Mission Valley Bancorp Reports Record Third Quarter Earnings
SUN VALLEY, Calif., Oct. 23, 2015 /PRNewswire/ -- Mission Valley Bancorp (OTCQX: MVLY) President & CEO Tamara Gurney announced the company's year to date net income of $1,753,000 for the period ended September 30, 2015 – the strongest 3rd quarter in the history of the company.
President and CEO Tamara Gurney stated, "2015 is proving to be a strong year for Mission Valley Bancorp and Bank. We have achieved 3 record setting quarters, most recently closing the books for September with net income of $1,753,000 – a 71% increase over the $1,025,000 reported at September 30, 2014." Net interest income reached $8.85 million at quarter end as compared to $8.36 million reported September 30, 2014, a 5.9% increase year over year. Interest expense declined to $427,000 through September of 2015 from $498,000 for the same period in 2014 – an improvement of more than 14%. Non-interest income grew to $2.2 million at September 30, 2015 as compared to $2.04 million for the same period in 2014, up more than 8%. Rounding out the 3rd quarter, total operating expense was reduced by more than 6%, at $7.78 million through the first nine months of 2015 compared to $8.29 million for the same period last year.
Gurney continued, "Net loans grew to $193 million at September 2015 as compared to $176 million for the same period last year, reflecting an increase of nearly 10%. Improvement in asset quality has allowed for this significant growth in loans without need for additional provision expense. We closed the 3rd quarter of 2015 with total deposits of $238.5 million, up 8.8% from the $219.1 million reported at September 30, 2014. As a result, total assets also grew by 7.75% to $280 million from $260 million reported at September 30, 2014."
Mission Valley Bancorp capital ratios continue to far exceed regulatory requirements with a Total Leverage Ratio of 13.9%, Common Equity Tier 1 Capital Ratio of 10.4%, Tier 1 Capital Ratio of 17.8% and a Total Capital Ratio of 19.1%. Regulatory requirements for a "well-capitalized bank" are 5%, 6.5%, 8% and 10%, respectively.
Gurney continued, "Mission Valley continues to realize the benefits of actions taken in recent years. Streamlining operations and building efficiencies have produced solid results and enabled us to set the pace for a record year."
Gurney concluded, "Mission Valley is well positioned to build upon our successes. Our team is focused on the future and is looking ahead with the expectation of continued steady growth benefiting our Bank, our communities, our shareholders and our clients."
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.
SOURCE Mission Valley Bancorp
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