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Press release content from Globe Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Globe Newswire
Press release content from Globe Newswire. The AP news staff was not involved in its creation.

CMUV Bancorp Announces 3rd Quarter 2021 Financial Results

October 29, 2021 GMT

El Centro, CA, Oct. 29, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- 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.

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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
7603521889
mediarelations@yourcvb.com