CMUV Bancorp, the holding company for Community Valley Bank is pleased to announce record pre-tax earnings of $1,648,000 for the year ending 12/31/2015. This represents a 350% increase over 2014 pre-tax earnings. A very strong Fourth Quarter helped fuel new highs in interest income, loans, and deposits.
Total assets as of 12/31/15 reached $135.6 million compared to $121 million at 12/31/14, an 11% increase. Net loans ended 2015 at $102.9 million, an increase of over 13% from 2014 year end. Total interest income surpassed the $6 million mark in 2015, a 9% increase from 2014.
For the 2015 year, CVB had an after tax profit of $1,134,000 or $0.53 per share (diluted). The 2014 after tax income of $1,947,000 was positively affected by a onetime tax benefit of $1.5 million, where as the 2015 income was negatively affected by the provision for tax expense of $513,000.
The Bank ended 2015 with a Leverage Capital ratio of 11.54% and a Total Risk-Based Capital ratio of 13.86%. This is well above the ratios required to be considered a well capitalized bank. Our Allowance for Loan and Lease Losses ended the quarter at $1,388,374 or 1.338% of total loans. Board and Management believe the ALLL is fully funded at this time.
12/31/15 tangible book value of the common stock was $7.29 per share. The common stock (CMUV) was trading at $6.60 as of December 31, 2015.
Upon receiving approval from both shareholders and appropriate regulatory agencies, Community Valley Bank began operating under the CMUV Bancorp Holding Company as of January 4, 2016.
December | December | |||||||||
Consolidated Financial Condition Data | 2015 | 2014 | ||||||||
Assets | ||||||||||
Loans receivable - net | 102,928,000 | 90,598,000 | ||||||||
Cash and cash equivalents | 21,092,000 | 21,284,000 | ||||||||
Investment Securities | 2,634,000 | 1,240,000 | ||||||||
Federal Home Loan Bank Stock | 435,000 | 392,000 | ||||||||
Other Assets | 8,581,000 | 8,269,000 | ||||||||
Total Assets | 135,670,000 | 121,783,000 | ||||||||
Liabilities | ||||||||||
Deposits | 119,270,000 | 99,645,000 | ||||||||
Borrowings (FHLB) | 0 | 7,515,000 | ||||||||
Mortgage Indebtedness | 458,000 | 521,000 | ||||||||
Other Liabilities | 271,000 | 328,000 | ||||||||
Total Liabilities | 119,999,000 | 108,009,000 | ||||||||
Preferred Stock | 0 | 1,800,000 | ||||||||
Common Stock | 16,868,000 | 14,317,000 | ||||||||
Costs/Dividends | (166,000 | ) | (91,000 | ) | ||||||
Surplus | 560,000 | 546,000 | ||||||||
Total Undivided Profits | (1,588,000 | ) | (2,791,000 | ) | ||||||
Unrealized Gain/Loss | (3,000 | ) | (7,000 | ) | ||||||
Stockholder's Equity - net | 15,671,000 | 13,774,000 | ||||||||
Total Liabilities and Shareholder Equity | 135,670,000 | 121,783,000 | ||||||||
December | December | |||||||||
Selected Consolidated Earnings Data | 2015 | 2014 | ||||||||
Total interest income and fees | 6,160,000 | 5,529,000 | ||||||||
Total interest expense | (802,000 | ) | (645,000 | ) | ||||||
Net interest income | 5,358,000 | 4,884,000 | ||||||||
Provision of losses on loans | 0 | (618,000 | ) | |||||||
Net interest income after provision for losses on loans | 5,358,000 | 4,266,000 | ||||||||
Total other income (Noninterest income) | 671,000 | 410,000 | ||||||||
General administrative and other expenses | (4,380,000 | ) | (4,207,000 | ) | ||||||
Income tax expense (benefit) | (514,000 | ) | 1,500,000 | |||||||
Net Profit/Loss | 1,135,000 | 1,969,000 |
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