Market Overview

Community Valley Bank Announces 2012 Third Quarter Performance Results

Share:
EL CENTRO, Calif.--(BUSINESS WIRE)--

Robert “Bob” Hahn, President and CEO of Community Valley Bank (OTCBB: CMUV), announced the Bank ended a profitable third quarter on September 30, 2012. The bank earned $158,000 at quarter end and total assets were $95.2 million, compared to $79.9 million during the same period last year.

Community Valley Bank (CVB) grew its deposits to $83.2 million, up from $68.3 million on September 30, 2011, a 22 percent increase in one year. CVB has grown in assets, loans, and deposits for nineteen consecutive quarters.

Total assets ending September 30, 2012 were $95.2 million, gross loans expanded to $75.5 million and total deposits reached $83.2 million. Year over year asset growth was 19%, loan growth increased 35% and growth in deposits were at 22%.

“As we celebrate our 5th anniversary, Community Valley Bank is proud to announce its seventh consecutive quarter of profitability. CVB's earnings for year to date ending September 30, 2012 were $326,000,” says Hahn. “To date we have built a staff of 25 full-time jobs, made over 250 loans representing almost 125,000,000 in primarily business, SBA and USDA credit available in our community,” Hahn adds.

CVB retains a tier one leverage capital ratio of 11.45 percent, which exceeds the Federal Deposit Insurance Corporation's (FDIC) regulatory requirement. To be considered well-capitalized, a bank must exceed 10 percent. The book value of our common stock was $5.21 per share.

About Community Valley Bank: Community Valley Bank (www.yourcvb.com) is the Imperial Valley's ONLY locally owned and locally headquartered bank. CVB was chartered as a state bank for Imperial Valley businesses on October 1, 2007, and now has two locations, 1443 Main Street in El Centro and 310 Main Street in Brawley, California.

Community Valley Bank is a publicly traded company under the symbol CMUV. All investor related inquiries should be directed to Community Valley Bank's Chief Financial Officer, Toni Umphreyville at (760) 352-1889.

                   
September 30, 2011 December 31, 2011 September 30, 2012
Consolidated Financial Condition Data
Assets
Loans receivable - net $ 54,816,000 $ 53,956,000 $ 74,194,000
Cash and cash equivalents 19,043,000 26,194,000 12,436,000
Investment Securities 509,000 509,000 1,215,000
Federal Home Loan Bank Stock 252,000 252,000 283,000
Other Assets 5,296,000 5,654,000 7,099,000
Total Assets $ 79,916,000   $ 86,565,000   $ 95,227,000  
Liabilities
Deposits 68,327,000 74,888,000 83,291,000
Other Liabilities 1,201,000 1,126,000 1,085,000
Total Liabilities 69,528,000   76,014,000   84,376,000  
Preferred Stock 2,400,000 2,400,000 2,400,000
Common Stock 14,267,000 14,267,000 14,271,000
Surplus 496,000 496,000 497,000
Total Undivided Profits (6,788,000 ) (6,625,000 ) (6,331,000 )
Unrealized Gain/Loss 13,000 13,000 14,000
Stockholder's Equity - net 10,388,000 10,551,000 10,851,000
Total Liabilites and Shareholder Equity $ 79,916,000   $ 86,565,000   $ 95,227,000  
 
 
September 30, 2011 December 31, 2011 September 30, 2012
Selected Consolidated Earnings Data
Total Interest Income/Fees $ 2,737,000 $ 3,720,000 $ 3,328,000
Total Interest Expense (416,000 ) (586,000 ) (505,000 )
Net Interest Income 2,321,000 3,134,000 2,823,000
Provision For Losses on Loans (515,000 ) (540,000 ) (170,000 )
Net Interest Income Afer Provision For Losses on Loans 1,806,000 2,594,000 2,653,000
Total Other Income (Noninterest Income) 1,169,000 1,398,000 480,000
General Administrative and Other Expenses (2,679,000 ) (3,513,000 ) (2,806,000 )
Income Tax Expense (Benefit) 0   0   0  
Net Profit/Loss Year To Date $ 296,000   $ 479,000   $ 327,000  

Community Valley Bank
Robert “Bob” Hahn, Chief Executive Officer
(760) 352-1889
mediarelations@yourcvb.com


View Comments and Join the Discussion!