Mission Valley Bancorp Reports First Quarter Results

Rhea-AI Summary

Mission Valley Bancorp reported a net income of $1.6 million ($0.47 per diluted share) for Q1 2025, slightly down from $1.7 million ($0.51 per diluted share) in Q1 2024. The bank announced a cash dividend of $0.15 per share, payable June 2, 2025.

Key highlights include:

• Net Interest Income rose 15.89% to $7.8 million
• Net Interest Margin improved to 4.87%
• Total Assets increased 4.28% to $706.3 million
• Total Deposits grew 7.38% to $592.0 million
• Gross Loans expanded 2.61% to $561.3 million

The bank's capital position remains strong with a Leverage Ratio of 10.11% and Total Risk Based Capital Ratio of 12.35%. Asset quality metrics show $9.3 million in Non-Accrual Loans and an Allowance for Credit Losses at 1.48% of Gross Loans.

Positive

• Net interest income increased 15.89% to $7.8M in Q1 2025
• Net interest margin improved to 4.87% from 4.34% YoY
• Total deposits grew by $40.7M (7.38%) to $592.0M
• Strong capital position with 10.11% Leverage Ratio
• Consistent dividend payment of $0.15/share for fourth consecutive year
• SBA loan sales increased to $14.9M from $12.2M YoY

Negative

• Net income declined to $1.6M ($0.47/share) from $1.7M ($0.51/share) YoY
• Non-interest income decreased 7.74% YoY
• Non-accrual loans increased to $9.3M from $5.3M
• Potential impact of tariffs on loan portfolio noted as risk

SUN VALLEY, Calif., April 30, 2025 /PRNewswire/ -- Mission Valley Bancorp (OTCQX: MVLY, "Mission Valley", or the "Company") announced today net income of $1.6 million, or $0.47 per diluted share, for the first quarter of 2025, compared to a net income of $1.7 million, or $0.51 per diluted share, for the first quarter of 2024.

Mission Valley's board of directors declared a cash dividend of $0.15 per share on April 22, 2025. The dividend will be payable on or about June 2, 2025 to shareholders of record as of the close of business on May 19, 2025.

Tamara Gurney, President and Chief Executive Officer, commented, "Coming on the heels of a stellar 2024, I am proud to report our strong operating results for the first quarter highlighted by deposit growth of $40.7 million, as our core deposit initiatives continue to gain traction, and net income of $1.6 million. Our credit quality remains solid and we are closely and proactively monitoring our loan portfolio for the potential impact of tariffs."

Ms. Gurney continued, "Lastly, I am pleased to announce cash dividends for the fourth consecutive year in the amount of $0.15 per common share."

First Quarter 2025 Highlights

• Net Income of $1.6 million or $0.47 per diluted share.
• Net Interest Income was $7.8 million for the first quarter of 2025, an increase of $1.1 million, or 15.89%, compared to the first quarter of 2024.
• Net Interest Margin of 4.87% for the first quarter of 2025 compared to 4.34% for the first quarter of 2024.
• Non-Interest Income was $2.1 million for the first quarter of 2025, a decrease of $0.2 million, or 7.74%, compared to the first quarter of 2024.
• $14.9 million in SBA loans were sold resulting in gain on sale of $0.7 million in the first quarter of 2025, compared to $12.2 million in SBA loans sold and gain on sale of $0.7 million in the first quarter of 2024.

Balance Sheet Highlights

• Total Assets were $706.3 million as of March 31, 2025, an increase of $29.0 million, or 4.28%, compared to December 31, 2024.
• Gross Loans were $561.3 million as of March 31, 2025, an increase of $14.3 million, or 2.61%, compared to December 31, 2024.
• Total Deposits were $592.0 million as of March 31, 2025, an increase of $40.7 million, or 7.38%, compared to December 31, 2024. Brokered Deposits were $43.7 million as of March 31, 2025, a decrease of $16.2 million, or 27.05%, compared to December 31, 2024.

Asset Quality

• $24 thousand in net recoveries from previously charged-off loans in the first quarter of 2025, compared to $20 thousand in net recoveries in the first quarter of 2024.
• $4.7 million in Past Due Loans as of March 31, 2025, compared to $5.3 million in Past Due Loans as of December 31, 2024.
• $23.5 million in Classified Loans as of March 31, 2025, compared to $26.4 million in Classified Loans as of December 31, 2024.
• $9.3 million in Non-Accrual Loans as of March 31, 2025, compared to $5.3 million in Non-Accrual Loans as of December 31, 2024.
• Provision for Credit Losses of $0.2 million for the first quarter of 2025.
• The Allowance for Credit Losses was $8.3 million, or 1.48% of Gross Loans, as of March 31, 2025, compared to $8.0 million, or 1.48% of Gross Loans, as of December 31, 2024.

Capital and Liquidity

• Capital position remains strong, which is reflected by Leverage Ratio of 10.11%, Common Equity Tier 1 Capital Ratio of 10.15%, Tier 1 Capital ratio of 11.10%, and Total Risk Based Capital Ratio of 12.35%.
• Available borrowing capacity of $211.5 million as of March 31, 2025, an increase of $2.8 million, or 1.34%, compared to December 31, 2024.
• Unpledged available-for-sale investment securities of $45.0 million as of March 31, 2025.

About Mission Valley Bancorp
Mission Valley Bancorp is a bank holding company headquartered in Sun Valley, California with two wholly owned subsidiaries Mission Valley Bank (the "Bank") and Mission SBA Loan Servicing LLC ("Mission SBA"). The Bank was founded in 2001 and is a full-service, independent, commercial bank specializing in the banking needs of small to medium businesses with full service branches in the San Fernando & Santa Clarita Valleys. Mission SBA is a de novo SBA lender service provider ("LSP") established in March 2021 that provides SBA lending services to other financial institutions.

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 the Company assumes no obligation to update this information.www.MissionValleyBank.com.

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SOURCE Mission Valley Bancorp

FAQ

What is Mission Valley Bancorp's (MVLY) earnings per share for Q1 2025?

Mission Valley Bancorp reported earnings of $0.47 per diluted share in Q1 2025, compared to $0.51 per diluted share in Q1 2024.

How much dividend will MVLY pay shareholders in June 2025?

Mission Valley Bancorp declared a cash dividend of $0.15 per share, payable on June 2, 2025, to shareholders of record as of May 19, 2025.

What was MVLY's deposit growth in Q1 2025?

Mission Valley Bancorp's total deposits increased by $40.7 million, representing a 7.38% growth to $592.0 million as of March 31, 2025.

How did Mission Valley's (MVLY) net interest income change in Q1 2025?

Net interest income increased by $1.1 million (15.89%) to $7.8 million in Q1 2025 compared to Q1 2024, with net interest margin improving from 4.34% to 4.87%.

What is MVLY's loan quality status as of March 2025?

As of March 31, 2025, MVLY reported $9.3 million in non-accrual loans, with an allowance for credit losses of $8.3 million (1.48% of gross loans).

How much did Mission Valley Bancorp (MVLY) earn from SBA loan sales in Q1 2025?

MVLY sold $14.9 million in SBA loans during Q1 2025, generating a gain on sale of $0.7 million.