MISSION BANCORP - MSBC STOCK NEWS

Mission Bancorp (OTC Pink: MSBC) has announced the extension of its Rule 10b5-1 stock repurchase plan through April 24, 2025. The extended plan authorizes the company to repurchase up to $1.0 million of its common stock, with previous unused funds being removed. Hilltop Securities will act as the company's agent for share purchases. Mission Bancorp, with $1.8 billion in assets, operates through four subsidiaries including Mission Bank, which has eight Business Banking Centers across California.

Mission Bancorp (OTC Pink: MSBC) reported Q3 2024 net income of $7.8 million, or $2.93 per diluted share, compared to $8.0 million in Q3 2023 and $7.3 million in Q2 2024. Key highlights include:

- Gross loans increased 7.3% YoY to $1.24 billion

- Total deposits grew 14.4% YoY to $1.61 billion, with 33% annualized growth in Q3

- Net interest income was $18.2 million, with a 4.31% net interest margin

- Non-interest income increased 71.3% YoY to $2.5 million

- Credit quality remains strong with nonaccrual loans at 0.03% of total gross loans

- The Bank's Community Bank Leverage Ratio was 11.41%

Mission Bancorp continues to show strong deposit growth and stable earnings despite the challenging rate environment.

Mission Bancorp (OTC Pink: MSBC) reported Q2 2024 net income of $7.3 million, or $2.73 per diluted share, unchanged from Q1 2024 but down 5.2% from Q2 2023. Key highlights include:

- Gross loans increased 5.9% YoY to $1.23 billion
- Total deposits grew 7.5% YoY to $1.48 billion
- Net interest margin was 4.47%, down from 4.68% in Q2 2023
- Efficiency ratio increased to 47.3% from 42.9% in Q2 2023
- Community Bank Leverage Ratio improved to 11.81%

The bank faced industry challenges but reported strong deposit growth. Credit quality remained strong with nonaccrual loans at 0.04% of total gross loans. Mission Bancorp was included in American Banker's list of top 20 performing publicly traded banks under $2 billion in assets.

Mission Bancorp announced the extension of its stock repurchase plan and the approval of a 5.00% annual stock dividend. The extension of the repurchase plan allows the company to repurchase its common stock up to $1.0 million. The stock dividend will be issued on June 3, 2024, to shareholders of record as of May 20, 2024.

Mission Bancorp reported first-quarter earnings of $7.3 million with annual loan growth of 8.9%. The net income available to common shareholders was $2.90 per diluted common share, showing a strong start to the year. Despite challenges in the banking industry due to inflationary pressures and competition for deposits, Mission maintained conservative balance sheet management and ample liquidity. Key financial highlights include gross loans increasing by $100.2 million, total deposits increasing by $59.7 million, and non-interest-bearing deposits representing 43.3% of total deposits. The ACL as a percentage of gross loans increased to 1.54%. Net interest income was $17.7 million, with a net interest margin of 4.54%. Non-interest income was $1.6 million, and non-interest expense increased by $0.5 million. The operating efficiency ratio was 44.0%, and the return on average equity was 18.3%. Total assets increased by $92.6 million, and total shareholders' equity was $165.1 million. The ACL increased to 1.54% to address ongoing economic uncertainties. The Bank's Community Bank Leverage Ratio was 11.59%, exceeding the requirement to be considered a 'well-capitalized' financial institution.

Mission Bancorp (MSBC) announces the retirement of Daniele Beasley from the Board of Directors, thanking her for her contributions.

Mission Bancorp reported strong financial results for the fourth quarter of 2023, with net income available to common shareholders of $7.8 million and gross loans and total deposits showing significant increases. The company's net interest income, provision for credit losses, non-interest income, and non-interest expenses also displayed notable variances when compared to the linked quarter and the same period a year ago.

Mission Bancorp announces the retirement of Arnold Cattani, Chairman Emeritus and Current Director, and the appointment of Emmy Cattani from Cattani Farming, Ranching & Real Estate, and Michael Hair, Jr. from Real Estate Development and Construction, to the board of directors. This strategic move aligns with the bank's 25th-anniversary celebration and aims to position the organization for future growth and success.

Mission Bancorp extends its 10b5-1 Plan to repurchase its common stock, allowing for the repurchase of up to $1.0 million worth of shares. The extension is valid for an additional six months.