CMUV Bancorp Announces 2019 2nd Quarter Financial Results & Expects Significant Loan Growth for 2019

El Centro, CA, July 23, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- CMUV Bancorp, the holding company for Community Valley Bank, is pleased to announce unaudited 2nd quarter results for the quarter ending June 30, 2019. Net income was $501,419, exceeding by 25% the net income from the 2nd quarter of 2018. This number equaled $0.22 per share. Total assets came in at $188.5 MM, a 24% increase year over year. Total deposits came in at $164 MM, an increase of 26%. Gross loans were $146.1 MM, providing increase of 18% from the same quarter 2018.

The 2nd quarter ended with a Leverage Capital Ratio of 10.94% and a Total Capital Ratio of 16.21%. This is well above the ratios required to be considered a well-capitalized bank. Our Allowance for Loan and Lease Losses ended at $1,690,753 or 1.16% of total loans. We did take a charge-off on a loan for $164,000 during the quarter. Non-accrual loans are at 1.22%, with no foreseen impairments. Board and Management believe the ALLL is fully funded at this time.

06/30/19 tangible book value of the common stock was $9.78 per share (diluted). The common stock (CMUV) was trading at $8.85 as of June 30, 2019. ROAA for the year to date ending 06/30/2019 was 1.08% and ROAE came in at 9.87%.

We continue to see solid demand in the loan area and would expect to see significant growth in the 3rd quarter and remainder of 2019.

We thank each of you for being a valuable shareholder in Your Community Valley Bank!