EL CENTRO, Calif.--(BUSINESS WIRE)--CMUV Bancorp, the holding company for Community Valley Bank “CVB,” is pleased to announce unaudited 1st quarter results for quarter ending 03/31/2018. Pre-tax earnings for the 1st quarter were $568,581 and net income was $406,870. Total assets were $155.3 MM. Total loans came in at $125.2 MM and Total Deposits at $133.6 MM.
The 1st quarter ended with a Leverage Capital ratio of 12.03% and a Total Capital ratio of 17.12%. This is well above the ratios required to be considered a well-capitalized bank. Allowance for Loan and Lease Losses at 03/31/18 was $1,566,718 or 1.25% of total loans. Past due and non-accrual loans remain very low at just 1.31%. Board and Management believe the ALLL is fully funded at this time.
The tangible book value of the common stock at 03/31/2018 was $8.61 per share (diluted). The common stock (CMUV) was trading at $10.10 as of 03/31/2018. Return on Average Assets for the 1st quarter was 1.025% and the Return on Average Equity was 8.703%.
As was previously announced in a press release dated 03/26/2018, CVB is very excited to be adding to its family of branch locations with the acquisition of the Umpqua Bank branch in Borrego Springs, CA. Pending regulatory approvals, CVB expects to close this transaction in mid-summer 2018. We look forward to providing local community banking services to the residents and businesses throughout the Borrego Springs area.
The upcoming Annual Shareholder Meeting will be held on May 17, 2018 at 10:00 a.m. at 310 Main Street, Brawley, CA 92227. Shareholders should have already received the proxy card and the 2018 Annual Report. The return of your proxy card located in the packet is very important in order for us to conduct the business of the annual meeting.