El Centro, CA – (NewMediaWire) – October 29, 2021 – CMUV Bancorp, the holding company for Community Valley Bank, is pleased to announce unaudited 3rd quarter results for the quarter ending September 30, 2021. Net Income assisted by a payoff of a non-accrual loan and the sale of an OREO property came in at $2,003,929. The two one-time items added about $790,000 to core net income in the 3rd quarter. The net income number equaled $0.87 per share. The net income for the first nine months of 2021 came in at $4,141,804, which is a 90% increase over the first nine months of 2020. Total assets were $271 MM. Total deposits came in at $233 MM. Gross loans were at $206 MM.
We ended the 3rd quarter 2021 with a Community Bank Leverage Capital ratio of 10.47%. 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 $2,262,983 or 1.25% of total loans, excluding SBA PPP loans and guaranteed portion of other loans. Non-accrual loans remain very low at 0.22%. Both Board and Management believe the ALLL is fully funded at this time.
09/30/2021 book value of the common stock was $13.16 per share (diluted). The common stock (CMUV) was trading at $11.55 as of September 30, 2021. ROAA for the first nine months of 2021 was 2.05% and ROAE came in at 21.69%.
The bank is close to completing all SBA PPP loan forgiveness applications and has only about $4.5 MM remaining from a high of $63 MM.
As we celebrate our 14th Anniversary this month, we want to thank all of our customers and shareholders for supporting Your Community Valley Bank.
Jon A. Edney