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31.01.2025 19:00:04

CMUV Bancorp Announces 2024 4th Quarter Financial Results

CMUV Bancorp
CMUV Bancorp Announces 2024 4th Quarter Financial Results

31-Jan-2025 / 19:00 CET/CEST
The issuer is solely responsible for the content of this announcement.


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. 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

 



Dissemination of a CORPORATE NEWS, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.


End of Announcement - EQS News Service

2079249  31-Jan-2025 

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