Mission Bancorp Reports All-Time Record Quarterly Earnings of $8.6 Million for the Third Quarter of 2025, an Increase of 10% Year Over Year. Annualized Noninterest-Bearing and Total Deposit Growth of Over 20%.
BAKERSFIELD, Calif., Oct. 20, 2025 /PRNewswire/ -- Mission Bancorp ("Mission" or the "Company") (OTC Pink: MSBC), a bank holding company and parent of Mission Bank (the "Bank"), reported unaudited net income available to common shareholders of $8.6 million, or $3.05 per diluted common share, for the third quarter of 2025, compared to net income available to common shareholders of $7.8 million, or $2.79 per diluted common share, for the third quarter of 2024, and net income available to common shareholders of $3.1 million, or $1.11 per diluted common share, for the linked quarter.
"We are proud to report a record quarter, with earnings of $8.6 million," said A.J. Antongiovanni, President and Chief Executive Officer of Mission Bancorp. "At a time when the industry is facing headwinds in terms of growing deposits and loans, our relationship-driven banking model continues to prove successful, with loan growth at an annualized rate of 18%, noninterest-bearing and total deposits growing 22% and 25%, respectively. Additionally, our net interest margin has grown as deposit costs have decreased, and we move funds out of cash and short-term investments into loans. Credit has been stable, although we proceed with caution as unemployment and inflation continue to trend upward. Thank you to our customers and to our hard-working team, it is their partnership that has led the Company to these groundbreaking results."
Third Quarter 2025 Financial Highlights
- Gross loans increased by $171.8 million, or 13.8%, to $1.42 billion as of September 30, 2025, compared to $1.24 billion as of September 30, 2024, and increased by $61.0 million, or 4.5%, compared to June 30, 2025, balances.
- Total deposits increased by $121.3 million, or 7.5%, to $1.73 billion as of September 30, 2025, compared with $1.61 billion a year earlier, and increased by $100.9 million, or 6.2%, from $1.63 billion as of June 30, 2025. Noninterest-bearing deposits were $671.3 million and represent 38.8% of total deposits as of September 30, 2025.
- The allowance for credit losses ("ACL") as a percentage of gross loans declined from 1.53% as of September 30, 2024, to 1.47% as of September 30, 2025.
- Credit quality remains strong with nonaccrual loans representing 0.05% of total gross loans as of September 30, 2025, up from 0.03% as of September 30, 2024.
- The Community Bank Leverage Ratio for the Bank as of September 30, 2025, was 11.29%, compared to 11.41% as of September 30, 2024.
Net Income Available to Common Shareholders
Net income available to common shareholders for the third quarter of 2025 was $8.6 million, or $3.05 per diluted common share, compared with $3.1 million, or $1.11 per diluted common share, for the linked quarter ended June 30, 2025. Net income available to common shareholders was $7.8 million, or $2.79 per diluted common share, for the third quarter of 2024. Net income available to common shareholders increased $5.5 million, or 175.4%, compared to the linked quarter, and by $0.8 million, or 10.1%, compared to the same prior year period.
Notable variances compared to the linked quarter include a decrease in non-interest expense which was primarily driven by one-time, non-recurring charges recognized in the linked quarter, along with an increase in net interest income, and a decrease in credit loss expense. Compared to the third quarter of 2025, an increase in net interest income and a decrease in non-interest expense was partially offset by a decrease in non-interest income.
Net Interest Income
Net interest income was $20.0 million, or 4.27%, of average earning assets ("net interest margin"), for the third quarter of 2025, compared with $18.2 million, or a net interest margin of 4.31%, for the same period a year earlier, and $18.1 million, or a net interest margin of 4.07%, for the quarter ended June 30, 2025.
Net interest income increased by $1.8 million, or 9.8%, compared to the same prior year period, primarily driven by growth in the Company's loan portfolio and a marginal rise in yields on loans. Loan interest income and fee accretion increased by $2.4 million compared to the third quarter of 2024, partially offset by lower interest income on interest earning deposits in other banks and investment securities. Additionally, interest expense increased $0.3 million compared to the same prior year period, primarily due to average balance growth in interest-bearing transaction accounts, partially offset by lower rates paid for deposits and lower average balances and rates paid for subordinated debentures.
Net interest income increased by $1.9 million, or 10.4%, for the quarter ended September 30, 2025, compared to the linked quarter, primarily due to an increase in interest income on loans. Interest income on loans increased $1.9 million, for the current quarter, compared to the linked quarter, primarily due to both growth in average quarterly balances and an increase in loan yields. Interest expense increased marginally, compared to the linked quarter, due to increased average balances on interest-bearing transaction accounts, largely offset by lower rates paid for deposits and lower average balances and rates paid for subordinated debentures.
The net interest margin was 4.27% for the quarter ended September 30, 2025, compared to 4.31% for the same prior year period, and 4.07% for the linked quarter ended June 30, 2025. During the past year, the cost of interest-bearing liabilities and asset yields have declined 25 basis points and 15 basis points, respectively, contributing to the year-over-year 4 basis point decline in the quarterly net interest margin. The Federal Reserve began lowering rates in the latter half of 2024 and resumed rate cuts in September of 2025, impacting the shorter end of the yield curve and reducing yields on interest-bearing deposits in other banks as well as the Company's variable rate loans and investment securities. While deposit cost pressures have begun to ease, the growth in interest-bearing deposits has marginally compressed net interest margin.
The 20 basis point increase in the net interest margin for the third quarter of 2025, compared to the linked quarter, primarily reflects robust loan growth that outpaced the growth in interest-bearing deposits, along with a higher yield on loans. The margin was further supported by a decline in interest-bearing deposit costs and benefited from the first full quarter of interest expense savings following the repayment of subordinated debentures. The significant growth in the loan portfolio and continued demand are expected to help mitigate the impact of recent rate reductions on net interest margin.
The yield on loans increased 2 basis points to 6.57%, while the yield on interest earning deposits in other banks and investment securities decreased by 103 basis points to 4.42%, and by 44 basis points to 3.88%, respectively, compared to the same prior year period. Additionally, average balances on loans increased $136.8 million, or 11.0%, average balances on interest earning deposits in other banks increased $23.1 million, or 12.0%, and average balances on investment securities increased $14.1 million, or 6.0%. The cost of interest-bearing deposits decreased 22 basis points to 2.90%, while the average balances of interest-bearing deposits increased $127.0 million, or 13.6%. The cost of subordinated debentures decreased 76 basis points to 4.11%, and average balances decreased $9.9 million, or 45.4%.
For the quarter ended September 30, 2025, the yield on loans increased by 18 basis points to 6.57%, while the yield on investment securities and interest earning deposits in other banks decreased by 10 basis points to 3.88%, and 4 basis points to 4.42%, respectively, compared to the linked quarter. Average balances on loans increased $68.3 million, or 5.20%, average balances on investment securities increased $1.4 million, or 0.58%, and average balances on interest earning deposits in other banks increased $1.7 million, or 0.81%. The cost of interest-bearing deposits decreased 11 basis points to 2.90%, while average balances on interest-bearing deposits increased $44.3 million, or 4.35%. The cost of subordinated debentures decreased 56 basis points to 4.11%, and average balances decreased $5.4 million, or 31.0%, reflecting the first full quarter benefit in interest expense savings following the repayment of subordinated debentures.
The cost of funds was 1.82% for the quarter ended September 30, 2025, a decrease of 11 basis points compared to 1.93%, for the same prior year period, and an 8 basis point decrease compared to 1.90%, for the linked quarter ended June 30, 2025. The decrease in the Company's cost of funds is generally attributable to recent Federal Reserve rate cuts, lowering the short-term rate environment which has led to deposit cost pressure and competition relief experienced over the past couple of years. The Bank has continued to grow its total deposit accounts through both new customer acquisition and the expansion of existing relationships over the past year. At the same time, our clients have continued to optimize the proportion of their operating account balances versus interest-bearing account balances.
The Company holds two pay-fixed, receive floating, interest rate swap contracts with notional balances totaling $108 million to hedge against rising rates on a portion of its fixed rate loan and investment securities portfolios. Combined, interest rate swap contracts generated an additional $0.1 million in interest income in both the third quarter of 2025 and the linked quarter, compared to $0.4 million for the third quarter of the prior year.
Provision for Credit Losses
A $0.5 million provision for credit losses was recorded for the quarter ended September 30, 2025, compared to $0.8 million for the linked quarter, and $0.4 million for the same period a year ago. The Company's quarterly credit loss provisions over the past year have been recorded primarily to account for loan growth and changes in macro-economic conditions, which impact the calculated ACL under the current expected credit loss ("CECL") model, rather than in response to changing conditions in the Company's loan portfolio, which have remained stable, demonstrating a low credit risk profile during the past twelve months.
Non-Interest Income
Non-interest income was $1.9 million for the quarter ended September 30, 2025, relatively unchanged when compared to the linked quarter, and decreased $0.6 million, or 24.8%, compared to $2.5 million for the same period a year earlier. Compared to the linked quarter, an increase in SBA servicing fees and gain on sale of loans and a decrease in the loss on sale of securities, offset a decline in Farmer Mac referral and servicing fee income. When compared to the same prior year period, the decrease was primarily due to a $0.7 million decline in SBA servicing fees and gain on sale of loans.
Non-Interest Expense
Non-interest expense decreased by $5.6 million, or 38.0%, to $9.1 million for the quarter ended September 30, 2025, compared to $14.7 million for the linked quarter, and decreased marginally by $0.1 million, or 1.4%, compared to $9.2 million for the quarter ended September 30, 2024.
The decrease in non-interest expense for the third quarter of 2025, compared to the linked quarter, was primarily due to a $5.2 million decrease in other expenses primarily due to non-recurring charges recorded during the linked quarter; furthermore, a $0.5 million decrease in professional services, associated with reduced legal expenses, was partially offset by a $0.2 million increase in salaries and benefits expense, reflecting higher base compensation expense.
The marginal decrease in non-interest expense for the third quarter of 2025 compared to the same period a year ago, was primarily due to a $0.5 million decrease in professional services, associated with reduced legal expenses, which was largely offset by a $0.5 million increase in salaries and benefits expense, primarily driven by higher base compensation expense and associated payroll taxes, incentive compensation costs, and group insurance costs, which was partially offset by higher deferred salary loan origination costs and lower bank owned life insurance accruals.
Operating Efficiency
The Company's operating efficiency ratio decreased to 41.7% for the third quarter of 2025, compared to 44.7% for the third quarter of 2024, and 73.8% for the linked quarter. Total non-interest expense as a percentage of average assets, another measure of the Company's efficiency, was 1.86% for the third quarter of 2025, compared to 2.08% for the third quarter of 2024, and 3.15% for the quarter ended June 30, 2025.
Income Taxes
Income tax expense was $3.6 million for the third quarter of 2025, compared to $3.2 million for the quarter ended September 30, 2024, and $1.3 million for the linked quarter ended June 30, 2025. The Company's effective tax rate for the third quarter of 2025 was 29.6%, compared to 28.9% for the same period a year ago, and 29.7% for the quarter ended June 30, 2025.
Asset and Equity Returns
The return on average equity for the third quarter of 2025 was 16.7%, down from 17.4% for the same prior year period, and up from 6.28% for the linked quarter. The quarterly return on average assets for the third quarter of 2025 was 1.77%, unchanged from the same prior year period, and up from 0.67% for the linked quarter.
The decline in the quarterly return on average equity for the quarter ended September 30, 2025, compared to the same prior year period, is primarily attributable to the growth in average equity outpacing the growth in quarterly net income. Average equity grew 14.6%, compared to the same prior year period, while quarterly net income grew 10.1%.
The rise in quarterly returns on both average equity and average assets for the quarter ended September 30, 2025, compared to the linked quarter, was driven by elevated net interest income and the return to normalized non-interest expense levels after non-recurring charges recorded during the linked quarter.
Balance Sheet
Total assets increased by $136.0 million, or 7.4%, to $1.97 billion as of September 30, 2025, compared to September 30, 2024, and increased by $108.0 million, or 5.8%, compared to June 30, 2025. Cash and cash equivalents decreased by $51.6 million, or 16.9%, to $253.6 million as of September 30, 2025, compared to the same prior year period, and increased by $51.8 million, or 25.7%, compared to June 30, 2025.
The decrease in the Company's cash position over the last year reflects robust loan growth and increased investment security balances, which outpaced strong deposit growth and earnings. The increase in the Company's cash position over the past quarter reflects robust deposit growth and earnings, which outpaced strong loan growth.
Investment securities increased by $14.0 million or 6.0%, to $248.1 million as of September 30, 2025, compared to $234.1 million as of September 30, 2024, and decreased by $2.1 million, or 0.8%, compared to $250.2 million as of June 30, 2025. The increase in the investment securities portfolio over the past year primarily reflects the deployment of excess liquidity into new, higher yielding securities, to supplement robust lending demand, net of repayment and amortization of the bond portfolio. The decrease in the investment portfolio during the third quarter of 2025, compared to the linked quarter, reflects normal repayment and amortization of the bond portfolio, net of a decline in unrealized losses on the investment securities portfolio attributable to market rate changes during the quarter.
Loans increased by $171.8 million, or 13.8%, to $1.42 billion as of September 30, 2025, compared to September 30, 2024, and increased by $61.0 million, or 4.5%, compared to June 30, 2025. Loan growth during the last year has been diversified across the portfolio, with notable growth in non-owner occupied commercial real estate, commercial and industrial, multi-family, and loans secured by farmland, which were partially offset by the contraction in owner occupied commercial real estate loans. Loan growth during the last quarter was concentrated in construction and land development non-owner and owner occupied commercial real estate, and commercial and industrial loans.
Total deposits increased by $121.3 million, or 7.5%, to $1.73 billion as of September 30, 2025, from $1.61 billion as of September 30, 2024, and increased by $100.9 million, or 6.2%, compared to June 30, 2025. Noninterest-bearing deposits increased by $43.9 million, or 7.0%, during the last year, and increased by $35.8 million, or 5.6%, since June 30, 2025. The increase in deposits over the past year reflects an increase in average balances among existing customers, a lower account closure ratio, and stable growth in new account openings. Noninterest-bearing deposits represented 38.8% of total deposits on September 30, 2025.
During the quarter ended June 30, 2025, the Company repaid $10 million of subordinated debentures at the end of their fixed term on May 20, 2025, resulting in a year over year decline in subordinated debentures.
Total shareholders' equity was $211.7 million as of September 30, 2025, an increase of $27.0 million, or 14.6%, compared to September 30, 2024, and an increase of $12.4 million, or 6.2%, compared to June 30, 2025, primarily due to quarterly earnings, net of changes in accumulated other comprehensive loss. The accumulated other comprehensive loss component of equity was relatively stable year over year, as a $0.5 million increase in the accumulated other comprehensive loss associated with the investment securities portfolio was partially offset by a $0.3 million decrease in the accumulated other comprehensive loss on the interest rate swap contracts. The accumulated other comprehensive loss component of equity decreased by $3.6 million during the quarter due to a decline in the accumulated other comprehensive loss on the investment securities portfolio. The change in the accumulated other comprehensive loss is primarily the result of movements in the fair market value of the investment securities portfolio attributable to interest rates and not related to credit quality.
Allowance for Credit Losses and Credit Quality
The ACL as a percentage of gross loans decreased to 1.47% as of September 30, 2025, from 1.50% as of June 30, 2025, and 1.53% as of September 30, 2024. The decline in the ACL as a percentage of gross loans over the last twelve months reflects the continued stable credit profile of the loan portfolio.
Nonperforming assets were $0.7 million as of September 30, 2025, down from $1.7 million as of June 30, 2025, and up from $0.4 million on September 30, 2024. Nonperforming assets as a percentage of total assets were 0.04% as of September 30, 2025, down from 0.09% as of June 30, 2025, and up from 0.02% as of September 30, 2024.
Regulatory Capital
The Bank's reported regulatory capital ratio exceeded the ratio generally required to be considered a "well capitalized" financial institution for regulatory purposes. The Community Bank Leverage Ratio for the Bank was 11.29%, as of September 30, 2025, compared with the requirement of 9.00% to generally be considered a "well capitalized" financial institution for regulatory purposes. The Bank's Community Bank Leverage ratio has decreased by 12 and 14 basis points, from 11.41% and 11.43%, as of the periods ended September 30, 2024, and June 30, 2025, respectively. During the last year, earnings growth was outpaced by the combined impact of growth in average assets and dividends paid by the Bank to the Company, resulting in a decrease in the Bank's Community Bank Leverage ratio compared to the prior year.
Stock Repurchase Program
On April 28, 2025, the Company announced the extension of its plan Rule 10b5-1 (the "2022 10b5-1 Plan") to facilitate the repurchase of its common stock. Pursuant to the 2022 10b5-1 Plan, a maximum of $3.0 million of the Company's common stock may be repurchased by the Company. The previous extension under the Plan expired on April 24, 2025, and the Company extended the Plan for an additional six months, through October 23, 2025. The Company may suspend or discontinue the Plan at any time. Hilltop Securities, Inc. is acting as the Company's agent to purchase its shares on pre-arranged terms pursuant to the 2022 10b5-1 Plan.
During the third quarter of 2025 the Company repurchased 1,872 shares under the 2022 10b5-1 Plan at an average price of $93.73. Since Plan inception the Company has repurchased 21,425 shares at an average price of $90.70.
About Mission Bancorp and Mission Bank
With $2.0 billion in assets, Mission Bancorp is headquartered in Bakersfield, California and is the holding company of three wholly owned subsidiaries, Mission Bank, Mission 1031 Exchange, LLC, and Mission Community Development, LLC. Mission Bank has eight Business Banking Centers, serving the greater areas of Bakersfield, Lancaster, San Luis Obispo, Stockton, Ventura, and Visalia, California. Visit Mission Bank online at www.missionbank.bank. By including the foregoing website address, Mission Bancorp does not intend to and shall not be deemed to incorporate by reference any material contained therein.
Forward Looking Statements
This press release may contain forward-looking statements that are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, rapid and/or unanticipated deposit withdrawals, the unavailability of sources of liquidity, additional regulatory requirements that may be imposed on community banks or banks in general, general and industry-specific changes in market conditions, investor reaction to industry developments, government regulations and general economic conditions, and competition within the business areas in which the bank is conducting its operations, including the real estate market in California and other factors beyond the bank's control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. Readers should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.
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MISSION BANCORP |
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CONSOLIDATED BALANCE SHEETS |
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(Unaudited) |
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(Dollars in thousands) |
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Variance |
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September 30, 2025 |
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June 30, 2025 |
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December 31, 2024 |
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September 30, 2024 |
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09/25 - 06/25 |
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09/25 - 09/24 |
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Assets |
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Cash and due from banks |
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$ 45,853 |
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$ 65,544 |
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$ 46,596 |
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$ 53,048 |
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$ (19,691) |
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$ (7,195) |
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Interest earning deposits in other banks |
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207,788 |
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136,287 |
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246,872 |
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252,204 |
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71,501 |
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(44,416) |
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Total cash and cash equivalents |
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253,641 |
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201,831 |
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293,468 |
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305,252 |
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51,810 |
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(51,611) |
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Interest earning deposits maturing over ninety days |
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490 |
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490 |
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490 |
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490 |
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- |
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- |
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Investment securities available-for-sale, at fair value |
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248,109 |
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250,199 |
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244,922 |
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234,146 |
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(2,090) |
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13,963 |
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Loans |
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1,416,607 |
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1,355,615 |
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1,290,802 |
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1,244,803 |
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60,992 |
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171,804 |
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Allowance for credit losses |
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(20,799) |
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(20,332) |
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(19,423) |
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(19,022) |
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(467) |
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(1,777) |
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Loans, net |
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1,395,808 |
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1,335,283 |
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1,271,379 |
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1,225,781 |
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60,525 |
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170,027 |
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Premises and equipment, net |
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2,762 |
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2,855 |
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2,785 |
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2,873 |
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(93) |
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(111) |
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Bank owned life insurance |
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22,372 |
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22,211 |
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21,899 |
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21,743 |
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161 |
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629 |
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Deferred tax asset, net |
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15,027 |
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16,595 |
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16,364 |
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13,909 |
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(1,568) |
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1,118 |
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Interest receivable and other assets |
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28,575 |
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29,277 |
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24,549 |
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26,566 |
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(702) |
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2,009 |
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Total Assets |
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$ 1,966,784 |
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$ 1,858,741 |
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$ 1,875,856 |
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$ 1,830,760 |
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$ 108,043 |
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$ 136,024 |
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Liabilities and Shareholders' Equity |
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Deposits |
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Noninterest-bearing demand |
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$ 671,285 |
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$ 635,530 |
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$ 646,129 |
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$ 627,404 |
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$ 35,755 |
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$ 43,881 |
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Interest bearing |
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1,057,847 |
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992,734 |
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1,003,196 |
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980,406 |
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65,113 |
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77,441 |
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|
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Total deposits |
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1,729,132 |
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1,628,264 |
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1,649,325 |
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1,607,810 |
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100,868 |
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121,322 |
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|
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Other borrowings |
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- |
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- |
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- |
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- |
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- |
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- |
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Subordinated debentures, net of issuance costs |
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11,977 |
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11,966 |
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21,934 |
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21,916 |
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11 |
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(9,939) |
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Interest payable and other liabilities |
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13,929 |
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19,183 |
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15,111 |
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16,249 |
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(5,254) |
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(2,320) |
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Total Liabilities |
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1,755,038 |
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1,659,413 |
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1,686,370 |
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1,645,975 |
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95,625 |
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109,063 |
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Shareholders' Equity |
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Common stock |
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101,495 |
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101,331 |
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89,496 |
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89,182 |
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164 |
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12,313 |
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Retained earnings |
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125,444 |
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116,806 |
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118,248 |
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110,583 |
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8,638 |
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14,861 |
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Accumulated other comprehensive loss |
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(15,193) |
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(18,809) |
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(18,258) |
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(14,980) |
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3,616 |
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(213) |
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|
|
|
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Total shareholders' equity |
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211,746 |
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199,328 |
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189,486 |
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184,785 |
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12,418 |
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26,961 |
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Total Liabilities and Shareholders' Equity |
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$ 1,966,784 |
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$ 1,858,741 |
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$ 1,875,856 |
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$ 1,830,760 |
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$ 108,043 |
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$ 136,024 |
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SBA Paycheck Protection Program Loans |
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306 |
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355 |
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452 |
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501 |
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(49) |
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(195) |
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MISSION BANCORP |
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CONSOLIDATED STATEMENTS OF INCOME |
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(Unaudited) |
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(Dollars in thousands) |
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For the Three Months Ended |
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For the Nine Months Ended |
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Variance |
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Variance |
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September 30, 2025 |
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June 30, 2025 |
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September 30, 2024 |
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09/25 - 06/25 |
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09/25 - 09/24 |
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September 30, 2025 |
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September 30, 2024 |
|
09/25 - 09/24 |
|
Interest and Dividend Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Loans |
|
$ 22,867 |
|
$ 20,920 |
|
$ 20,479 |
|
$ 1,947 |
|
$ 2,388 |
|
$ 64,321 |
|
$ 59,587 |
|
$ 4,734 |
|
|
|
Investment securities |
|
2,430 |
|
2,449 |
|
2,541 |
|
(19) |
|
(111) |
|
7,213 |
|
7,584 |
|
(371) |
|
|
|
Other |
|
2,566 |
|
2,558 |
|
2,780 |
|
8 |
|
(214) |
|
7,796 |
|
5,945 |
|
1,851 |
|
|
|
|
Total interest and dividend income |
|
27,863 |
|
25,927 |
|
25,800 |
|
1,936 |
|
2,063 |
|
79,330 |
|
73,116 |
|
6,214 |
|
Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Other deposits |
|
7,244 |
|
7,020 |
|
6,395 |
|
224 |
|
849 |
|
20,852 |
|
16,260 |
|
4,592 |
|
|
|
Time deposits |
|
509 |
|
608 |
|
938 |
|
(99) |
|
(429) |
|
1,975 |
|
2,343 |
|
(368) |
|
|
|
|
Total interest expense on deposits |
|
7,753 |
|
7,628 |
|
7,333 |
|
125 |
|
420 |
|
22,827 |
|
18,603 |
|
4,224 |
|
|
Other borrowings |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
315 |
|
(315) |
|
|
|
Subordinated debentures |
|
124 |
|
202 |
|
268 |
|
(78) |
|
(144) |
|
593 |
|
803 |
|
(210) |
|
|
|
|
Total interest expense |
|
7,877 |
|
7,830 |
|
7,601 |
|
47 |
|
276 |
|
23,420 |
|
19,721 |
|
3,699 |
|
Net Interest Income |
|
19,986 |
|
18,097 |
|
18,199 |
|
1,889 |
|
1,787 |
|
55,910 |
|
53,395 |
|
2,515 |
||
|
Credit Loss Expense |
|
466 |
|
750 |
|
394 |
|
(284) |
|
72 |
|
1,371 |
|
1,069 |
|
302 |
||
|
Net Interest Income After Provision |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
for Credit Losses |
|
19,520 |
|
17,347 |
|
17,805 |
|
2,173 |
|
1,715 |
|
54,539 |
|
52,326 |
|
2,213 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Interest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Service charges, fees and other income |
|
1,195 |
|
1,153 |
|
1,084 |
|
42 |
|
111 |
|
3,414 |
|
3,006 |
|
408 |
|
|
|
Farmer Mac referral and servicing fees |
|
293 |
|
389 |
|
345 |
|
(96) |
|
(52) |
|
969 |
|
971 |
|
(2) |
|
|
|
SBA servicing fees and gain on sale of loans |
|
362 |
|
305 |
|
1,032 |
|
57 |
|
(670) |
|
907 |
|
1,673 |
|
(766) |
|
|
|
Loss on sale of securities |
|
- |
|
(49) |
|
- |
|
49 |
|
- |
|
(49) |
|
(31) |
|
(18) |
|
|
|
|
Total non-interest income |
|
1,850 |
|
1,798 |
|
2,461 |
|
52 |
|
(611) |
|
5,241 |
|
5,619 |
|
(378) |
|
Non-Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Salaries and benefits |
|
5,915 |
|
5,732 |
|
5,402 |
|
183 |
|
513 |
|
17,581 |
|
16,189 |
|
1,392 |
|
|
|
Professional services |
|
1,010 |
|
1,558 |
|
1,555 |
|
(548) |
|
(545) |
|
3,607 |
|
3,866 |
|
(259) |
|
|
|
Occupancy and equipment |
|
599 |
|
583 |
|
589 |
|
16 |
|
10 |
|
1,758 |
|
1,750 |
|
8 |
|
|
|
Data processing and communication |
|
380 |
|
382 |
|
418 |
|
(2) |
|
(38) |
|
1,128 |
|
1,219 |
|
(91) |
|
|
|
Other |
|
1,197 |
|
6,431 |
|
1,263 |
|
(5,234) |
|
(66) |
|
8,941 |
|
3,710 |
|
5,231 |
|
|
|
|
Total non-interest expense |
|
9,101 |
|
14,686 |
|
9,227 |
|
(5,585) |
|
(126) |
|
33,015 |
|
26,734 |
|
6,281 |
|
Net Income Before Provision for Income Taxes |
|
12,269 |
|
4,459 |
|
11,039 |
|
7,810 |
|
1,230 |
|
26,765 |
|
31,211 |
|
(4,446) |
||
|
Provision for Income Taxes |
|
3,631 |
|
1,323 |
|
3,194 |
|
2,308 |
|
437 |
|
7,839 |
|
8,734 |
|
(895) |
||
|
Net Income |
|
$ 8,638 |
|
$ 3,136 |
|
$ 7,845 |
|
$ 5,502 |
|
$ 793 |
|
$ 18,926 |
|
$ 22,477 |
|
$ (3,551) |
||
|
MISSION BANCORP |
||||||||||||
|
FINANCIAL HIGHLIGHTS |
||||||||||||
|
(Unaudited) |
||||||||||||
|
(Dollars in thousands, except per share data) |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of or for the Three Months Ended |
|
As of or for the Nine Months Ended |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2025 |
|
June 30, 2025 |
|
December 31, 2024 |
|
September 30, 2024 |
|
September 30, 2025 |
|
September 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of total loans to total deposits |
|
81.93 % |
|
83.26 % |
|
78.26 % |
|
77.42 % |
|
81.93 % |
|
77.42 % |
|
Return on average assets |
|
1.77 % |
|
0.67 % |
|
1.64 % |
|
1.77 % |
|
1.34 % |
|
1.78 % |
|
Return on average equity |
|
16.71 % |
|
6.28 % |
|
16.27 % |
|
17.43 % |
|
12.67 % |
|
17.70 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
4.27 % |
|
4.07 % |
|
3.96 % |
|
4.31 % |
|
4.14 % |
|
4.44 % |
|
Efficiency ratio |
|
41.68 % |
|
73.82 % |
|
42.03 % |
|
44.66 % |
|
53.99 % |
|
45.30 % |
|
Non-interest expense as a percent of average assets |
|
1.86 % |
|
3.15 % |
|
1.74 % |
|
2.08 % |
|
2.33 % |
|
2.12 % |
|
Non-interest income as a percent of average assets |
|
0.38 % |
|
0.39 % |
|
0.34 % |
|
0.56 % |
|
0.37 % |
|
0.44 % |
|
Community Bank Leverage Ratio |
|
11.29 % |
|
11.43 % |
|
11.07 % |
|
11.41 % |
|
11.63 % |
|
11.41 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding - basic* |
|
2,780,176 |
|
2,783,721 |
|
2,767,351 |
|
2,765,518 |
|
2,780,163 |
|
2,756,186 |
|
Weighted average shares outstanding - diluted* |
|
2,835,219 |
|
2,834,836 |
|
2,821,693 |
|
2,811,947 |
|
2,834,136 |
|
2,802,360 |
|
Shares outstanding at period end - basic* |
|
2,778,710 |
|
2,780,875 |
|
2,768,438 |
|
2,765,308 |
|
2,778,710 |
|
2,765,308 |
|
Earnings per share - basic |
|
$ 3.11 |
|
$ 1.13 |
|
$ 2.77 |
|
$ 2.84 |
|
$ 6.81 |
|
$ 8.16 |
|
Earnings per share - diluted |
|
$ 3.05 |
|
$ 1.11 |
|
$ 2.72 |
|
$ 2.79 |
|
$ 6.68 |
|
$ 8.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ 1,966,784 |
|
$ 1,858,741 |
|
$ 1,875,856 |
|
$ 1,830,760 |
|
$ 1,966,784 |
|
$ 1,830,760 |
|
Loans and leases net of deferred fees |
|
$ 1,416,607 |
|
$ 1,355,615 |
|
$ 1,290,802 |
|
$ 1,244,803 |
|
$ 1,416,607 |
|
$ 1,244,803 |
|
Noninterest-bearing demand deposits |
|
$ 671,285 |
|
$ 635,530 |
|
$ 646,129 |
|
$ 627,404 |
|
$ 671,285 |
|
$ 627,404 |
|
Total deposits |
|
$ 1,729,132 |
|
$ 1,628,264 |
|
$ 1,649,325 |
|
$ 1,607,810 |
|
$ 1,729,132 |
|
$ 1,607,810 |
|
Noninterest-bearing deposits as a percentage total deposits |
|
38.82 % |
|
39.03 % |
|
39.18 % |
|
39.02 % |
|
38.82 % |
|
39.02 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total assets |
|
$ 1,940,923 |
|
$ 1,868,348 |
|
$ 1,863,633 |
|
$ 1,763,476 |
|
$ 1,891,668 |
|
$ 1,688,433 |
|
Average total equity |
|
$ 205,128 |
|
$ 200,310 |
|
$ 187,377 |
|
$ 179,068 |
|
$ 199,688 |
|
$ 169,671 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity / total assets |
|
10.77 % |
|
10.72 % |
|
10.10 % |
|
10.09 % |
|
10.77 % |
|
10.09 % |
|
Book value per share |
|
$ 76.20 |
|
$ 71.68 |
|
$ 68.44 |
|
$ 66.82 |
|
$ 76.20 |
|
$ 66.82 |
|
|
||||
|
*Outstanding shares adjusted for 5% dividend declared on April 24, 2025. |
|
MISSION BANCORP |
|||||||||||||||
|
AVERAGE BALANCES AND RATES |
|||||||||||||||
|
(Unaudited) |
|||||||||||||||
|
(Dollars in thousands) |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended |
|
For the Quarter Ended |
|
For the Quarter Ended |
||||||
|
|
|
|
|
|
September 30, 2025 |
|
June 30, 2025 |
|
September 30, 2024 |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average |
Income / |
Yield / |
|
Average |
Income / |
Yield / |
|
Average |
Income / |
Yield / |
|
|
|
|
|
|
Balance |
Expense |
Rate |
|
Balance |
Expense |
Rate |
|
Balance |
Expense |
Rate |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Interest earning deposits in other banks |
|
$ 215,227 |
$ 2,396 |
4.42 % |
|
$ 213,500 |
$ 2,373 |
4.46 % |
|
$ 192,115 |
$ 2,634 |
5.45 % |
||
|
|
Investment securities |
|
248,188 |
2,430 |
3.88 % |
|
246,748 |
2,449 |
3.98 % |
|
234,076 |
2,541 |
4.32 % |
||
|
|
Loans |
|
1,381,406 |
22,867 |
6.57 % |
|
1,313,087 |
20,920 |
6.39 % |
|
1,244,631 |
20,479 |
6.55 % |
||
|
|
Other earning assets |
|
|
10,846 |
170 |
6.22 % |
|
9,027 |
185 |
8.22 % |
|
9,003 |
146 |
6.45 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Earning Assets |
|
1,855,667 |
27,863 |
5.96 % |
|
1,782,362 |
25,927 |
5.83 % |
|
1,679,825 |
25,800 |
6.11 % |
|
|
|
Non-interest earning assets |
|
85,256 |
|
|
|
85,986 |
|
|
|
83,651 |
|
|
||
|
|
|
Total Assets |
|
$ 1,940,923 |
|
|
|
$ 1,868,348 |
|
|
|
$ 1,763,476 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Capital |
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Interest-bearing deposits |
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
Interest-bearing transaction accounts |
|
$ 945,762 |
$ 7,224 |
3.03 % |
|
$ 910,089 |
$ 6,985 |
3.08 % |
|
$ 791,777 |
$ 6,221 |
3.13 % |
|
|
|
|
Time deposits |
|
64,596 |
509 |
3.13 % |
|
72,975 |
608 |
3.34 % |
|
89,877 |
938 |
4.15 % |
|
|
|
|
1031 Exchange deposits |
|
51,365 |
20 |
0.15 % |
|
34,358 |
35 |
0.41 % |
|
53,047 |
174 |
1.30 % |
|
|
|
|
|
Total interest-bearing deposits |
|
1,061,723 |
7,753 |
2.90 % |
|
1,017,422 |
7,628 |
3.01 % |
|
934,701 |
7,333 |
3.12 % |
|
|
Borrowed funds |
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
Other borrowings |
|
3 |
- |
4.87 % |
|
- |
- |
0.00 % |
|
- |
- |
0.00 % |
|
|
|
|
Subordinated debt |
|
11,971 |
124 |
4.11 % |
|
17,343 |
202 |
4.67 % |
|
21,905 |
268 |
4.87 % |
|
|
|
|
|
Total interest-bearing liabilities |
|
1,073,697 |
7,877 |
2.91 % |
|
1,034,765 |
7,830 |
3.04 % |
|
956,606 |
7,601 |
3.16 % |
|
|
Noninterest-bearing deposits |
|
643,854 |
|
|
|
616,724 |
|
|
|
612,272 |
|
|
||
|
|
|
|
Total Funding |
|
1,717,551 |
7,877 |
1.82 % |
|
1,651,489 |
7,830 |
1.90 % |
|
1,568,878 |
7,601 |
1.93 % |
|
|
Other noninterest-bearing liabilities |
|
18,244 |
|
|
|
16,549 |
|
|
|
15,530 |
|
|
||
|
|
|
Total Liabilities |
|
1,735,795 |
|
|
|
1,668,038 |
|
|
|
1,584,408 |
|
|
|
|
|
|
Total Capital |
|
205,128 |
|
|
|
200,310 |
|
|
|
179,068 |
|
|
|
|
|
|
|
Total Liabilities and Capital |
|
$ 1,940,923 |
|
|
|
$ 1,868,348 |
|
|
|
$ 1,763,476 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Margin |
|
4.27 % |
|
|
|
4.07 % |
|
|
|
4.31 % |
|
|
||
|
|
Net Interest Spread |
|
4.14 % |
|
|
|
3.93 % |
|
|
|
4.18 % |
|
|
||
|
MISSION BANCORP |
|||||||||||
|
AVERAGE BALANCES AND RATES |
|||||||||||
|
(Unaudited) |
|||||||||||
|
(Dollars in thousands) |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended |
|
For the Nine Months Ended |
||||
|
|
|
|
|
|
September 30, 2025 |
|
September 30, 2024 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average |
Income / |
Yield / |
|
Average |
Income / |
Yield / |
|
|
|
|
|
|
Balance |
Expense |
Rate |
|
Balance |
Expense |
Rate |
|
Assets |
|
|
|
|
|
|
|
|
|||
|
|
Interest earning deposits in other banks |
|
$ 220,206 |
$ 7,287 |
4.42 % |
|
$ 135,176 |
$ 5,462 |
5.40 % |
||
|
|
Investment securities |
|
245,581 |
7,213 |
3.93 % |
|
236,261 |
7,584 |
4.29 % |
||
|
|
Loans |
|
1,331,449 |
64,321 |
6.46 % |
|
1,225,041 |
59,587 |
6.50 % |
||
|
|
Other earning assets |
|
|
9,640 |
509 |
7.06 % |
|
8,991 |
483 |
7.18 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Earning Assets |
|
1,806,876 |
79,330 |
5.87 % |
|
1,605,469 |
73,116 |
6.08 % |
|
|
|
Non-interest earning assets |
|
84,792 |
|
|
|
82,964 |
|
|
||
|
|
|
Total Assets |
|
$ 1,891,668 |
|
|
|
$ 1,688,433 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Capital |
|
|
|
|
|
|
|
|
|||
|
|
Interest-bearing deposits |
|
|
|
|
|
|
|
|
||
|
|
|
Interest-bearing transaction accounts |
|
$ 911,546 |
$ 20,751 |
3.04 % |
|
$ 726,364 |
$ 15,888 |
2.92 % |
|
|
|
|
Time deposits |
|
76,558 |
1,975 |
3.45 % |
|
79,977 |
2,343 |
3.91 % |
|
|
|
|
1031 Exchange deposits |
|
40,753 |
101 |
0.33 % |
|
48,586 |
372 |
1.02 % |
|
|
|
|
|
Total interest-bearing deposits |
|
1,028,857 |
22,827 |
2.97 % |
|
854,927 |
18,603 |
2.91 % |
|
|
Borrowed funds |
|
|
|
|
|
|
|
|
||
|
|
|
Other borrowings |
|
1 |
- |
0.00 % |
|
8,851 |
315 |
4.75 % |
|
|
|
|
Subordinated debt |
|
17,048 |
593 |
4.65 % |
|
21,888 |
803 |
4.90 % |
|
|
|
|
|
Total interest-bearing liabilities |
|
1,045,906 |
23,420 |
2.99 % |
|
885,666 |
19,721 |
2.97 % |
|
|
Noninterest-bearing deposits |
|
628,918 |
|
|
|
616,896 |
|
|
||
|
|
|
|
Total Funding |
|
1,674,824 |
23,420 |
1.87 % |
|
1,502,562 |
19,721 |
1.75 % |
|
|
Other noninterest-bearing liabilities |
|
17,156 |
|
|
|
16,200 |
|
|
||
|
|
|
Total Liabilities |
|
1,691,980 |
|
|
|
1,518,762 |
|
|
|
|
|
|
Total Capital |
|
199,688 |
|
|
|
169,671 |
|
|
|
|
|
|
|
Total Liabilities and Capital |
|
$ 1,891,668 |
|
|
|
$ 1,688,433 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Margin |
|
4.14 % |
|
|
|
4.44 % |
|
|
||
|
|
Net Interest Spread |
|
4.00 % |
|
|
|
4.33 % |
|
|
||
|
MISSION BANCORP |
||||||||||||||
|
LOAN DETAIL |
||||||||||||||
|
(Unaudited) |
||||||||||||||
|
(Dollars in thousands) |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Variance |
|||||||||||
|
|
|
|
|
September 30, 2025 |
|
June 30, 2025 |
|
December 31, 2024 |
|
September 30, 2024 |
|
09/25 - 06/25 |
|
09/25 - 09/24 |
|
Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction and land development |
|
$ 63,454 |
|
$ 45,471 |
|
$ 59,474 |
|
$ 56,554 |
|
$ 17,983 |
|
$ 6,900 |
|
|
|
Secured by farmland |
|
155,882 |
|
154,032 |
|
137,376 |
|
133,597 |
|
1,850 |
|
22,285 |
|
|
|
Residential 1 to 4 units |
|
67,517 |
|
65,603 |
|
61,596 |
|
51,834 |
|
1,914 |
|
15,683 |
|
|
|
Multi-family |
|
72,470 |
|
67,589 |
|
47,050 |
|
40,770 |
|
4,881 |
|
31,700 |
|
|
|
Owner occupied commercial real estate |
|
515,348 |
|
504,883 |
|
525,745 |
|
524,860 |
|
10,465 |
|
(9,512) |
|
|
|
Non-owner occupied commercial real estate |
|
257,864 |
|
242,205 |
|
195,339 |
|
190,642 |
|
15,659 |
|
67,222 |
|
|
|
Commercial and industrial |
|
194,741 |
|
184,405 |
|
170,433 |
|
160,887 |
|
10,336 |
|
33,854 |
|
|
|
Agricultural production |
|
92,042 |
|
92,609 |
|
95,669 |
|
88,060 |
|
(567) |
|
3,982 |
|
|
|
Other loans |
|
239 |
|
1,611 |
|
684 |
|
129 |
|
(1,372) |
|
110 |
|
|
|
Net Deferred Fees-Costs |
|
(2,951) |
|
(2,793) |
|
(2,564) |
|
(2,530) |
|
(158) |
|
(421) |
|
|
|
|
Total Loans |
|
$ 1,416,607 |
|
$ 1,355,615 |
|
$ 1,290,802 |
|
$ 1,244,803 |
|
$ 60,992 |
|
$ 171,804 |
|
MISSION BANCORP |
||||||||||
|
Credit Quality |
||||||||||
|
(Unaudited) |
||||||||||
|
(Dollars in thousands) |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2025 |
|
June 30, 2025 |
|
December 31, 2024 |
|
September 30, 2024 |
|
Asset quality |
|
|
|
|
|
|
|
|
|
|
|
Loans past due 90 days or more and accruing interest |
|
|
$ - |
|
$ - |
|
$ - |
|
$ - |
|
|
Nonaccrual loans |
|
|
$ 717 |
|
$ 1,698 |
|
$ 1,062 |
|
$ 399 |
|
|
Restructured loans |
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming restructured loans |
|
|
$ - |
|
$ - |
|
$ - |
|
$ - |
|
|
Performing restructured loans |
|
|
$ - |
|
$ - |
|
$ - |
|
$ - |
|
Other real estate owned |
|
|
$ - |
|
$ - |
|
$ - |
|
$ - |
|
|
Total nonperforming assets |
|
|
$ 717 |
|
$ 1,698 |
|
$ 1,062 |
|
$ 399 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses to total loans |
|
|
1.47 % |
|
1.50 % |
|
1.50 % |
|
1.53 % |
|
|
Allowance for credit losses to nonperforming loans |
|
|
2901.06 % |
|
1197.41 % |
|
1828.91 % |
|
4767.42 % |
|
|
Nonaccrual loans to total loans |
|
|
0.05 % |
|
0.13 % |
|
0.08 % |
|
0.03 % |
|
|
Nonperforming assets to total assets |
|
|
0.04 % |
|
0.09 % |
|
0.06 % |
|
0.02 % |
|
SOURCE Mission Bank
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