El Centro, CA, July 23, 2020 (GLOBE NEWSWIRE) — through NEWMEDIAWIRE — CMUV Bancorp, the holding firm for Neighborhood Valley Bank, is happy to announce unaudited 2nd quarter outcomes for the quarter ending June 30, 2020. Earnings for the 2nd quarter have been $884,534. This quantity equaled $0.38 per share. Complete belongings reached $246.7 MM.
Complete deposits got here in at $206.1 MM. Gross loans surpassed $203 MM. The substantial will increase in these totals is predominately attributed to the bank having processed over $35 MM in SBA PPP loans.
We ended the 2nd quarter 2020 with a Neighborhood Bank Leverage Capital ratio of 10.00%. That is effectively above the ratio required to be thought of a well-capitalized bank. Our Allowance for loan and Lease Losses ended the quarter at $2,029,725 or 1.22% of complete loans, excluding SBA PPP loans which are assured. Non-accrual loans stay very low, at 1.06%. Some uncertainty regarding the impression of the COVID-19 pandemic exists however each Board and Administration consider the ALLL is totally funded right now.
06/30/2020 ebook value of the widespread stock was $10.73 per share (diluted). The widespread stock (CMUV) was buying and selling at $7.75 as of June 30, 2020. ROAA for the quarter ending 06/30/2020 was 1.43% and ROAE got here in at 14.84%.
This was clearly an excellent quarter for CVB. The complete CVB Staff labored lengthy hours, beneath extraordinarily troublesome circumstances. The continuance of the pandemic makes it difficult to find out the place the second half of 2020 will come out. Administration is reviewing and planning for varied eventualities because the pandemic lingers.
We’re very excited to make “CVBetter”, for our prospects. On August 21, 2020, we might be introducing new know-how that can present new on-line banking, a brand new cellular App, Prompt challenge debit playing cards, and a brand new Particular person-to-Particular person fee system by way of SPIN. We’re assured that these new providers will give you a greater banking expertise and on the identical time be extra environment friendly.
We want to thank all CMUV shareholders who participated within the CMUV annual shareholders assembly this previous week. The shareholders re-elected all CMUV administrators, all board adopted bylaw amendments have been ratified, and ratification was acquired on the CPA agency choice.
We thank every of you for being a helpful shareholder in Your Neighborhood Valley Bank.