CMUV Bancorp Announces 2024 4th Quarter Financial Results

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. CVBs 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%. CVBs 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

[email protected]

View the original release on www.newmediawire.com

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