CMUV announces results for the 2nd quarter of 2020 and presents a
El Centro, CA, July 23, 2020 (GLOBE NEWSWIRE) – via NEWMEDIAWIRE – CMUV Bancorp, the holding company of Community Valley Bank, is pleased to report unaudited second quarter results for the quarter ending June 30 2020. The 2nd quarter was $ 884,534. This number was equivalent to $ 0.38 per share. Total assets reached $ 246.7 million.
Total deposits amounted to $ 206.1 million. Gross loans exceeded $ 203 million. The substantial increases in these totals are mainly attributed to the fact that the bank has processed over $ 35 million in SBA PPP loans.
We ended Q2 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 losses on loans and leases ended the quarter at $ 2,029,725, or 1.22% of total loans, excluding SBA PPP loans which are guaranteed. Unaccounted for loans remain very low at 1.06%. There is some uncertainty about the impact of the COVID-19 pandemic, but the board and management believe ALLL is fully funded at this time.
06/30/2020 the carrying value of the common shares was $ 10.73 per share (diluted). The common stock (CMUV) was trading at $ 7.75 as of June 30, 2020. The ROAA for the quarter ending 6/30/2020 was 1.43% and the ROAE was 14.84%.
It was obviously a very good quarter for CVB. The entire CVB team worked long hours, under extremely difficult circumstances. The persistence of the pandemic makes it difficult to determine the outcome of the second half of 2020. Management is reviewing and planning various scenarios as the pandemic persists.
We are very happy to do “CVBetter” for our clients. On August 21, 2020, we will be showcasing 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 convinced that these new services will give you a better banking experience while being more efficient.
We would like to thank all CMUV shareholders who attended the CMUV Annual Shareholders Meeting last week. The shareholders re-elected all the directors of CMUV, all the amendments to the articles of association adopted by the board have been ratified and the ratification has been received on the selection of the firm CPA.
We thank each of you for being a valued shareholder of Your Community Valley Bank.