CMUV Bancorp, the parent company of Community Valley Bank, released unaudited financial results for the third quarter of 2024, reporting a net income of $1,127,388, or $0.65 per share. The bank's total assets reached $315.9 million by September 2024, with total deposits at $276.3 million and gross loans increasing to $261.1 million, demonstrating substantial growth in core business activities.
A key metric from the report is the Community Bank Leverage Capital ratio, which stood at 11.71% for the quarter, well above regulatory requirements for well-capitalized banks. This underscores the institution's financial stability in a dynamic economic environment. Asset quality remained strong with non-accrual and past-due loans at just 0.96%, while the Allowance for Credit Losses totaled $2,697,627, which management believes is fully funded.
Shareholders saw book value for common stock at $17.30 per share (diluted) as of September 30, 2024, with the stock trading at $18.25 on the same date. Performance metrics included a Return on Average Assets of 1.36% and Return on Average Equity of 12.02% for the quarter. Year-over-year comparisons show significant improvements, with total assets growing from $295.5 million in Q3 2023 to $315.8 million in Q3 2024, and gross loans increasing from $223.4 million to $261.1 million over the same period.
The bank's net interest income for the first nine months of 2024 reached $9,445,059, up from $8,905,668 in the same period of 2023. This increase occurred despite higher interest expenses, demonstrating the bank's ability to maintain healthy interest margins in a challenging rate environment. CMUV Bancorp's performance through the first three quarters of 2024 has exceeded expectations in terms of net income, total assets, and loans.
This financial performance matters because it reflects the resilience of community banks in a complex economic landscape and suggests potential strength in the broader financial sector. For investors, the bank's growth trajectory and solid capital position make it an attractive option in regional banking. The increased lending activity indicated by growth in gross loans could have positive implications for local businesses and economies in the bank's service areas, potentially contributing to economic development and job creation.
The bank's ability to maintain strong capital positions while growing assets and loans demonstrates effective management and strategic planning, positioning CMUV Bancorp well for future opportunities and challenges. As the financial sector navigates economic uncertainties, CMUV Bancorp's performance serves as a positive indicator for community banks and their role in supporting local economies. The bank anticipates continued healthy demand for business and investment loans as it moves into the fourth quarter of 2024, signaling optimism for sustained growth.
