CMUV Announces 2nd Quarter Financial Results and Ranks in the Top 2% of Community Banks in the Country
El Centro, CA - (NewMediaWire) - July 23, 2021 - CMUV Bancorp, the holding company for Community Valley Bank, is pleased to announce unaudited Second Quarter results for the quarter ending June 30, 2021. Net Income came in at $1,092,421. The Net Income number equaled $0.47 per share. The Net Income for the first 6 months of 2021 came in at $2,137,875, which is a 47% increase over the first 6 months of 2020. Total Assets reached $276 MM. Total Deposits came in at $240.5 MM. Gross Loans were at $214.6 MM.
We ended the Second Quarter 2021 with a Community Bank Leverage Capital ratio of 10.37%. 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 0.22%. Both Board and Management believe the ALLL is fully funded at this time.
June 30, 2021 book value of the common stock was $12.29 per share (diluted). The common stock (CMUV) was trading at $11.55 as of June 30, 2021. ROAA for the first 6 months of 2021 was 1.59% and ROAE came in at 15.47%.
The Bank has worked expeditiously with our business customers in submitting SBA PPP loan forgiveness applications. At the conclusion of the Second Quarter, the Bank had received SBA approval for forgiveness on over 70% of its PPP loans. From a high of just under $65 MM, the Bank had about $24 MM remaining in PPP loans at June 30, 2021.
CVB is very proud to announce that American Banker magazine ranked CVB as the 95th ranked community bank in the country out of over 4,400 community banks, placing us in the top 2%. We are extremely grateful to our customers for their patronage and support.
Jon A. Edney