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CMUV Bancorp
CMUV Bancorp Announces 2024 4th Quarter Financial Results
31-Jan-2025 / 19:00 CET/CEST
The issuer is solely responsible for the content of this announcement.
CMUV Bancorp Announces 2024 4th Quarter Financial Results
EL CENTRO, CA - January 31, 2025 () - CMUV Bancorp, the holding company for Community Valley Bank (“CVB”), is pleased to announce unaudited year-end results for 2024. Earnings for the year ending December 31, 2024, were $4,156,350. CVB’s Total Assets grew to $311 MM at fiscal year-end 2024, with Gross Loans ending at just short of $263 MM. Deposits also increased to $271 MM. Earnings per share for 2024 were $2.38.
CVB ended 2024 with a Community Bank Capital Leverage ratio of 12.0%, well above the ratio threshold required to be considered a well-capitalized bank. Our Allowance for Credit Losses ended the year at $2,710,837, or 1.04% of total loans, and Non-Accrual and Past Due Loans remain very low at less than 0.02%. CVB’s Board of Directors and Management believe the ACL is fully funded at this time.
ROAA was 1.36% and ROAE was at 12.17% for the year ending December 31, 2024.
We thank each of you for being a valuable shareholder in your Community Valley Bank!
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Community Valley Bank / CMUV Bancorp
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Financial Summary
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For Quarter Ending December 31, 2024
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BALANCE SHEET
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December 31, 2024
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December 31, 2023
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ASSETS
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Cash & Cash Equivalents
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$
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28,472,322
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$
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45,198,375
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Total Investments
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7,191,513
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7,426,100
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Gross Loans
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262,932,710
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231,924,633
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ACL
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(2,710,837)
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(2,534,087)
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Total Earning Assets
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$
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295,885,707
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$
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282,015,021
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Other Assets
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15,481,678
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$
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15,025,617
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TOTAL ASSETS
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$
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311,367,385
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$
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297,040,638
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LIABILITIES
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Deposits
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$
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270,934,149
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$
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259,604,962
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Total Borrowings & Debt Obligations
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2,003,400
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2,043,630
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Other Liabilities
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896,329
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670,975
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TOTAL LIABILITIES
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$
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273,833,877
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$
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262,319,567
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SHAREHOLDER CAPITAL/EQUITY
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Total Stock, Equity, Retained Earnings
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$
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33,377,158
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$
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30,716,328
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Net Income
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$
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4,156,350
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4,004,744
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TOTAL EQUITY/CAPITAL
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$
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37,533,507
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$
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34,721,071
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TOTAL LIABILITIES & CAPITAL/EQUITY
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$
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311,367,385
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$
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297,040,638
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STATEMENT OF INCOME AND EXPENSE
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December 31, 2024
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December 31, 2023
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Total Interest Income
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$
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17,885,742
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$
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15,927,961
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Total Interest Expense
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(5,188,631)
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$
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(4,033,266)
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NET INTEREST INCOME
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$
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12,697,111
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$
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11,894,695
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Total Other Non-Interest Income
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$
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911,349
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$838,567
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Total Non-Interest Expenses
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$
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(7,564,023)
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$
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(7,065,385)
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Provision for Loan Loss
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(210,948)
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$
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(135,600)
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INCOME BEFORE TAXES
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$
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5,833,490
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$
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5,532,277
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Income Tax Expense
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$
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(1,677,141)
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$
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(1,527,533)
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NET INCOME
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$
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4,156,350
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$
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4,004,744
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FINANCIAL RATIOS
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Return on Average Assets (ROAA)
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1.36%
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1.37%
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Return on Average Equity (ROAE)
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12.17%
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12.37%
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Net Income - Quarter
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$1,063,184
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$1,130,729
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Earnings Per Share (Basic) - Quarter
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$0.61
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$0.64
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Earnings Per Share (Basic) - YTD
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$2.38
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$2.26
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Total Shares (Oustanding/Exercised)
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1,746,622
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1,772,422
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Book Value - Basic (CVB - Bank)
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$21.49
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$19.59
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Book Value - Basic (CMUV - Holding Company)
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$17.79
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$16.15
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** Book Value = Total Equity-Capital/Total Shares (Exercised)
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Contact:
Jon A Edney
7603521889
Dissemination of a CORPORATE NEWS, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
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