CMUV Bancorp Announces 2018 4th Quarter and Year End Financial Results

El Centro, CA, Jan. 30, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- CMUV Bancorp, the holding company for Community Valley Bank, is pleased to announce unaudited 4th quarter and year-end results for 2018. Earnings for the 4th quarter were $670,347, an increase of 18% over the 3rd quarter 2018 earnings. This number equaled $0.29 per share for the 4th quarter and brought earnings for fiscal 2018 to $2,043,862, a 34% increase over 2017 earnings. Total assets reached $195 MM, a 20.1% increase. Total deposits came in at $172 MM, an increase of 20%. Gross loans surpassed $148 MM, providing a year over year increase of 14%. The numbers for total assets, deposits, loans, and most importantly, net income, represent all-time highs for the bank.

We ended 2018 with a Leverage Capital ratio of 10.75% and a Total Capital ratio of 15.72%. This is well above the ratios required to be considered a well-capitalized bank. Our Allowance for Loan and Lease Losses ended the year at $1,697,796 or 1.14% of total loans. Non-accrual loans remain very low at just 1.06%. Board and Management believe the ALLL is fully funded at this time.  ROAA for the year ending 12/31/2018 was 1.25% and ROAE came in at 12.81%.

We are pleased to announce that CVB will be opening a loan production office in San Diego County. The office will be located in La Mesa. We have hired a Senior Loan officer with more than 20 years of experience in East County San Diego. The office will concentrate on SBA loans for small businesses. We expect the office to be fully operational prior to the end of the 1st quarter of 2019.

The Board of Directors is pleased to announce the addition of Vince Whittaker as a member of both the CVB and CMUV Bancorp boards. Mr. Whittaker is a partner in the law firm of Lewis Brisbois, with offices in both San Diego and the Coachella Valley. Mr. Whittaker brings more than 15 years of community bank experience to the CVB team.