El Centro, CA, Oct. 17, 2019 (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, 2019. Net income surged to an all-time record of $855,419, providing for a 71% increase from the 2nd quarter ending June 30, 2019. This number equaled $0.38 per share. Year to date net income in 2019 has reached $1.852 MM. Total assets came in at $189.6 MM and total deposits came in at $159.2 MM. Gross loans were $152.8 MM.
The 3rd quarter ended with a Leverage Capital ratio of 11.58% and a Total Capital ratio of 15.74%. This is well above the ratios required to be considered a well-capitalized bank. Our Allowance for Loan and Lease Losses ended at $1,790,753 or 1.17% of total loans. Non-accrual loans are at 1.23%. Board and Management believe the ALLL is fully funded at this time.
09/30/19 tangible book value of the common stock was $10.09 per share (diluted). The common stock (CMUV) was trading at $7.80 as of September 30, 2019. ROAA for the year to date ending 09/30/2019 was 1.30% and ROAE came in at 10.70%
As we celebrate our 12th anniversary, it is with great pleasure we announce that the Board of Directors has approved an initial quarterly cash dividend to our shareholders. The dividend will be for $0.08 per share to shareholders of record as of November 7, 2019, and payable on November 29, 2019. We are extremely grateful to all of our shareholders and especially those who have remained with us from day one.
Jon A. Edney
mediarelations@yourcvb.com