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CMUV Bancorp Announces 2023 1st Quarter Financial Results & Notice of Annual Shareholder Meeting

El Centro, CA - (NewMediaWire) - April 20, 2023 - CMUV Bancorp, the holding company for Community Valley Bank, is pleased to announce unaudited First Quarter results for the quarter ending March 31, 2023.  Net Income came in at $966,793.  The net income number equaled $0.51 per share.  Total Assets reached $293.1 MM.  Total Deposits came in at $256.5 MM, an increase of just under $18 MM in the first quarter of 2023.  Gross Loans were $224.9 MM.

We ended the first quarter 2023 with a Community Bank Leverage Capital ratio of 11.77%.  This is over two times the ratio required to be considered a well-capitalized bank.  The new regulatory metric, Allowance for Credit Losses (ACL), was $2,421,467 at quarter end.  Non-Accrual Loans and Past Due Loans remain very low at 0.79%.  Both Board and Management believe the ACL is fully funded at this time.

March 31, 2023 book value of the common stock was $15.02 per share (diluted).  The common stock (CMUV) was trading at $13.67 as of March 31, 2023.  ROAA for the quarter was 1.38% and ROAE came in at 11.92%

The CMUV Annual Shareholders Meeting will take place on May 18, 2023, 10:00 a.m., at 310 Main St., Brawley, CA 92227.  We are very excited to welcome our shareholders to attend the meeting in person, if able.  If you are unable to attend in person, please vote on-line or by mail.  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

7603521889

mediarelations@yourcvb.com

 

Shareholder Financial Summary  
For Quarter End March 31, 2023   
      
      
               March 31, 
    2023  2022  
ASSETS   
 Cash & Cash Equivalents$51,255,071 $67,836,030  
 Total Investments 7,288,854 $5,739,187  
 Gross Loans 224,962,070 $201,786,695  
 ACL (2,421,467) (2,358,877) 
   Total Earning Assets$281,084,528 $273,003,035  
      
 Other Assets 11,993,220 $11,715,660  
      
 TOTAL ASSETS$293,077,747 $284,718,695  
      
LIABILITIES   
 Deposits$256,548,309 $248,519,168  
 Total Borrowings & Debt Obligations 2,000,000 $4,014,565  
 Other Liabilities 740,736 $1,084,095  
  TOTAL LIABILITIES$259,289,045 $253,617,828  
      
SHAREHOLDER CAPITAL/EQUITY   
 Total Stock, Equity, Retained Earnings$32,821,909 $30,034,800  
 Net Income$966,793 $1,066,067  
  TOTAL EQUITY/CAPITAL$33,788,702 $31,100,867  
      
 TOTAL LIBILITIES & CAPITAL/EQUITY$293,077,747 $284,718,695  
      
      
STATEMENT OF INCOME AND EXPENSE   
 Total Interest Income$3,612,054 $2,668,463  
 Total Interest Expense (769,690) (177,166) 
  NET INTEREST INCOME$2,842,364 $2,491,297  
      
 Total Other Non-Interest Income$244,364 $574,543  
 Total Non-Interest Expenses$(1,732,302)$(1,567,332) 
 Provision for Loan Loss (15,600) -  
      
  INCOME BEFORE TAXES$1,338,825 $1,498,508  
      
 Income Tax Expense$(372,032)$(431,715) 
      
NET INCOME$966,793 $1,066,793  
      
      
RATIOS   
 Return on Average Assets (ROAA) 1.38% 1.52% 
 Return on Average Equity (ROAE) 11.92% 14.38% 
 Earnings Per Share (Basic) - 1st Quarter / 4th Quarter Comparison$0.51 $0.57  
 Earnings Per Share (Basic) - YTD$0.51 $0.57  
 Total Shares (Oustanding/Exercised) 1,877,351  1,857,831  
 Book Value (CVB - Bank)$18.00 $16.74  
 Book Value (CMUV - Holding Company)$15.02 $13.49  
      


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