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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