CMUV Bancorp, the parent company of Community Valley Bank (CVB), has announced its unaudited financial results for the third quarter of 2024, revealing a period of significant growth and financial stability. The company reported a net income of $1,127,388, or $0.65 per share, with total assets climbing to $315.9 million by the end of September 2024. This performance underscores the bank's robust growth in its core business activities, with total deposits reaching $276.3 million and gross loans increasing to $261.1 million.
A standout metric from the report is CVB's Community Bank Leverage Capital ratio, which stood at 11.71%, well above the regulatory requirement for well-capitalized banks. This highlights the institution's financial resilience in a fluctuating economic environment. Additionally, the bank's asset quality remains strong, with non-accrual and past-due loans at a minimal 0.96%, and an Allowance for Credit Losses (ACL) of $2,697,627, which management believes is fully funded.
Shareholders have reason for optimism, with the book value for common stock at $17.30 per share (diluted) as of September 30, 2024, and the stock (CMUV) trading at $18.25 on the same date. The bank's Return on Average Assets (ROAA) and Return on Average Equity (ROAE) for the quarter were 1.36% and 12.02%, respectively, reflecting efficient management and operational success.
Year-over-year comparisons reveal notable improvements, with total assets growing from $295.5 million in Q3 2023 to $315.8 million in Q3 2024, and gross loans jumping from $223.4 million to $261.1 million. Net interest income for the first nine months of 2024 rose to $9,445,059 from $8,905,668 in the same period of 2023, demonstrating the bank's ability to sustain a healthy interest margin despite higher interest expenses.
CMUV Bancorp's performance not only reflects the resilience of community banks but also suggests potential strength in the broader financial sector. The growth in gross loans indicates increased lending activity, which could have positive implications for local businesses and economies in the bank's service areas. For more information on CMUV Bancorp's financial results, visit https://www.cmuvbancorp.com.
The bank's strategic planning and effective management have positioned it well for future opportunities, making it an attractive option for investors in the regional banking space. As CMUV Bancorp continues to expand, its success story may inspire other regional financial institutions to focus on strengthening their core businesses and maintaining robust risk management practices.
