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CMUV Bancorp Announces 2022 4th Quarter Financial Results

El Centro CA - (NewMediaWire) - January 26, 2023 - CMUV Bancorp, the holding company for Community Valley Bank, is pleased to announce unaudited year-end results for 2022. Earnings for the year ending December 31, 2022 were $4,140,000. CVB was able to end 2022 with over $224 MM in Gross Loans, positive results in light of a significant and radical change in the interest rate environment beginning in mid-2022. Total Assets remained at $278 MM, while Total Deposits ended the year at just over $239 MM.  Earnings per share for 2022 were $2.23.

CVB ended 2022 with a Community Bank Capital Leverage ratio of 12.07%, well above the ratio threshold required to be considered a well-capitalized bank. Our Allowance for Loan and Lease Losses ended the year at $2,420,670, or 1.08%, of total loans, and Non-accrual and Past Due Loans remain very low at 0.87%.  CVB Board of Directors and Management believe the ALLL is fully funded at this time.

ROAA was 1.46%, and ROAE was at 13.86% for the year ending December 31, 2022.

Fiscal Year 2022 financial results were very much in line with the Board-approved budget. While the significant increases in interest rates affected both interest expense and loan rates during the second half of 2022, CVB was still able to produce loan growth in 2022.  On the surface, deposits remaining flat from 2021 may not appear positive.  However, the fact is that many community banks saw deposit runoff of more than ten percent (10%) during 2022, so keeping our deposit balances constant says a lot about the longstanding relationships CVB has with its customers.  CVB’s Board and Management both appreciate greatly the continued support of our shareholders, and we are proud to have returned over $700,000 in cash dividends from CMUV Bancorp to our shareholders in 2022.  CMUV Bancorp has now returned almost $2,700,000 in dividends to shareholders over the last 14 quarters. 

We thank each of you for being a valuable shareholder in Your Community Valley Bank!

Shareholder Financial Summary  
For Quarter End December 31, 2022   
   December 31, 
    2022  2021  
 Cash & Cash Equivalents$36,096,946 $54,401,633  
 Total Investments 7,300,980  1,761,103  
 Gross Loans 224,485,465  211,123,846  
 ALLL (2,420,834) (2,369,670) 
   Total Earning Assets$265,462,557 $264,916,912  
 Other Assets 12,156,214  12,187,041  
 TOTAL ASSETS$277,618,771 $277,103,954  
 Deposits$239,255,677 $239,786,970  
 Total Borrowings & Debt Obligations 4,000,000  6,021,313  
 Other Liabilities 891,938  1,086,412  
  TOTAL LIABILITIES$244,147,614 $246,894,695  
 Total Stock, Equity, Retained Earnings$29,330,392 $25,010,459  
 Net Income$4,140,764 $5,198,800  
  TOTAL EQUITY/CAPITAL$33,471,157 $30,209,258  
 TOTAL LIBILITIES & CAPITAL/EQUITY$277,618,771 $277,103,954  
 Total Interest Income$12,112,023 $11,296,743  
 Total Interest Expense (1,158,608) (761,994) 
  NET INTEREST INCOME$10,953,415 $10,534,749  
 Total Other Non-Interest Income$1,164,164 $3,069,438  
 Total Non-Interest Expenses$(6,251,574)$(6,077,522) 
 Provision for Loan Loss (51,900) (200,000) 
  INCOME BEFORE TAXES$5,814,105 $7,326,666  
 Income Tax Expense$(1,673,341)$(2,127,866) 
NET INCOME$4,140,764 $5,198,800  
 Return on Average Assets (ROAA) 1.46% 1.91% 
 Return on Average Equity (ROAE) 13.86% 20.34% 
 Earnings Per Share (Basic) - 4th Quarter$0.55 $0.57  
 Earnings Per Share (Basic) - YTD$2.23 $2.83  
 Total Shares (Oustanding/Exercised) 1,859,551  1,838,831  
 Book Value (CVB - Bank)$18.00 $16.43  
 Book Value (CMUV - Holding Company)$14.73 $13.22  

Jon A Edney