Community Valley Bank Announces 2012 Third Quarter Performance Results

Before you go, we thought you'd like these...
Before you go close icon

Community Valley Bank Announces 2012 Third Quarter Performance Results

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, 2011December 31, 2011September 30, 2012
Consolidated Financial Condition Data
Assets
Loans receivable - net$54,816,000$53,956,000$74,194,000
Cash and cash equivalents19,043,00026,194,00012,436,000
Investment Securities509,000509,0001,215,000
Federal Home Loan Bank Stock252,000252,000283,000
Other Assets5,296,0005,654,0007,099,000
Total Assets$79,916,000 $86,565,000 $95,227,000 
Liabilities
Deposits68,327,00074,888,00083,291,000
Other Liabilities1,201,0001,126,0001,085,000
Total Liabilities69,528,000 76,014,000 84,376,000 
Preferred Stock2,400,0002,400,0002,400,000
Common Stock14,267,00014,267,00014,271,000
Surplus496,000496,000497,000
Total Undivided Profits(6,788,000)(6,625,000)(6,331,000)
Unrealized Gain/Loss13,00013,00014,000
Stockholder's Equity - net10,388,00010,551,00010,851,000
Total Liabilites and Shareholder Equity$79,916,000 $86,565,000 $95,227,000 
 
 
September 30, 2011December 31, 2011September 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 Income2,321,0003,134,0002,823,000
Provision For Losses on Loans(515,000)(540,000)(170,000)
Net Interest Income Afer Provision For Losses on Loans1,806,0002,594,0002,653,000
Total Other Income (Noninterest Income)1,169,0001,398,000480,000
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

KEYWORDS:   United States  North America  California

INDUSTRY KEYWORDS:

The article Community Valley Bank Announces 2012 Third Quarter Performance Results originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2012 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Read Full Story

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners