Business & Finance
Business and Finance
Business and Finance
Wed, February 9, 2011
Community Valley Bank Announces End of the Year Performance Results
EL CENTRO, Calif.--([ BUSINESS WIRE ])--Robert aBoba Hahn, President and CEO of Community Valley Bank (OTCBB: CMUV), announced that the bank grew its total assets to $66.2 million at the year end -- a 52 percent growth from December 31, 2009. Community Valley Bank (CVB) has grown in asset size every quarter since the Bank was chartered on October 1, 2007.
"We are excited about 2011 and proud of our achievements in 2010. CVB ranked as the 10th largest Small Business Administration lender in the San Diego and Imperial County*. Plus we will be opening the doors to our newly constructed and first permanent branch in Brawley, California by March"
From year end 2009, deposits have increased by $17.6 million to $53.2 million and gross loans have increased by $15.6 million to $51.4 million. The banka™s loss decreased to $880,000 year to date 2010 from $1,827,000 year to date 2009.
CVB retains a tier one leverage capital ratio of 16.32 percent, which exceeds the Federal Deposit Insurance Corporationa™s (FDIC) regulatory requirements. To be considered well-capitalized, a bank must have more than 10 percent. CVBa™s loan loss reserve to total loans is 1.51 percent.
aWe are excited about 2011 and proud of our achievements in 2010. CVB ranked as the 10th largest Small Business Administration lender in the San Diego and Imperial County*. Plus we will be opening the doors to our newly constructed and first permanent branch in Brawley, California by March,a said Bob Hahn.
The book value of CVB stock is $4.73 per share and stock traded at $4.00 per share as of December 31, 2010. The bank has 1,621,568 shares outstanding.
* For SBA loans made from October 1, 2009 through September 30, 2010. (September SBA San Diego Newsletter, [ http://www.sba.gov/localresources/district/ca/sandiego/index.html ])
About Community Valley Bank: Community Valley Bank ([ www.yourcvb.com ]) is the Imperial Valleya™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 Banka™s Investor Relations Officer, Diana S. Alvarez. She may be contacted at (760) 352-1889.
| December 31, 2009 | December 31, 2010 | |||||||
| Consolidated Financial Condition Data | ||||||||
| Assets | ||||||||
| Loans receivable - net | $ | 35,212,000 | $ | 46,050,000 | ||||
| Cash and cash equivalents | 6,002,000 | 12,615,000 | ||||||
| Investment Securities | 495,000 | 494,000 | ||||||
| Federal Home Loan Bank Stock | 162,000 | 181,000 | ||||||
| Other Assets | 1,609,000 | 6,828,000 | ||||||
| Total Assets | $ | 43,480,000 | 66,168,000 | |||||
| Liabilities | ||||||||
| Deposits | 35,625,000 | 53,277,000 | ||||||
| Other Liabilities | 144,000 | 5,220,000 | ||||||
| Total Liabilities | 35,769,000 | 58,497,000 | ||||||
| Common Stock | 13,432,000 | 14,267,000 | ||||||
| Surplus | 465,000 | 482,000 | ||||||
| Total Undivided Profits | (6,186,000 | ) | (7,078,000 | ) | ||||
| Stockholder's Equity - net | 7,711,000 | 7,671,000 | ||||||
| Total Liabilities and Shareholder Equity | $ | 43,480,000 | $ | 66,168,000 | ||||
| December 31, 2009 | December 31, 2010 | |||||||
| Selected Consolidated Earnings Data | ||||||||
| Total interest income | $ | 2,298,000 | $ | 2,980,000 | ||||
| Total interest expense | (362,000 | ) | (489,000 | ) | ||||
| Net interest income | 1,936,000 | 2,491,000 | ||||||
| Provision of losses on loans | (714,000 | ) | (342,000 | ) | ||||
| Net interest income after provision for losses on loans | 1,222,000 | 2,149,000 | ||||||
| Total other income (Non-interest income) | 157,000 | 463,000 | ||||||
| General administrative and other expenses | (3,206,000 | ) | (3,492,000 | ) | ||||
| Income tax expense (benefit) | ||||||||
| Net loss | $ | (1,827,000 | ) | $ | (880,000 | ) | ||
Please Note: Information is subject to change without notice. | ||||||||
