CMUV Bancorp Announces 2020 1st Quarter Financial Results
El Centro, CA, April 21, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- CMUV Bancorp, the holding company for Community Valley Bank, is pleased to announce unaudited 1st quarter results for the quarter ending March 31, 2020. Earnings for the 1st quarter were $552,538. This number equaled $0.24 per share. Total assets reached $208.8 MM. Total deposits came in at $171 MM. Gross loans surpassed $173 MM, an all-time high for CVB.
We ended the 1st quarter 2020 with a Community Bank Leverage Capital ratio of 11.16%. This is well above the ratio required to be considered a well-capitalized bank. Our Allowance for Loan and Lease Losses ended the quarter at $1,940,841 or 1.12% of total loans. Non-accrual loans remain very low at 0.728%. Board and Management believe the ALLL is fully funded at this time.
03/31/2020 book value of the common stock was $10.35 per share (diluted). The common stock (CMUV) was trading at $7.10 as of March 31, 2020. ROAA for the quarter ending 03/31/2020 was 1.11% and ROAE came in at 9.72%.
The Covid-19 Pandemic has obviously created some uncertainty as we move forward in 2020. We are doing our very best to assist our customers during this very challenging time. Our staff has done an incredible job in working to secure SBA Payment Protection Program funding for the Bank’s business and non-profit customers.
Please be aware that in light of the pandemic social distancing requirements, the 2020 CMUV Annual Shareholders Meeting has been postponed indefinitely. We will notify all shareholders when it is appropriate to re-schedule.
It is with our sincerest wishes that all of you, our customers and shareholders, remain safe and healthy. We will get through this. We thank each of you for being a valuable shareholder in Your Community Valley Bank.
Jon A. Edney
760-352-1889
