EL CENTRO, Calif.--(BUSINESS WIRE)--Community Valley Bank is pleased to announce its 17th consecutive quarter of profitability. For the quarter ending December 31, 2014, CVB reported $741,545 in net profit. The total profit for 2014 was $1,969,000, which includes the benefit from a valuation allowance credit to taxes. This is a significant increase over the previous record high of $1,240,140, achieved in 2013.
Total assets as of December 31st stood at $121,788,000, total net loans were $90,598,000, and our total Equity Capital was $13,779,831. Regulatory Capital was $12,716,760, providing an equity capital ratio of 10.6%. This is well above the regulatory ratio required to be considered a well capitalized bank.
This was a strong year for loan growth, with loans growing by more than $17,000,000. Our Allowance for Loan and Lease Losses ended the quarter at $1,366,834 or 1.49% of loans. The bank did take charge offs of slightly less than $450,000 for troubled loans in 2014. Board and Management believe the ALLL is fully funded at this time.
As of December 31st, 2014, the stock price was $5.16 per share. Tangible book value of the common stock was $7.33 per share.
2015 is going to be an exciting and challenging year for CVB. We expect continued growth in both the deposit and loan areas. The addition of our new branch in Palm Desert offers a great opportunity to expand our customer base and provide that unique brand of business banking that we have consistently delivered over the last 7 years.
We sincerely thank all of our shareholders for their continued support of Your Community Valley Bank.
| December 31, 2013 | December 31, 2014 | |||||||||
| Consolidated Financial Condition Data | ||||||||||
| Assets | ||||||||||
| Loans receivable - net | $ | 73,703 | $ | 90,598 | ||||||
| Cash and cash equivalents | 35,037 | 21,284 | ||||||||
| Investment Securities | 1,466 | 1,240 | ||||||||
| Federal Home Loan Bank Stock | 447 | 392 | ||||||||
| Other Assets | 6,950 | 8,269 | ||||||||
| Total Assets | $ | 117,603 | $ | 121,783 | ||||||
| Liabilities | ||||||||||
| Deposits | 98,164 | 99,645 | ||||||||
| Borrowings (FHLB) | 6,000 | 7,515 | ||||||||
| Mortgage Indebtedness | 684 | 521 | ||||||||
| Other Liabilities | 464 | 328 | ||||||||
| Total Liabilities | 105,312 | 108,009 | ||||||||
| Preferred Stock | 2,400 | 1,800 | ||||||||
| Common Stock | 14,298 | 14,317 | ||||||||
| Costs/Dividends | (100 | ) | (91 | ) | ||||||
| Surplus | 537 | 546 | ||||||||
| Total Undivided Profits | (4,727 | ) | (2,791 | ) | ||||||
| Unrealized Gain/Loss | (117 | ) | (7 | ) | ||||||
| Stockholder's Equity - net | 12,291 | 13,774 | ||||||||
|
Total Liabilities and Shareholder Equity |
$ | 117,603 | $ | 121,783 | ||||||
| December 31, 2013 | December 31, 2014 | |||||||||
| Selected Consolidated Earnings Data | ||||||||||
| Total Interest Income/Fees | $ | 5,420 | $ | 5,529 | ||||||
| Total Interest Expense | (712 | ) | (645 | ) | ||||||
| Net Interest Income | 4,708 | 4,884 | ||||||||
| Provision For Losses on Loans | (615 | ) | (618 | ) | ||||||
|
Net Interest Income After Provision For Losses on Loans |
4,093 | 4,266 | ||||||||
| Total Other Income (Noninterest Income) | 910 | 410 | ||||||||
| General Administrative and Other Expenses | (4,163 | ) | (4,207 | ) | ||||||
| Income Tax (Expense) Benefit | 400 | 1,500 | ||||||||
| Net Profit/Loss Year To Date | $ | 1,240 | $ | 1,969 | ||||||