EL CENTRO, Calif.--(EON: Enhanced Online News)--CMUV Bancorp is pleased to announce 1st Quarter results (unaudited) for Community Valley Bank. Pre-tax earnings were $693,403, exceeding the $533,188, in pre-tax earnings at the end of the 1st Quarter 2016. Total assets as of 03/31/17 reached $159.8 million compared to $141.6 million at 03/31/16, a 12% increase. Net loans ended the quarter at $125.1 million, an increase of over 17% from the previous 1st quarter at 03/31/16.
For the 1st Quarter 2017, CVB had an after tax profit of $422,296 or $0.19 per share. The after tax profit exceeded 1st Quarter 2016 results by 33%. The Leverage Capital ratio was 11.14% and the Total Capital ratio was 16.22% at 03/31/17. 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 $1,588,000 or 1.25% of total loans. This included an increase of $100,000 in the quarter in light of our significant loan growth. Loan quality remains stable with non-performing loans at less than 0.2% of total loans. Board and Management believe the ALLL is fully funded at this time.
The March 31, 2017 tangible book value of the common stock was $8.18 (diluted) per share, $.74 higher than what it was at the 1st Quarter ending 2016. The common stock (CMUV) was trading at $8.25 as of March 31, 2016.
DepositAccounts.com has just released its list of the 2017 Healthiest Banks in the country. We are very proud to be ranked #24 out of more than 5,800 banks across the United States.
The 2017 CMUV Bancorp Annual Shareholder Meeting is scheduled for May 18, 2017 at 10:00 a.m. The meeting will be held at our Brawley Branch located at 310 Main Street, Brawley, California 92227. We encourage you to take the opportunity to join us. If you are unable to attend, please vote your proxy, which should have been received by mail last week. It is important that all votes are received in order to conduct a qualified meeting.