Community Valley Bank Celebrates 7th Year Anniversary With Its 16th Consecutive Quarter of Profitability

EL CENTRO, Calif.--()--Community Valley Bank is pleased to announce its 16th consecutive quarter of profitability. For the quarter ending September 30th, CVB reported $220,000 in net profit. Operational profit year to date is $734,000. Including a $300,000 valuation allowance credit to taxes, year to date total net profit is $1,034,000.

Total assets as of September 30th stood at $113,968,000, total net loans were $83,176,000, and our Total Equity Capital was $12,785,000, providing an equity capital ratio of 11.30%. This is well above the regulatory ratio required to be considered a well capitalized bank.

Positive loan growth has been somewhat offset by unexpected early loan payoffs. We continue to see excellent loan growth through our SBA programs. CVB was proud to be the 6th rated bank for SBA volume in the San Diego-Imperial county region for the period through August 31, 2014. Our Allowance for Loan and Lease Losses ended the quarter at $1,280,000 or 1.51% of loans. Board and Management believe the ALLL is fully funded at this time.

As of September 30th, 2014, the stock price was $5.36 per share. Tangible book value of the common stock was $6.74 per share.

We thank all of you for continuing to be a part of Community Valley bank. This month we celebrate our 7th anniversary and we are extremely grateful for those of you who have been with us from the very beginning. It certainly has been a bumpy ride but we are confident that the bank is, and will continue to move in a positive direction. Know that both your CVB Board and Management will provide our very best to deliver value to you our shareholders.

To that end, we take great pleasure in announcing that we have received regulatory approval to open our 3rd CVB branch. The branch is expected to open in the 1st quarter of 2015, in Palm Desert, CA. Our Palm Desert Loan Production office has been very beneficial to CVB over the last couple of years. We recognize that by opening a full service branch, we may further enhance relationships with our many loan customers in the Coachella Valley.

     
September December September
Consolidated Financial Condition Data 2014 2013 2013
Assets
Loans receivable - net $ 83,176,000 $ 73,703,000 $ 72,326,000
Cash and cash equivalents 21,934,000 35,037,000 31,163,000
Investment Securities 1,270,000 1,466,000 1,771,000
Federal Home Loan Bank Stock 392,000 447,000 450,000
Other Assets 7,196,000 6,950,000 6,588,000
Total Assets $ 113,968,000   $ 117,603,000   $ 112,298,000  
Liabilities
Deposits 92,796,000 98,164,000 93,378,000
Borrowings (FHLB) 7,500,000 6,000,000 6,000,000
Mortgage Indebtedness 538,000 684,000 699,000
Other Liabilities 349,000 464,000 490,000
Total Liabilities 101,183,000   105,312,000   100,567,000  
Preferred Stock 1,800,000 2,400,000 2,400,000
Common Stock 14,316,000 14,298,000 14,287,000
Costs/Dividends (10,500 ) (100,000 ) (94,000 )
Surplus 544,000 537,000 516,000
Total Undivided Profits $ (3,801,500 ) $ (4,727,000 ) $ (5,266,000 )
Unrealized Gain/Loss (63,000 ) (117,000 ) (112,000 )
Stockholder's Equity - net 12,785,000 12,291,000 11,731,000
Total Liabilites and Shareholder Equity $ 113,968,000   $ 117,603,000   112,298,000  
 
September December September
Selected Consolidated Earnings Data 2014 2013 2013
Total interest income and fees $ 4,080,000 $ 5,420,000 $ 3,977,000
Total interest expense (474,000 ) (712,000 ) (534,000 )
Net interest income 3,606,000 4,708,000 3,443,000
Provision of losses on loans (143,000 ) (615,000 ) (615,000 )
Net interest income after provision for losses on loans 3,463,000 4,093,000 2,828,000
Total other income (Noninterest income) 355,000 910,000 938,000
General administrative and other expenses (3,084,000 ) (4,163,000 ) (3,066,000 )
Income tax expense (benefit) 300,000   400,000   0  
Net Profit/Loss $ 1,034,000   $ 1,240,000   $ 700,000  

Contacts

Community Valley Bank
Jon A. Edney, President and CEO
(760) 352-1889
mediarelations@yourcvb.com

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Q3 2014 Quarterly Financial Letter for Community Valley Bank

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