Earnings release
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CMUL BANCORP FOR IMMEDIATE RELEASE Contact : Jon A. Edney , President / CEO Phone ( 760 ) 352-1889 , mediarelations@yourcvb.com CMUV Announces 2nd Quarter Financial Results and Ranks in the Top 2 % of Community Banks in the Country El Centro , CA , July 23 , 2021 , CMUV Bancorp , the holding company for Community Valley Bank , is pleased to announce unaudited Second Quarter results for the quarter ending June 30 , 2021. Net Income came in at $ 1,092,421 . The Net Income number equaled $ 0.47 per share . The Net Income for the first 6 months of 2021 came in at $ 2,137,875 , which is a 47 % increase over the first 6 months of 2020. Total Assets reached $ 276 MM . Total Deposits came in at $ 240.5 MM . Gross Loans were at $ 214.6 MM . We ended the Second Quarter 2021 with a Community Bank Leverage Capital ratio of 10.37 % . This is well above the ratio required to be considered , a well - capitalized bank . Our Allowance for Loan and Lease Losses ended the quarter at $ 2,158,681 or 1.20 % of total loans , excluding SBA PPP loans that have a 100 % guarantee . Non - Accrual Loans and Past Due Loans remain very low at 0.22 % . Both Board and Management believe the ALLL is fully funded at this time . June 30 , 2021 book value of the common stock was $ 12.29 per share ( diluted ) . The common stock ( CMUV ) was trading at $ 11.55 as of June 30 , 2021. ROAA for the first 6 months of 2021 was 1.59 % and ROAE came in at 15.47 % The Bank has worked expeditiously with our business customers in submitting SBA PPP loan forgiveness applications . At the conclusion of the Second Quarter , the Bank had received SBA approval for forgiveness on over 70 % of its PPP loans . From a high of just under $ 65 MM , the Bank had about $ 24 MM remaining in PPP loans at June 30 , 2021 . CVB is very proud to announce that American Banker magazine ranked CVB as the 95th ranked community bank in the country out of over 4,400 community banks , placing us in the top 2 % . We are extremely grateful to our customers for their patronage and support -End of Page-