Community Valley Bank Announces 2012 Third Quarter Performance Results
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, 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
KEYWORDS: United States North America California
INDUSTRY KEYWORDS:
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