Mission Valley Bancorp Reports First Quarter 2021 Results

Mission Valley Bancorp (OTCQX: MVLY) reported a net income of $822 thousand or $0.25 per diluted share for Q1 2021, slightly up from $816 thousand in Q1 2020.

Rhea-AI Summary

Mission Valley Bancorp (OTCQX: MVLY) reported a net income of $822 thousand or $0.25 per diluted share for Q1 2021, slightly up from $816 thousand in Q1 2020. Highlights include a 13.52% increase in net interest income to $4.1 million and a 19.90% growth in gross loans amounting to $327.6 million. The company also made $32.9 million in PPP loan originations. No provision for loan losses was reported, alongside strong capital ratios with a Total Leverage Ratio of 10.62%. A new subsidiary, Mission SBA Loan Servicing, LLC, was also established.

Positive

• Net income increased to $822 thousand, or $0.25 per diluted share.
• Net interest income rose by $491 thousand, or 13.52%, to $4.1 million.
• Gross loans grew to $327.6 million, a 19.90% increase.
• Established new subsidiary, Mission SBA Loan Servicing, LLC, enhancing revenue potential.
• No provision for loan losses and $102 thousand in net recoveries.

Negative

• None.

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SUN VALLEY, Calif., April 30, 2021 /PRNewswire/ -- Mission Valley Bancorp (OTCQX: MVLY, "Mission Valley", or the "Company") announced today net income of $822 thousand, or $0.25 per diluted share, for the first quarter of 2021 compared to net income of $816 thousand, or $0.25 per diluted share, for the first quarter of 2020.

First Quarter 2021 Highlights

• Net income of $822 thousand or $0.25 per diluted share.
• No provision for loan losses and $102 thousand in net recoveries from previously charged-off loans.
• Net interest income after provision for loan and lease losses increased $491 thousand, or 13.52%, to $4.1 million, compared to the first quarter of 2020.
• Gross loans grew to $327.6 million, an increase of $54.1 million, or 19.90%, and $6.8 million, or 2.14%, compared to March 31, 2020 and December 31, 2020, respectively.
• SBA Paycheck Protection Program ("PPP") loan originations of $32.9 million and loan forgiveness of $20.2 million.
• Utilized excess liquidity to pay-off $26.6 million in FRB PPP Lending Facility borrowings.
• Non-performing loans of $178 thousand, a decrease of $909 thousand, or 83.6%, compared to March 31, 2020 and no change from December 31, 2020.
• Capital ratios remain strong at March 31, 2021 as reflected by Total Leverage Ratio of 10.62%, Common Equity Tier 1 Capital Ratio of 13.73%, Tier 1 Capital Ratio of 15.73%, and Total Risk Based Capital of 16.98%.
• Established a de novo SBA lender service provider ("LSP") subsidiary, Mission SBA Loan Servicing, LLC, in March 2021 that will provide SBA lending services to other financial institutions.

Tamara Gurney, President and CEO, stated, "We are proud of the Company's solid first quarter operating results which has remained focused on serving our clients and communities."

Gurney continued, "The first quarter has also brought about some exciting enhancements to the Company with the formation of Mission SBA Loan Servicing, LLC. The new SBA LSP platform, combined with the core operations of Mission Valley Bank, will create additional non-interest income and contribute to Mission Valley's franchise value."

About Mission Valley Bank
Mission Valley Bank is a full-service, independent, commercial bank specializing in the banking needs of small to medium businesses. Mission Valley Bank has full service branches in the San Fernando & Santa Clarita Valleys as well as a Loan Production Office located in the South Bay. 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.

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SOURCE Mission Valley Bancorp

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Mission Valley Bancorp's Q1 2021 net income results?

Mission Valley Bancorp reported a net income of $822 thousand, or $0.25 per diluted share for Q1 2021.

How much did the gross loans increase for Mission Valley Bancorp in Q1 2021?

Gross loans increased by $54.1 million, or 19.90%, reaching $327.6 million compared to Q1 2020.

What is the Total Leverage Ratio for Mission Valley Bancorp as of March 31, 2021?

The Total Leverage Ratio for Mission Valley Bancorp was 10.62% as of March 31, 2021.

Did Mission Valley Bancorp provide for loan losses in Q1 2021?

No provision for loan losses was reported for Q1 2021.

What new initiative did Mission Valley Bancorp launch in March 2021?

Mission Valley Bancorp established a new subsidiary, Mission SBA Loan Servicing, LLC, to provide SBA lending services.