Mission Valley Bancorp Reports Record First Quarter Earnings
SUN VALLEY, Calif., April 24, 2018 /PRNewswire/ -- Mission Valley Bancorp (OTCQX: MVLY) President & CEO Tamara Gurney announces year to date net income of $1,384,000 for the period ended March 31, 2018 – the strongest first quarter in the history of the company.
Gurney stated, "Mission Valley Bancorp has once again achieved a benchmark quarter close, reaching net income of $1,384,000. As of March 31, 2018 earnings per share rose to $0.43, up 10% from the $0.39 reported at March 31, 2017. In recognition of our company's steady performance, the OTCQX named Mission Valley Bancorp among the 'Best 50' performing companies based on total return and growth in average daily dollar volume in 2017 and a direct reflection of the company's commitment to increasing shareholder value and liquidity (the OTCQX is the top tier of the three marketplaces for over-the-counter stock trading and is operated by the OTC Markets Group.)"
Gurney continued, "I am equally pleased to share that, for the third consecutive year, Mission Valley also achieved the prestigious ranking as one of California's 2017 'Super Premier Performing Banks' by the Findley Reports. The Findley Reports, a highly regarded consulting and reporting firm for the financial industry, has been recognizing the performance of California and Western Region banking institutions for 52 years and we are very proud of this distinction."
Net Interest Income (after provision for loan losses) remained constant, closing the first quarter of 2018 at $3.5 million from the $3.4 million reported on March 31, 2017. Total other income also held steady, closing the first quarter at $1.47 million as of March 31, 2018, as compared to $1.48 million, reported on March 31, 2017.
Reflective of the sale of $10.4 million of SBA Loans to the secondary market during the first quarter of 2018, net loans as of March 31, 2018 were reported at $222 million, an 8.6% decrease from the $242 million reported as of December 31, 2017. Total assets closed the first quarter 2018 at $335 million, up slightly by 1.5%, from $330 million reported for December 31, 2017. Total deposits closed the first quarter of 2018 at $284 million, a 1.4% increase from $280 million as of December 31, 2017. Total liabilities closed the first quarter of 2018 at $304 million as compared to $300 million at year end, December 31, 2017.
Both Mission Valley Bancorp and Mission Valley Bank capital ratios continue to exceed regulatory requirements with Mission Valley Bancorp reporting a Total Leverage Ratio of 11.4%, Common Equity Tier 1 Capital Ratio of 12.6%, Tier 1 Capital Ratio of 14.9%, and a Total Capital Ratio of 16.2%. Likewise, Mission Valley Bank reported a Total Leverage Ratio of 14.1%, Common Equity Tier 1 Capital Ratio of 18.5%, Tier 1 Capital Ratio of 18.5%, and a Total Capital Ratio of 19.7%. Regulatory requirements for a "well-capitalized bank" are 5%, 6.5%, 8% and 10%, respectively.
Gurney concluded, "Mission Valley is a relationship driven, community based business bank. We have built an extraordinary team and culture, dedicated to ensuring that we do what is right for our clients, our shareholders and the communities we serve. The combination of a sound, diversified balance sheet, solid capital base, and strong team, secure our course of steady and controlled growth throughout 2018 and beyond."
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.
Forward-looking statements:
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. www.MissionValleyBank.com
SOURCE Mission Valley Bancorp
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