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6 hours ago
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CMUV Bancorp (CMUV, Financial), parent company of Community Valley Bank (CVB), today released strong financial performance for the third quarter through September 30, 2024. The bank recorded a net income of $1.13 million or $0.65 per share, maintaining a solid profitability base despite economic uncertainties.
The company's total assets reached $315.9 million, total deposits reached $276.3 million, and gross loans ended the quarter at $261.1 million. These numbers speak to operational performance and customer loyalty, two factors on which the bank has not yielded even in troubled times.
Emphasizing financial solidity, according to the statement from CVB, the company has a Community Bank Leverage Capital ratio of 11.71%, which exceeded the regulatory threshold to be assessed as a well-capitalized bank. This indicator is exceptionally comforting in light of the existing unstable economic conditions. Moreover, the current position of Allowance for Credit Losses was strong at $2.70 million at the end of the quarter, while non-accrual and past-due loans were very low at 0.96%, meaning that the quality of credits received by this bank is very high.
The book value per common share, diluted until September 30, was $17.30 as against the market price of $18.25 for its shares, meaning that the bank's investors were confident of its future. Notably, CMUV Bancorp has achieved 1.36 (ROAA) and 12.02 (ROAE), again both higher than the sector average.
Thus, as the fourth quarter of 2024 approaches, CMUV Bancorp expects sustained demand for its business and investment loans, which is brought about by confidence in economic growth and financial performance.
This article first appeared on GuruFocus.
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