Mission Valley Bancorp Reports Second Quarter 2022 Results

SUN VALLEY, Calif., July 29, 2022 /PRNewswire/ — Mission Valley Bancorp (OTCQX: MVLY, “Mission Valley” or the “Company”) today announced net income of $0.7 millionWhere $0.20 per diluted share, for the second quarter of 2022, compared to a net result of $1.6 millionWhere $0.48 per diluted share, for the second quarter of 2021. Net income for the six months ended June 30, 2022 has been $1.9 millionWhere $0.59 per diluted share, compared to $2.4 millionWhere $0.73 per diluted share for the six months ended June 30, 2021.

Second quarter 2022 Strong points

  • Net income of $0.7 million Where $0.20 per diluted share.
  • Net interest income was $4.6 million for the second quarter of 2022, an increase of $0.6 million or 13.63%, compared to the second of 2021.
  • Non-interest income was $2.0 million for the second quarter of 2022, a decrease of $0.3 million i.e. 14.34%, compared to the second quarter of 2021
  • $14.2 million in the Small Business Administration (“SBA”), loans were sold in the second quarter of 2022, resulting in a gain on the sale of $0.8 million.
  • Allowance for loan losses of $0.4 million in the second quarter of 2022 due to loan growth compared to no provision in the second quarter of 2021.
  • Loan Production of $75.5 million in the second quarter of 2022 with a majority of loan production financing at the end of the quarter.
  • Gross lending, excluding SBA’s Paycheck Protection Program (“PPP”) lending, was $372.7 million of the June 30, 2022an augmentation of $104.4 million i.e. 38.93% compared to June 30, 2021and an increase of $58.8 million i.e. 18.72%, compared to December 31, 2021. Outstanding PPP loans were $0.1 million, $0.2 millionand $18.7 million of the June 30, 2022, December 31, 2021and June 30, 2021respectively.
  • The total deposits were $415.6 million of the June 30, 2022an augmentation of $49.6 million i.e. 13.55%, compared to June 30, 2021.
  • $18,000 in net recoveries of previously written-off loans in the second quarter of 2022.
  • No outstanding loan at June 30, 2022 compared to $0.2 million of the June 30, 2021.
  • Loans classified were $0.1 million of the June 30, 2022a decrease of $4.5 million or -98.29%, compared to June 30, 2021and a decrease of $0.6 million i.e. -88.37%, compared to December 31, 2021.
  • Strong capital position, reflected by a total leverage ratio of 10.13%, a Common Equity Tier 1 capital ratio of 11.90%, a Tier 1 capital ratio of 13.41% and a capital based on the total risk of 14.66% at June 30, 2022.

President and CEO Tamara Gurney commented, “Our continued focus on building a strong franchise through building diverse organic production sources is reflected in record loan financings during the second quarter, which required a provision for loan losses, and our investment in lending and back-office infrastructure to support current lending growth and build capacity.”

Gurney continued: “The balance sheet remains strong with well capitalized capital above regulatory levels, no unaccumulated loans and a strong deposit base. We also continue to build the SBA loan portfolio from our strong production and our decision to reduce loan sales due to changing market conditions in the second quarter, which presents Mission Valley with the opportunity strategically identify SBA-backed loans for potential sale in the future, should market conditions warrant.”

About Mission Valley Bancorp

Mission Valley Bancorp is a bank holding company headquartered in Sun Valley, California with two wholly owned subsidiaries Mission Valley Bank (the “Bank”) and Mission SBA Loan Servicing LLC (“Mission SBA”). The Bank was founded in 2001 and is an independent, full-service commercial bank specializing in the banking needs of small and medium-sized businesses with full-service branches in the San Fernando and Santa Clarita Valleys. Mission SBA is a de novo SBA Lender (“LSP”) service provider established in March 2021 which provides SBA loan services to other financial institutions.

Forward-looking statements:

Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based on management’s current expectations and, accordingly, are subject to certain risks and uncertainties that could cause actual results, performance or achievements differ materially from those expressed, implied or implied by the forward-looking statements. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update such information.www.MissionValleyBank.com.

SOURCE Mission Valley Bancorp

About Gloria Turner

Check Also

EC clears €4 billion state aid scheme for IMM Invest Plus companies in Romania

The European Commission (EC) has approved a €4 billion state aid scheme in Romania, including …