SUN VALLEY, Calif., Nov. 25, 2011 /PRNewswire/ -- Mission Valley Bancorp (parent company of Mission Valley Bank (OTCBB: MVLY.OB)), today announced the company's September 30, 2011 year to date earnings of $608,000 (unaudited).
"As Mission Valley continues to celebrate our 10th year serving the financial needs of the San Fernando and Santa Clarita Valleys, we are pleased to report continuing improved earnings for 2011. While the economy remains flat, MVB's continued, steady improvement (over 2010) supports our Bank's outlook that we have returned to a stronger course of performance and profitability." President and CEO, Tamara Gurney stated, "While assets have dipped slightly (5.65%), our earning engine remains strong and continues to allow us the necessary flexibility to respond quickly when opportunities and / or challenges present themselves."
Gurney continued, "Our credit portfolio continues to improve, as demonstrated by the fact that non-performing loans to total loans have decreased to 2.17% (from 4.54% at September 30, 2010) and non-performing assets to total assets are currently at 1.60% (from 3.44% for the same period last year). Both are strong indicators that MVB has turned a very positive corner."
Mission Valley continues to far exceed all requirements as a well-capitalized institution with a Tier 1 Risk Based Capital to Assets Ratio of 18.6%, providing significant insulation to assist in managing whatever asset quality issues that may arise as our community continues to rebuild.
Gurney concluded, "Although we remain cautious, we continue to see signs of recovery in our local economy and are looking forward to continued steady improvement in 2012 for both our Bank and our clients. We are committed to earning the role as our client's Trusted Advisors and are focused on delivering 'best of class' financial solutions and services to our community."
About Mission Valley Bank
Mission Valley Bank is a full-service, independent, commercial bank specializing in the banking needs of small to medium businesses in the San Fernando & Santa Clarita Valleys. The Bank was chartered in July 2001, with a vision of local ownership and a commitment to providing financial solutions to meet the needs of its clients.
Certain matters discussed in this news release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon current management expectations and, therefore, are subject to certain risks and uncertainties that could cause actual results, performance, or achievements to differ materially from those expressed, suggested, or implied by the forward-looking statements. Forward-looking statements are effective only as of the date that they are made and Mission Valley Bank assumes no obligation to update this information.
SOURCE Mission Valley Bancorp