CMUV Bancorp Announces 2022 1st Quarter Financial Results & Schedules Annual Shareholder Meeting

El Centro, CA - (NewMediaWire) - April 22, 2022 - CMUV Bancorp, the holding company for Community Valley Bank, is pleased to announce unaudited 1st quarter results for the quarter ending March 31, 2022. Net Income came in at $1,066,067. This is the highest net income for a 1st quarter in bank history. The net income number equaled $0.57 per share. Total assets reached $284.7 MM. Total deposits came in at $248.7 MM. Gross loans surpassed $201.8 MM.

The Bank‘s Community Bank Leverage Capital ratio at March 31, 2022 was 10.76%. This is well above the ratio required to be considered a well-capitalized bank. Our Allowance for Loan and Lease Losses ended the quarter at $2,369,670, or 1.17%, of total loans. Non-accrual loans and Past Due loans remain very low at 0.95%. Both Board and Management believe the ALLL is fully funded at March 31, 2022. 

We ended the 1st quarter 2022 with a Community Bank Leverage Capital ratio of 10.76%. This is well above the ratio required to be considered, a well-capitalized bank.

Our Allowance for Loan and Lease Losses ended the quarter at $2,369,670 or 1.17% of total loans. Non-accrual loans and Past Due loans remain very low at 0.95%. Both

Board and Management believe the ALLL is fully funded at this time.

03/31/2022 book value of the common stock was $13.49 per share (diluted). The common stock (CMUV) was trading at $14.30 as of March 31, 2022. ROAA for the quarter was 1.52% and ROAE came in at 14.38%

The CMUV Annual Shareholders Meeting will take place on May 12, 2022, at 10:00 a.m., at 310 Main St, Brawley, CA 92227.  Under current pandemic guidelines, 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.

Jon A. Edney
7603521889
mediarelations@yourcvb.com

Shareholder Financial Summary
     
   March 31,  2022March 31, 2021
ASSETS   
 Cash & Cash Equivalents $ 67,836,030 $ 41,442,527
 Total Investments $ 5,739,187 $ 1,962,762
 Total Loans, Net $ 199,427,818 $ 218,660,092
   Total Earning Assets $ 273,003,035 $ 262,065,381
 Other Assets $ 11,715,660 $ 11,165,678
     
  TOTAL ASSETS $ 284,718,695 $ 273,231,058
     
LIABILITIES  
 Deposits $ 248,519,168 $ 231,361,042
 Total Borrowings & Other Debt Obligations $ 4,014,565 $ 13,870,479
 Other Liabilities $ 1,084,095 $ 1,264,937
  TOTAL LIABILITIES $ 253,617,828 $ 246,496,458
     
SHAREHOLDER CAPITAL/EQUITY  
 Common Stock $ 16,868,317 $ 16,868,317
 Surplus $ 1,015,421 $ 881,961
 Retained Earnings (Undivided Profits) $ 12,151,061 $ 7,936,028
 Net Income $ 1,066,067 $ 1,048,693
  TOTAL EQUITY/CAPITAL $ 31,100,867 $ 26,735,000
     
TOTAL LIBILITIES & CAPITAL/EQUITY $ 284,718,695 $ 273,231,458
     
     
STATEMENT OF INCOME AND EXPENSE  
 Total Interest Income $ 2,668,463 $ 2,573,093
 Total Interest Expense $ (177,166) $ (215,294)
  NET INTEREST INCOME $ 2,491,297 $ 2,357,799
 Total Loan Fee Income $ 78,026 $ 370,179
 Total Other Non-Interest Income $ 496,517 $ 138,918
 Provision for Loan Loss $ - 0  $ - 0 
 G&A Expenses $ (1,567,332) $ (1,380,463)
  INCOME BEFORE TAXES $ 1,498,508 $ 1,486,433
 Income Tax Expense $ (431,715) $ (440,978)
     
NET INCOME $ 1,066,793 $ 1,045,455
     
     
 Return on Average Assets (ROAA)1.52%1.59%
 Return on Average Equity (ROAE)14.38%16.37%
 Earnings Per Share for Quarter$0.57$0.46
 Book Value (Using Holding Co. Capital)$13.49$11.67
     

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