CMUV Bancorp Reports Strong 2024 Third Quarter Results
Overview of CMUV Bancorp's Third Quarter Financial Results
CMUV Bancorp, the holding entity for Community Valley Bank, is excited to share its financial performance for the third quarter of 2024. With net income reported at $1,127,388, translating to $0.65 per share, the results affirm the consistent growth trajectory of the company. By the quarter's conclusion, total assets amassed to an impressive $315.9 million, demonstrating a solid foundation for further growth. Total deposits stood at $276.3 million, and gross loans reached $261.1 million.
Capital and Asset Highlights
One pivotal aspect of CMUV Bancorp's financial health is its Community Bank Leverage Capital ratio, which concluded the quarter at 11.71%. This is well above the necessary levels required for a bank to comfortably operate. The allowance for credit losses (ACL) ended the quarter at $2,697,627, showcasing the institution's preparedness for potential loan losses. Furthermore, both non-accrual loans and those classified as past-due remained low at just 0.96%, a testament to the bank's effective credit risk management practices. The board and management confidently affirm that the allowance for credit losses is adequately funded as of the quarter's end.
Improvements in Stock Value and Performance Ratios
As of September 30, 2024, the book value per share for common stock was registered at $17.30 (diluted), with the stock trading at $18.25. The Return on Average Assets (ROAA) stood at 1.36%, while the Return on Average Equity (ROAE) was reported at 12.02%. These figures underline CMUV Bancorp's ability to efficiently utilize assets and generate returns for shareholders.
Positive Outlook for Future Quarters
The performance during the first three quarters of 2024 has exceeded expectations concerning net income, total assets, and loan growth. Looking ahead, CMUV Bancorp anticipates sustained demand for business and investment loans as it progresses through the remainder of the year. This optimistic outlook reflects the overall strengthening of the banking sector and the steadfast commitment of CMUV Bancorp to its clients and investors.
Financial Summary of Key Metrics
Balance Sheet Highlights
The financial snapshot for CMUV Bancorp showcases total assets as follows:
- Total Assets: $315,847,160
- Total Deposits: $276,264,417
- Total Loans: $261,101,594
- Cash & Cash Equivalents: $34,778,590
Statement of Income
The income statement reflects significant growth, with total interest income recorded at $13,231,101, overshadowing total interest expense of $3,786,043, resulting in a net interest income of $9,445,059. The accumulation of total other non-interest income reached $669,690, contributing positively to overall profitability.
Frequently Asked Questions
What is CMUV Bancorp's net income for the third quarter?
CMUV Bancorp reported a net income of $1,127,388 for the third quarter of 2024.
How much total assets does CMUV Bancorp have?
As of September 30, 2024, CMUV Bancorp's total assets reached $315.9 million.
What is the Community Bank Leverage Capital ratio for CMUV?
The Community Bank Leverage Capital ratio for CMUV Bancorp stood at 11.71% at the end of the third quarter.
What was the stock price of CMUV on September 30, 2024?
The common stock (CMUV) was trading at $18.25 on September 30, 2024.
What are the future expectations for CMUV Bancorp's loans?
CMUV Bancorp expects continued healthy demand for business and investment loans in the fourth quarter of 2024.
Contact:
Jon A Edney
7603521889
mediarelations@yourcvb.com
About Investors Hangout
Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/
Disclaimer: The content of this article is solely for general informational purposes only; it does not represent legal, financial, or investment advice. Investors Hangout does not offer financial advice; the author is not a licensed financial advisor. Consult a qualified advisor before making any financial or investment decisions based on this article. The author's interpretation of publicly available data shapes the opinions presented here; as a result, they should not be taken as advice to purchase, sell, or hold any securities mentioned or any other investments. The author does not guarantee the accuracy, completeness, or timeliness of any material, providing it "as is." Information and market conditions may change; past performance is not indicative of future outcomes. If any of the material offered here is inaccurate, please contact us for corrections.
Related Articles
- Delcath Systems Reports Record Sales and Positive Analyst Feedback
- Chinese Tech Stocks Surge Amid Strong Economic Signals
- Analysts Optimistic About Blackstone Following Strong Q3 Results
- Honeywell Achieves 52-Week High of $220.79 Amid Strong Growth
- Autodesk Remains Strong with Continued Focus on AI Innovations
- Ramsay Santé Shares Key Financial Results and Future Plans
- Aviva Insurance Limited Receives Strong Credit Ratings Update
- Preliminary Ratings Assigned to BMO's 2024-C10 CMBS Deal
- Western Alliance Bancorporation's Q3 Results: Analysts Remain Positive
- Guggenheim Boosts Informatica Rating, Anticipating Strong Growth
Recent Articles
- Acme United's Financial Growth: A Strong Third Quarter Report
- Navigating the Tech Boom: Vanguard ETF as an Investment Option
- Unlocking Investment Potential with Vanguard's Top ETFs
- Roadzen Inc. to Showcase Innovations at ThinkEquity Conference
- Italian Auto Workers Strike for Better Conditions Amid Crisis
- Veeco Prepares to Reveal Third Quarter Financial Insights
- Dividend Select 15 Corp. Announces Steady Monthly Payout
- Prime Dividend Corp. Announces November Dividend Payouts
- Monthly Distribution Announcement for North American Financial 15 Split Corp.
- Dividend 15 Split Corp. Announces Monthly Dividend Payouts
- HMS Networks Successfully Completes Share Divestment in Germany
- Colabor Group Strengthens Market Position with Agreement Renewal
- Theravance Biopharma Analyst Insights on YUPELRI's Efficacy
- Frontier's Impact on High-Speed Fiber Expansion in Connecticut
- Promising Clinical Trial Results for Canine Osteoarthritis Treatment
- Coldwell Banker Strengthens Commitment to St. Jude Hospital Partnership
- Insperity Announces Q3 Earnings Call with Insightful Discussion
- Kering's Shareholding Update Highlights Key Voting Rights
- Ashling Partners Expands with Reveal Group Acquisition
- Understanding Startup Compliance with Beneficial Ownership Law
- FIS and Fulham FC: A Strategic Partnership for Innovation
- Olight Champions Breast Cancer Awareness and Hurricane Relief Efforts
- Oregon Bancorp Reports Strong Quarterly Financial Results
- LeasePoint's Funding Triumph: $40 Million Gained for Growth
- PensionPro Teams Up with Finch to Streamline Data Collection
- PharmaLogic Unveils Advanced Radiopharmaceutical Facility
- illycaffè Partners with Art Basel Paris to Celebrate Art and Coffee
- Piper Sandler Enhances Team with Brian Vescio's Expertise
- Transforming Customer Interactions with Vida's AI Innovations
- Colbeck Capital's Impact: Supporting Equestrian Joy for Youth
- Marriott Expands Luxury Offerings with New Hotels in Shenzhen
- Settlement Class Action Offers Cash Payments for Online Users
- Expanding Oleochemicals Market Expected to Thrive by 2031
- Kroll Expands Leadership with Katherine Keefe in Cyber Insurance
- Maximizing Dividend Earnings with Nucor: Your Path to $500 Monthly
- Bonobos and Toys'R'Us Launch Exclusive Geoffrey Apparel Line
- Revolve Group, Inc. Plans Upcoming Earnings Announcement
- ON Semiconductor Adjusts Moving Forward Amid Market Changes
- KCI Technologies Expands Horizons with McLaren Acquisition
- TD Cowen Maintains Strong Buy Rating on Humacyte Stock
- ICZOOM Group Inc. Secures Place Among Shenzhen's Elite 500
- Continental Stock Transfer Takes Legal Action Against Canna Global
- Corcept Therapeutics Gains Momentum with Strong Market Outlook
- Narwal S20 Pro: The Future of Smart Home Cleaning
- BMO Capital Increases Price Target for Toromont Industries
- Restaurant365's Tony Smith Celebrated as Exceptional Entrepreneur
- DRDGOLD Ltd. Reports Positive Results Amidst Increased Production
- HONGQI Unveils EH7 and EHS7 at Paris Motor Show 2024
- L3Harris Technologies Receives Analyst Price Target Upgrade
- Celebrating Leadership Excellence: John Joyoprayitno's Award Win