Community Valley Bank Announces Historical Profitability For First Sixth Months Of 2013

Community Valley Bank Announces Historical Profitability For First Sixth Months Of 2013

EL CENTRO, Calif.--(BUSINESS WIRE)-- Community Valley Bank (CVB) recently completed the most profitable 6 month period in its history. Second quarter results added $244,000 in profits contributing to a ytd profit of $448,000 for the first six months of 2013. The 2013 second quarter profit was the bank's 11th consecutive quarter of profitability.


On June 30, 2013, total assets were $104 million, total loans $71 million with total deposits of $85 million. Total equity capital was $11.6 million. The allowance for loan and lease losses approached $1.6 million, just over 2% of gross loans. The book value of the bank's common stock (CMUV) is $5.65 with a market value at the time of $4.51. CVB tier one leverage capital ratio was 11.10% exceeding the regulatory ratio required to be designated as a well capitalized bank.

Community Valley Bank conveys best wishes to founding CEO and President, Robert E. Hahn on his recent retirement. CVB's Board of Directors is actively engaged in recruiting a new permanent CEO/President. They are confident their search will result in hiring a dynamic and energetic leader to continue CVB's growth and profitability.

This was an excellent start to the year, strongly positioning the bank for the remainder of 2013. Obtaining quality loan growth to meet acceptable underwriting standards is a priority. With anticipated change in the interest rate environment, appropriate strategies to further enhance bank profitability and shareholder value are under discussion. CVB remains committed to being the business bank for the Imperial and Coachella valleys.

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.

June 30,
2013

December 31,
2012

June 30,
2012

Consolidated Financial Condition Data

Assets

Loans receivable - net

$

69,688,000

$

79,195,000

$

60,917,000

Cash and cash equivalents

28,064,000

21,628,000

22,654,000

Investment Securities

787,000

1,003,000

1,908,000

Federal Home Loan Bank Stock

447,000

283,000

283,000

Other Assets

5,463,000

6,565,000

5,499,000

Total Assets

$

104,449,000

$

108,674,000

$

91,261,000

Liabilities

Deposits

85,855,000

90,340,000

79,486,000

Borrowings (FHLB)

6,000,000

6,000,000

0

Mortgage Indebtedness

714,000

744,000

772,000

Other Liabilities

289,000

446,000

276,000

Total Liabilities

92,858,000

97,530,000

80,534,000

Preferred Stock

2,400,000

2,400,000

2,400,000

Common Stock

14,287,000

14,271,000

14,267,000

Costs/Dividends

(57,000

)

(38,000

)

(6,000

)

Surplus

503,000

498,000

496,000

Total Undivided Profits

(5,550,000

)

(6,004,000

)

(6,453,000

)

Unrealized Gain/Loss

8,000

17,000

23,000

Stockholder's Equity - net

11,591,000

11,144,000

10,727,000

Total Liabilities and Shareholder Equity

$

104,449,000

$

108,674,000

$

91,261,000

June 30,
2013

December 31,
2012

June 30,
2012

Selected Consolidated Earnings Data

Total interest income and fees

$

2,627,000

$

4,665,000

$

2,126,924

Total interest expense

(346,000

)

(681,000

)

(328,939

)

Net interest income

2,281,000

3,984,000

1,797,985

Provision of losses on loans

(525,000

)

(540,000

)

(170,000

)

Net interest income after provision for losses on loans

1,756,000

3,444,000

1,627,985

Total other income (Noninterest income)

741,000

961,000

434,432

General administrative and other expenses

(2,049,000

)

(3,784,000

)

(1,894,756

)

Income tax expense (benefit)

0

(5,000

)

0

Net Profit/Loss

$

448,000

$

621,000

$

167,661



Community Valley Bank
Jon A. Edney, Acting President and CEO
(760) 352-1889
mediarelations@yourcvb.com

KEYWORDS: United States North America California

INDUSTRY KEYWORDS:

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