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