EQS-News: CMUV Bancorp Announces 2023 4th Quarter Financial Results

EL CENTRO, CA - (NewMediaWire) - January 25, 2024 -  CMUV Bancorp, the holding company for Community Valley Bank, is pleased to announce unaudited year-end results for 2023. Earnings for the year ending December 31, 2023 were $4,004,744. CVB’s Total Assets grew to $297 MM at fiscal year-end 2023, with Loans ending at just under $232 MM. Deposits also increased to $260 MM. Earnings per share for 2023 were $2.26.

CVB ended 2023 with a Community Bank Capital Leverage ratio of 11.80%, well above the ratio threshold required to be considered a well-capitalized bank. Our Allowance for Credit Losses ended the year at $2,557,440, or 0.93%, 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 1.37%, and ROAE was at 12.37% for the year ending December 31, 2023.

In what was a challenging banking environment in 2023, CVB was able to outperform expectations and produce solid financial results. The early 2023 regional banking crisis brought about industry concerns over deposits, while Inflation and rising interest rates made lending a difficult challenge. However, with effective management, planning, and customer communication CVB was not only able to sustain its deposits, but actually see growth of nearly 9% in 2023. Additionally, a strong 4th quarter also allowed the Bank to exceed budgeted loan targets in spite of the difficult interest rate environment. 

CVB’s Board and Management remain committed to the relationships we have developed with our customers and communities. Most importantly, we are grateful for the loyalty of our shareholders as we strive to deliver outstanding value. As a sign of this commitment, the CMUV Bancorp Board of Directors recently approved a buyback of up to $2MM in shares, while also increasing its quarterly dividend by 20 percent (up to $0.12/share), effective in the 4th quarter of 2023.

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

Contact:

Jon A Edney

7603521889

mediarelations@yourcvb.com

News Source: NewMediaWire