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 $4,140,000. CVB was able to end 2022 with over $224 MM in Gross Loans, positive results in light of a significant and radical change in the interest rate environment beginning in mid-2022. Total Assets remained at $278 MM, while Total Deposits ended the year at just over $239 MM. Earnings per share for 2022 were $2.23.
CVB ended 2022 with a Community Bank Capital Leverage ratio of 12.07%, well above the ratio threshold required to be considered a well-capitalized bank. Our Allowance for Loan and Lease Losses ended the year at $2,420,670, or 1.08%, of total loans, and Non-accrual and Past Due Loans remain very low at 0.87%. CVB Board of Directors and Management believe the ALLL is fully funded at this time.
ROAA was 1.46%, and ROAE was at 13.86% for the year ending December 31, 2022.
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 (10%) during 2022, so keeping our deposit balances constant says a lot about the longstanding relationships CVB has with its customers. CVB’s Board and Management both appreciate greatly the continued support of our shareholders, and we are proud to have returned over $700,000 in cash dividends from CMUV Bancorp to our shareholders in 2022. CMUV Bancorp has now returned almost $2,700,000 in dividends to shareholders over the last 14 quarters.
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
[email protected]
