | | | | | | | SHAREHOLDER CAPITAL/EQUITY | | | | | | | | Total Stock, Equity, Retained Earnings | $ | 33,377,158 | | $ | 30,716,328 | | | Net Income | $ | 4,156,350 | | | 4,004,744 | | | TOTAL EQUITY/CAPITAL | $ | 37,533,507 | | $ | 34,721,071 | | | | | | | | | | | TOTAL LIABILITIES & CAPITAL/EQUITY | $ | 311,367,385 | | $ | 297,040,638 | | | | | | | | | | STATEMENT OF INCOME AND EXPENSE | | | | | | | December 31, 2024 | | December 31, 2023 | | | | | | | | | | | Total Interest Income | $ | 17,885,742 | | $ | 15,927,961 | | | Total Interest Expense | | (5,188,631) | | $ | (4,033,266) | | | NET INTEREST INCOME | $ | 12,697,111 | | $ | 11,894,695 | | | | | | | | | | | Total Other Non-Interest Income | $ | 911,349 | | | $838,567 | | | Total Non-Interest Expenses | $ | (7,564,023) | | $ | (7,065,385) | | | Provision for Loan Loss | | (210,948) | | $ | (135,600) | | | | | | | | | | | INCOME BEFORE TAXES | $ | 5,833,490 | | $ | 5,532,277 | | | | | | | | | | | Income Tax Expense | $ | (1,677,141) | | $ | (1,527,533) | | | | | | | | | | | NET INCOME | $ | 4,156,350 | | $ | 4,004,744 | | | | | | | | | | | | | | | | | | FINANCIAL RATIOS | | | | | | | | Return on Average Assets (ROAA) | 1.36% | | | 1.37% | | | Return on Average Equity (ROAE) | 12.17% | | | 12.37% | | | Net Income - Quarter | $1,063,184 | | | $1,130,729 | | | Earnings Per Share (Basic) - Quarter | $0.61 | | | $0.64 | | | Earnings Per Share (Basic) - YTD | $2.38 | | | $2.26 | | | Total Shares (Oustanding/Exercised) | 1,746,622 | | | 1,772,422 | | | Book Value - Basic (CVB - Bank) | $21.49 | | | $19.59 | | | Book Value - Basic (CMUV - Holding Company) | $17.79 | | | $16.15 | | | | | | | | | | ** Book Value = Total Equity-Capital/Total Shares (Exercised) | | | | | | | | | | | | | | | | | |
Contact: Jon A Edney 7603521889 mediarelations@yourcvb.com
Dissemination of a CORPORATE NEWS, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
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