Robert “Bob” Hahn, President and CEO of Community Valley Bank
(OTCBB: CMUV), announced the bank ended its first profitable
quarter with $66.5 million in total assets resulting in a 39.7
percent increase from the first quarter of 2010. CVB ended the
first quarter, March 31, 2011 with year to date earnings of
$56,329. The bank has experienced asset growth every quarter since
first chartered on October 1, 2007.
“CVB is proudly celebrating its first profitable quarter and we
couldn’t be happier,” said Bob Hahn, President and CEO of Community
Valley Bank. “The bank’s historic quarter began with the opening of
our first permanent branch in Brawley and ended with our new
designation as an approved U.S. Small Business Administration
Preferred Lender,” said Hahn.
Deposits grew from $39.4 million on March 31, 2010 to $56.9
million at quarter end March 31, 2011. This marks a 44.4 percent
increase in one year. Gross loans grew to $52.8 million,
representing a 48.4 percent increase from the previous year.
CVB retains a tier one leverage capital ratio of 11.29 percent,
exceeding the Federal Deposit Insurance Corporation’s (FDIC)
regulatory requirements. To be considered well-capitalized, a bank
must have more than 10 percent. CVB maintained a loan loss reserve
of $1.0 million as of March 31, 2011, increasing loan loss reserves
to 1.9 percent.
“On behalf of the CVB Board of Directors and staff, thank you to
all our shareholders and customers that believe in our concept of a
true community bank,” Hahn said.
The book value of CVB stock is $4.76 per share and its stock
last traded at $5.00 per share as of March 31, 2011. There are
1,621,568 shares outstanding.
In recent news, Community Valley Bank announced it has been
granted Preferred Lender Program status by the U.S. Small Business
Administration (SBA). The bank can now approve up to $5 million
dollars locally.
About Community Valley Bank: Community Valley Bank
(www.yourcvb.com) is the Imperial Valley’s ONLY locally owned and
locally headquartered bank. CVB was chartered as a state bank for
Imperial Valley businesses on October 1, 2007, and now has two
locations, 203 S. Imperial Avenue in El Centro and 310 Main Street
in Brawley, California.
Community Valley Bank is a publicly traded company under the
symbol CMUV. All investor related inquiries should be directed to
Community Valley Bank’s Chief Financial Officer, Toni Umphreyville
at (760) 352-1889.
March 31, 2010 December 31,
2010 March 31, 2011 Consolidated
Financial Condition Data Assets Loans receivable - net $
34,917,000 $ 46,050,000 $ 51,750,000 Cash and cash equivalents
10,561,000 12,615,000 11,022,000 Investment Securities 490,000
494,000 492,000 Federal Home Loan Bank Stock 162,000 181,000
181,000 Other Assets 1,501,000 6,828,000 3,095,000 Total Assets $
47,631,000 $ 66,168,000 $ 66,540,000
Liabilities Deposits 39,354,000 53,277,000 56,914,000 Other
Liabilities 786,000 5,220,000 1,896,000 Total Liabilities
40,140,000 58,497,000 58,810,000 Common Stock
13,432,000 14,267,000 14,267,000 Surplus 465,000 482,000 487,000
Total Undivided Profits (6,406,000 ) (7,078,000 ) (7,024,000 )
Stockholder's Equity - net 7,491,000 7,671,000 7,730,000 Total
Liabilities and Shareholder Equity $ 47,631,000 $ 66,168,000
$ 66,540,000
March 31, 2010 December
31, 2010 March 31, 2011 Selected Consolidated
Earnings Data Total interest Income $ 628,000 $ 2,980,000 $
853,000 Total interest expense (105,000 ) (489,000 ) (130,000 ) Net
interest income 523,000 2,491,000 723,000 Provision of losses on
loans (54,000 ) (342,000 ) (266,000 ) Net interest income after
provision for losses on loans 469,000 2,149,000 457,000 Total other
income (Noninterest income) 131,000 463,000 465,000 General
administrative and other expenses (815,000 ) (3,492,000 ) (866,000
) Income tax expense (benefit) 0 0 0 Net loss
$ (215,000 ) $ (880,000 ) $ 56,000
Please Note: Information is subject to change without
notice.
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