Community Valley Bank Announces Largest First Quarter Earnings in Bank History for Quarter Ending Ma
Community Valley Bank Announces Largest First Quarter Earnings in Bank History for Quarter Ending March 31, 2013
EL CENTRO, Calif.--(BUSINESS WIRE)-- Robert "Bob" Hahn, President and CEO of Community Valley Bank (OTCBB: CMUV), recently announced Community Valley Bank's (CVB) results for the recent quarter ending March 31, 2013. CVB is proud to report the largest first quarter earnings in the bank's history at $204,000.
CVB showed solid growth in earnings. This quarterly profit provides the 10th consecutive quarter CVB delivered positive earnings. CVB closed the quarter with $107 million in assets, $73 million in loans, $88 million in deposits and equity capital of $11,355,000. The allowance for loan and lease losses was $1,455,000, 2% of gross loans.
The common stock book value (CMUV) is $5.50 per share. Market value as of March 31, 2013 was $5.00 per share. CVB tier one leverage capital ratio was 10.73% which exceeds the regulatory ratio required to be designated a well capitalized bank.
Shareholders received the 2012 annual shareholder report with notice for the annual shareholder meeting to be held May 16th at CVB's Brawley office. "We remain cautiously optimistic going forward. The sluggish local economies are at least showing some signs of improvement. Quality loan growth that meets our conservative underwriting standards continues to be a challenge," notes President and CEO, Robert "Bob" Hahn. "We have had a solid start to 2013. We are focused on improving shareholder value as we support the businesses in Imperial and Coachella Valleys," adds Hahn.
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 three locations, all in California: 1443 Main Street in El Centro, 310 Main Street in Brawley, and 77564 Building A Country Club Drive, Suite 103, in Palm Desert. 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.
March 31, | December 31, | March 31, | |||||||||||
2013 | 2012 | 2012 | |||||||||||
Consolidated Financial Condition Data | |||||||||||||
Assets | |||||||||||||
Loans receivable - net | $ | 72,033,000 | $ | 79,195,000 | $ | 55,235,000 | |||||||
Cash and cash equivalents | 28,582,000 | 21,584,000 | 27,068,000 | ||||||||||
Investment Securities | 891,000 | 1,003,000 | 1,299,000 | ||||||||||
Federal Home Loan Bank Stock | 283,000 | 283,000 | 252,000 | ||||||||||
Other Assets | 5,526,000 | 5,609,000 | 5,526,000 | ||||||||||
Total Assets | $ | 107,315,000 | $ | 108,674,000 | $ | 89,380,000 | |||||||
Liabilities | |||||||||||||
Deposits | 88,938,000 | 90,535,000 | 77,677,000 | ||||||||||
Other Borrowed Money | 6,729,000 | 6,744,000 | 960,000 | ||||||||||
Other Liabilities | 292,000 | 251,000 | 146,000 | ||||||||||
Total Liabilities | 95,959,000 | 97,530,000 | 78,783,000 | ||||||||||
Preferred Stock | 2,400,000 | 2,400,000 | 2,400,000 | ||||||||||
Common Stock | 14,287,000 | 14,271,000 | 14,267,000 | ||||||||||
Costs/Dividends | (51,000 | ) | (45,000 | ) | (6,700 | ) | |||||||
Surplus | 499,000 | 498,000 | 496,000 | ||||||||||
Total Undivided Profits | (5,844,000 | ) | (6,042,000 | ) | (6,578,000 | ) | |||||||
Unrealized Gain/Loss | 14,000 | 17,000 | 12,000 | ||||||||||
Stockholder's Equity - net | 11,356,000 | 11,144,000 | 10,597,000 | ||||||||||
Total Liabilities and Shareholder Equity | $ | 107,315,000 | $ | 108,674,000 | $ | 89,380,000 | |||||||
March 31, | December 31, | March 31, | |||||||||||
2013 | 2012 | 2012 | |||||||||||
Selected Consolidated Earnings Data | |||||||||||||
Total Interest Income/Fees | $ | 1,341,000 | $ | 4,711,000 | $ | 1,024,000 | |||||||
Total Interest Expense | (171,000 | ) | (681,000 | ) | (163,000 | ) | |||||||
Net Interest/Fee Income | 1,170,000 | 4,030,000 | 861,000 | ||||||||||
Provision For Losses on Loans | (200,000 | ) | (540,000 | ) | 0 | ||||||||
Net Interest Income After Provision For Losses on Loans | 970,000 | 3,490,000 | 861,000 | ||||||||||
Total Other Income Net (Noninterest Income) | 340,000 | 915,000 | 89,000 | ||||||||||
General Administrative and Other Expenses | (1,106,000 | ) | (3,784,000 | ) | (904,000 | ) | |||||||
Income Tax (Expense) Benefit | 0 | (12,800 | ) | 0 | |||||||||
Net Profit/Loss Year To Date | $ | 204,000 | $ | 621,000 | $ | 46,000 | |||||||
Community Valley Bank
Robert "Bob" Hahn, Chief Executive Officer
Phone (760) 352-1889
mediarelations@yourcvb.com
KEYWORDS: United States North America California
INDUSTRY KEYWORDS:
The article Community Valley Bank Announces Largest First Quarter Earnings in Bank History for Quarter Ending March 31, 2013 originally appeared on Fool.com.
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