CMUV Bancorp Announces 2024 3rd Quarter Financial Results

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