Skip Navigation

CMUV Bancorp Announces 2024 1st Quarter Financial Results & Notice of Annual Shareholder Meeting

EL CENTRO, CA - (NewMediaWire) - April 19, 2024 - CMUV Bancorp, the holding company for Community Valley Bank, is pleased to announce unaudited 1st Quarter results for the quarter ending March 31, 2024. Net income for the quarter was $948,754 which equaled $0.53 per share. Total assets reached $302.3 MM by the end of the quarter, total deposits came in at $264MM, and gross loans ended the quarter at $239.7MM.

CVB’s Community Bank Leverage Capital ratio ended the quarter at 11.94%, which is well above the ratio required to be considered a well-capitalized bank. Our Allowance for Credit Losses ended the quarter at $2,590,899, and non-accrual and past due loans remain very low at 0.18%. Both the Board and Management believe the ACL is fully funded at quarter’s end.

The book value for the common stock was $16.42 per share (diluted) on March 31, 2024, however the common stock (CMUV) was trading at $17.08 on this date. ROAA for the quarter was 1.29% and ROAE came in at 10.99%.

The CMUV Annual Shareholders Meeting will take place at 10:00 a.m. on May 23, 2024, at our branch located at 310 Main Street in Brawley, California.  We welcome our shareholders to attend the meeting in person if possible, but if you are unable to attend in person, please vote on-line or by mail. Your proxy card, a copy of the Annual Report and the audited financial statements are now available for shareholder review. Please take the opportunity to review and vote as it is essential for us to have a proper quorum in order to conduct and take action on appropriate CMUV business.

Community Vally Bank / CMUV Bancorp 
Financial Summary 
For Quarter Ending March 31, 2024 
   March 31, 
    2024  2023  
 Cash & Cash Equivalents$42,248,433 $51,255,071  
 Total Investments 7,417,126  7,288,854  
 Gross Loans 239,782,161  224,962,070  
 ACL (2,590,899) (2,421,467) 
  Total Earning Assets  $286,856,821 $281,084,528  
 Other Assets 15,403,350  11,993,220  
 TOTAL ASSETS$302,260,172 $293,077,747  
 Deposits$264,018,061 $256,548,309  
 Total Borrowings & Debt Obligations 2,029,153  2,000,000  
 Other Liabilities 799,222  740,736  
 TOTAL LIABILITIES  $266,846,436 $259,289,045  
 Total Stock, Equity, Retained Earnings$34,464,981 $32,821,909  
 Net Income$948,754 $966,793  
 TOTAL EQUITY/CAPITAL  $35,413,735 $33,788,702  
 TOTAL LIBILITIES & CAPITAL/EQUITY $302,260,172 $293,077,747  
 Total Interest Income$4,162,988 $3,612,054  
 Total Interest Expense (1,147,460) (769,690) 
 NET INTEREST INCOME  $3,015,527 $2,842,364  
 Total Other Non-Interest Income$193,765 $244,364  
 Total Non-Interest Expenses$(1,836,619)$(1,732,302) 
 Provision for Loan Loss (53,000) (15,600) 
 INCOME BEFORE TAXES  $1,319,674 $1,338,825  
 Income Tax Expense$(370,920)$(372,032) 
NET INCOME$948,754 $966,793  
 Return on Average Assets (ROAA) 1.29% 1.52% 
 Return on Average Equity (ROAE) 10.99% 14.38% 
 Earnings Per Share (Basic) - Quarter$0.53 $0.57  
 Earnings Per Share (Basic) - YTD$0.53 $0.57  
 Total Shares (Oustanding/Exercised) 1,784,422  1,857,831  
 Book Value (CVB - Bank)$19.85 $16.74  
 Book Value (CMUV - Holding Company) $16.42 $13.49  
**Book Value = Total Equity Capital/Total Shares (Outstanding/Exercised) 

Jon A Edney