El Centro, CA - (NewMediaWire) - July 23, 2020 - CMUV Bancorp, the holding company for Community Valley Bank, is pleased to announce unaudited 2nd quarter results for the quarter ending June 30, 2020. Earnings for the 2nd quarter were $884,534. This number equaled $0.38 per share. Total assets reached $246.7 MM.
Total deposits came in at $206.1 MM. Gross loans surpassed $203 MM. The substantial increases in these totals is predominately attributed to the bank having processed over $35 MM in SBA PPP loans.
We ended the 2nd quarter 2020 with a Community Bank Leverage Capital ratio of 10.00%. 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 $2,029,725 or 1.22% of total loans, excluding SBA PPP loans that are guaranteed. Non-accrual loans remain very low, at 1.06%. Some uncertainty concerning the impact of the COVID-19 pandemic exists but both Board and Management believe the ALLL is fully funded at this time.
06/30/2020 book value of the common stock was $10.73 per share (diluted). The common stock (CMUV) was trading at $7.75 as of June 30, 2020. ROAA for the quarter ending 06/30/2020 was 1.43% and ROAE came in at 14.84%.
This was obviously a very good quarter for CVB. The entire CVB Team worked long hours, under extremely difficult circumstances. The continuance of the pandemic makes it challenging to determine where the second half of 2020 will come out. Management is reviewing and planning for various scenarios as the pandemic lingers.
We are very excited to make “CVBetter”, for our customers. On August 21, 2020, we will be introducing new technology that will provide new online banking, a new mobile App, Instant issue debit cards, and a new Person-to-Person payment system through SPIN. We are confident that these new services will provide you with a better banking experience and at the same time be more efficient.
We would like to thank all CMUV shareholders who participated in the CMUV annual shareholders meeting this past week. The shareholders re-elected all CMUV directors, all board adopted bylaw amendments were ratified, and ratification was received on the CPA firm selection.
We thank each of you for being a valuable shareholder in Your Community Valley Bank.