CMUV Bancorp Announces 2022 4th Quarter Financial Results
El Centro, CA, Jan. 26, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- CMUV Bancorp, the holding company for Community Valley Bank, is pleased to announce unaudited year-end results for 2022. Earnings for the year ending December 31, 2022 were
CVB ended 2022 with a Community Bank Capital Leverage ratio of
ROAA was
Fiscal Year 2022 financial results were very much in line with the Board-approved budget. While the significant increases in interest rates affected both interest expense and loan rates during the second half of 2022, CVB was still able to produce loan growth in 2022. On the surface, deposits remaining flat from 2021 may not appear positive. However, the fact is that many community banks saw deposit runoff of more than ten percent (
We thank each of you for being a valuable shareholder in Your Community Valley Bank!
Shareholder Financial Summary | |||||||||
For Quarter End December 31, 2022 | |||||||||
December 31, | |||||||||
2022 | 2021 | ||||||||
ASSETS | |||||||||
Cash & Cash Equivalents | $ | 36,096,946 | $ | 54,401,633 | |||||
Total Investments | 7,300,980 | 1,761,103 | |||||||
Gross Loans | 224,485,465 | 211,123,846 | |||||||
ALLL | (2,420,834 | ) | (2,369,670 | ) | |||||
Total Earning Assets | $ | 265,462,557 | $ | 264,916,912 | |||||
Other Assets | 12,156,214 | 12,187,041 | |||||||
TOTAL ASSETS | $ | 277,618,771 | $ | 277,103,954 | |||||
LIABILITIES | |||||||||
Deposits | $ | 239,255,677 | $ | 239,786,970 | |||||
Total Borrowings & Debt Obligations | 4,000,000 | 6,021,313 | |||||||
Other Liabilities | 891,938 | 1,086,412 | |||||||
TOTAL LIABILITIES | $ | 244,147,614 | $ | 246,894,695 | |||||
SHAREHOLDER CAPITAL/EQUITY | |||||||||
Total Stock, Equity, Retained Earnings | $ | 29,330,392 | $ | 25,010,459 | |||||
Net Income | $ | 4,140,764 | $ | 5,198,800 | |||||
TOTAL EQUITY/CAPITAL | $ | 33,471,157 | $ | 30,209,258 | |||||
TOTAL LIBILITIES & CAPITAL/EQUITY | $ | 277,618,771 | $ | 277,103,954 | |||||
STATEMENT OF INCOME AND EXPENSE | |||||||||
Total Interest Income | $ | 12,112,023 | $ | 11,296,743 | |||||
Total Interest Expense | (1,158,608 | ) | (761,994 | ) | |||||
NET INTEREST INCOME | $ | 10,953,415 | $ | 10,534,749 | |||||
Total Other Non-Interest Income | $ | 1,164,164 | $ | 3,069,438 | |||||
Total Non-Interest Expenses | $ | (6,251,574 | ) | $ | (6,077,522 | ) | |||
Provision for Loan Loss | (51,900 | ) | (200,000 | ) | |||||
INCOME BEFORE TAXES | $ | 5,814,105 | $ | 7,326,666 | |||||
Income Tax Expense | $ | (1,673,341 | ) | $ | (2,127,866 | ) | |||
NET INCOME | $ | 4,140,764 | $ | 5,198,800 | |||||
RATIOS | |||||||||
Return on Average Assets (ROAA) | 1.46 | % | 1.91 | % | |||||
Return on Average Equity (ROAE) | 13.86 | % | 20.34 | % | |||||
Earnings Per Share (Basic) - 4th Quarter | $ | 0.55 | $ | 0.57 | |||||
Earnings Per Share (Basic) - YTD | $ | 2.23 | $ | 2.83 | |||||
Total Shares (Oustanding/Exercised) | 1,859,551 | 1,838,831 | |||||||
Book Value (CVB - Bank) | $ | 18.00 | $ | 16.43 | |||||
Book Value (CMUV - Holding Company) | $ | 14.73 | $ | 13.22 | |||||
Contact:
Jon A Edney
7603521889
mediarelations@yourcvb.com