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Mission Valley Bancorp reports quarterly and annual results for its community banking business under the MVLY symbol on OTCQX. Company updates focus on net income, diluted earnings per share, net interest income, loan and deposit growth, core deposit initiatives, asset quality, credit-loss provisions, liquidity, and regulatory capital ratios.
Recurring announcements also cover Mission Valley Bank branch activity in Southern California, including full-service branch expansion, digital transformation initiatives, Small Business Administration loan sales, servicing asset adjustments, cash dividends, shareholder meeting dates, and management commentary on loan portfolio monitoring and local economic conditions.
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Mission Valley Bancorp (OTCQX: MVLY) reported a net income of $4.8 million, or $1.45 per diluted share for 2022, down slightly from $5.0 million, or $1.50 per diluted share in 2021. For Q4 2022, net income rose to $1.1 million or $0.32 per diluted share. The company declared a cash dividend of $0.15 per share, payable on or about February 28, 2023. Key achievements include a $122.4 million increase in gross loans, representing a growth of 38.86%, and a net interest income increase of $4.3 million, or 26.56%, to $20.3 million.
Mission Valley Bancorp (MVLY) reported a net income of $0.7 million or $0.20 per diluted share for Q2 2022, a decrease from $1.6 million or $0.48 per diluted share in Q2 2021. For the first six months of 2022, net income was $1.9 million, down from $2.4 million year-over-year. Notable highlights included a 13.63% increase in net interest income to $4.6 million and a 38.93% growth in gross loans, totaling $372.7 million. The Company maintains a strong capital position with no non-accrual loans as of June 30, 2022.
Mission Valley Bancorp (MVLY) reported a significant increase in net income for 2021, reaching $5.0 million or $1.50 per diluted share, compared to $2.3 million in 2020. The company declared a cash dividend of $0.15 per share on January 25, 2022, payable on February 28, 2022. Key highlights include a 20.91% increase in total assets to $576.5 million and net interest income growth of 6.86%. The fourth quarter net income was $862 thousand, reflecting strong loan and deposit growth.
Mission Valley Bancorp (OTCQX: MVLY) reported a net income of $1.7 million or $0.52 per diluted share for Q3 2021, up from $2 thousand in Q3 2020. For the first nine months of 2021, net income reached $4.1 million, compared to $1.2 million in 2020. Total assets declined to $445.0 million from $469.5 million a year earlier. The bank experienced a growth in gross loans and reported $718 thousand in gains from SBA loan sales.
Mission Valley Bancorp (OTCQX: MVLY) reported a net income of $1.6 million or $0.48 per diluted share for Q2 2021, a significant increase compared to $398 thousand or $0.12 per diluted share in Q2 2020. For the first half of 2021, net income reached $2.4 million, up from $1.2 million in 2020. Highlights include $38.9 million in PPP loans sold, contributing $747 thousand in gains, and strong capital ratios exceeding regulatory requirements.
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.