EL CENTRO, CA, Oct. 22, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – CMUV Bancorp, the holding company for Community Valley Bank, is pleased to announce unaudited results for the 3rd quarter ending September 30, 2018. The integration of our recent branch acquisition fueled all-time record growth in assets, loans, deposits, and most importantly net income. Total assets increased to $181.7 MM. Total loans surged to $148 MM. This represented a 19% increase from the 2nd quarter results of 06/30/2018. Total deposits ended the quarter at $157 MM. Net income in the 3rd quarter rose to $566,027. This number represents a 41% increase in net income from the 2nd quarter results. Net income equated to $0.25 per share for the quarter.
The results in the 3rd quarter were the result of the tremendous teamwork of the entire bank staff. The operation staff worked tirelessly on integrating the new branch and the work of Chief Credit Officer, Kevin Ardolf, and his entire loan team can only be described as phenomenal. $24 MM in loan growth in the 3rd quarter is almost double the amount of any other quarter in bank history.
We ended the quarter with a Leverage Capital ratio of 10.88% and a Total Capital ratio of 15.43%. 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 $1,683,859 or 1.14% of total loans. Non-accrual loans remain low at just 1.12%. Board and Management believe the ALLL is fully funded at this time.
The tangible book value of the common stock at 09/30/2018 was $9.07 per share (diluted). The common stock (CMUV) was trading at $10.10 as of 09/30/2018. Return on Average Assets for the year to date ending 09/30/18 are 1.122% and the Return on Average Equity was 9.792%.
Every bank in the country is examined under the Community Redevelopment Act (CRA). Federal regulators review bank performance in regard to how well they are serving the needs of the communities in which they operate. CVB, in its exam just completed received a rating of “Outstanding”, which is the highest rate given. Less than 10% of the banks in country receive this rating.
The Board of Directors unanimously approved Chief Financial Officer, Toni Umphreyville, to serve as a member of the boards for CVB and CMUV Bancorp. Mrs. Umphreyville has 40 plus years of banking experience and knowledge, along with her 8 years of service as an executive with the bank.