CMUV Bancorp Announces 2021 1st Quarter Financial Results & Schedules Annual Shareholder Meeting
El Centro, CA - (NewMediaWire) - April 26, 2021 - CMUV Bancorp, the holding company for Community Valley Bank, is pleased to announce unaudited 1stquarter results for the quarter ending March 31, 2021. Net Income came in at $1,045,454. This is the highest net income for a 1stquarter in bank history. The net income number equaled $0.46 per share. Total assets reached $251.8 MM. Total deposits came in at $231.6 MM. Gross loans surpassed $220 MM.
We ended the 1stquarter 2021 with a Community Bank Leverage Capital ratio of 10.19%. 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 $2,158,681 or 1.20% of total loans, excluding SBA PPP loans that have a 100% guarantee. Non-accrual loans and Past Due loans remain very low at 0.33%. Both Board and Management believe the ALLL is fully funded at this time.
The bank continues to participate in the SBA PPP program. As of the end of the 1stquarter, CVB had assisted over 150 businesses with second Draw PPP loans and processed more than 225 first Draw PPP forgiveness applications. At quarter end, the bank had approximately $ 40 MM in first and second round PPP loans.
The CMUV Annual Shareholders Meeting will take place on May 13, 2021, 10:00 a.m., at 310 Main St, Brawley, CA 92227. We would normally be excited to invite our shareholders to attend but as we are still going through the pandemic issues, we would suggest that you not attend the meeting in person. 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, President/CEO
Phone (760) 352-1889, email@example.com