EL CENTRO, CA - January 31, 2025 (NEWMEDIAWIRE) - CMUV Bancorp, the holding company for Community Valley Bank (“CVB”), is pleased to announce unaudited year-end results for 2024. Earnings for the year ending December 31, 2024, were $4,156,350. CVB’s Total Assets grew to $311 MM at fiscal year-end 2024, with Gross Loans ending at just short of $263 MM. Deposits also increased to $271 MM. Earnings per share for 2024 were $2.38.
CVB ended 2024 with a Community Bank Capital Leverage ratio of 12.0%, well above the ratio threshold required to be considered a well-capitalized bank. Our Allowance for Credit Losses ended the year at $2,710,837, or 1.04% of total loans, and Non-Accrual and Past Due Loans remain very low at less than 0.02%. CVB’s Board of Directors and Management believe the ACL is fully funded at this time.
ROAA was 1.36% and ROAE was at 12.17% for the year ending December 31, 2024.
We thank each of you for being a valuable shareholder in your Community Valley Bank!
| Community Valley Bank / CMUV Bancorp | ||||||||
| Financial Summary | ||||||||
| For Quarter Ending December 31, 2024 | ||||||||
| BALANCE SHEET | December 31, 2024 | December 31, 2023 | ||||||
| ASSETS | ||||||||
| Cash & Cash Equivalents | $ | 28,472,322 | $ | 45,198,375 | ||||
| Total Investments | 7,191,513 | 7,426,100 | ||||||
| Gross Loans | 262,932,710 | 231,924,633 | ||||||
| ACL | (2,710,837) | (2,534,087) | ||||||
| Total Earning Assets | $ | 295,885,707 | $ | 282,015,021 | ||||
| Other Assets | 15,481,678 | $ | 15,025,617 | |||||
| TOTAL ASSETS | $ | 311,367,385 | $ | 297,040,638 | ||||
| LIABILITIES | ||||||||
| Deposits | $ | 270,934,149 | $ | 259,604,962 | ||||
| Total Borrowings & Debt Obligations | 2,003,400 | 2,043,630 | ||||||
| Other Liabilities | 896,329 | 670,975 | ||||||
| TOTAL LIABILITIES | $ | 273,833,877 | $ | 262,319,567 | ||||
| SHAREHOLDER CAPITAL/EQUITY | ||||||||
| Total Stock, Equity, Retained Earnings | $ | 33,377,158 | $ | 30,716,328 | ||||
| Net Income | $ | 4,156,350 | 4,004,744 | |||||
| TOTAL EQUITY/CAPITAL | $ | 37,533,507 | $ | 34,721,071 | ||||
| TOTAL LIABILITIES & CAPITAL/EQUITY | $ | 311,367,385 | $ | 297,040,638 | ||||
| STATEMENT OF INCOME AND EXPENSE | ||||||||
| December 31, 2024 | December 31, 2023 | |||||||
| Total Interest Income | $ | 17,885,742 | $ | 15,927,961 | ||||
| Total Interest Expense | (5,188,631) | $ | (4,033,266) | |||||
| NET INTEREST INCOME | $ | 12,697,111 | $ | 11,894,695 | ||||
| Total Other Non-Interest Income | $ | 911,349 | $838,567 | |||||
| Total Non-Interest Expenses | $ | (7,564,023) | $ | (7,065,385) | ||||
| Provision for Loan Loss | (210,948) | $ | (135,600) | |||||
| INCOME BEFORE TAXES | $ | 5,833,490 | $ | 5,532,277 | ||||
| Income Tax Expense | $ | (1,677,141) | $ | (1,527,533) | ||||
| NET INCOME | $ | 4,156,350 | $ | 4,004,744 | ||||
| FINANCIAL RATIOS | ||||||||
| Return on Average Assets (ROAA) | 1.36% | 1.37% | ||||||
| Return on Average Equity (ROAE) | 12.17% | 12.37% | ||||||
| Net Income - Quarter | $1,063,184 | $1,130,729 | ||||||
| Earnings Per Share (Basic) - Quarter | $0.61 | $0.64 | ||||||
| Earnings Per Share (Basic) - YTD | $2.38 | $2.26 | ||||||
| Total Shares (Oustanding/Exercised) | 1,746,622 | 1,772,422 | ||||||
| Book Value - Basic (CVB - Bank) | $21.49 | $19.59 | ||||||
| Book Value - Basic (CMUV - Holding Company) | $17.79 | $16.15 | ||||||
| ** Book Value = Total Equity-Capital/Total Shares (Exercised) | ||||||||
Contact:
Jon A Edney
7603521889
mediarelations@yourcvb.com
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