El Centro, CA, July 27, 2018 (GLOBE NEWSWIRE) -- CMUV Bancorp, the holding company for Community Valley Bank, is excited to announce that it has completed the acquisition of our fifth branch. The Borrego Springs branch addition will bring CVB’s total assets to in excess of $180 MM. We look forward to serving the banking needs of the Borrego Springs area businesses and community members.
We are pleased to announce unaudited 2nd quarter results for quarter ending 06/30/2018. Pre-tax earnings for the 1st quarter were $560,907 and net income was $400,619. Total assets were $151.6 MM. Total loans came in at $124 MM and Total Deposits at $129.8 MM.
Net income was negatively affected by one-time expenses associated with the purchase of the new branch. Asset, loans, and deposit totals reflect our positioning for the additional branch while maintaining appropriate regulatory ratios.
We ended the quarter with a Leverage Capital ratio of 12.60% and a Total Capital ratio of 17.95%. This is well above the ratios required to be considered a well-capitalized bank. Our Allowance for Loan and Lease Losses at 03/31/18 was $1,578,492 or 1.27% of total loans. Past due and non-accrual loans remain low at just 1.31%. Board and Management believe the ALLL is fully funded at this time.
The tangible book value of the common stock at 06/30/2018 was $8.84 per share (diluted). The common stock (CMUV) was trading at $9.95 as of 06/30/2018. Return on Average Assets for the year to date ending 06/30/18 are 1.029% and the Return on Average Equity was 8.636%.
The addition of the new branch in Borrego Springs brings added value in the form of additional liquidity and overall financial flexibility. We expect robust loan growth in the remaining two quarters of 2018.
While we will have some additional one-time expenses associated with the new branch to recognize in the 3rd quarter of this year, both the Board and Management are convinced that this addition will further the bank’s opportunities and growth prospects as we move forward over the next few years.
CONTACT: Laura Singh 7603447771 lfsingh@yourcvb.com