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Mission Bancorp Reports First Quarter Earnings of $7.2 Million.

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Mission Bancorp (MSBC) reported Q1 2025 net income of $7.2 million ($2.66 per diluted share), compared to $7.3 million in Q1 2024. The company demonstrated strong growth with year-over-year increases in loans (6%) and deposits (17%), reaching $1.30 billion and $1.65 billion respectively.

Net interest income was $17.8 million with a margin of 4.06%. Credit quality remained robust with nonaccrual loans at 0.07% of total gross loans. The Bank's Community Bank Leverage Ratio stood at 11.47%. Notable metrics include noninterest-bearing deposits at $626.7 million (37.9% of total deposits) and an allowance for credit losses at 1.51% of gross loans.

The operating efficiency ratio increased to 47.5% in Q1 2025, while return on average equity decreased to 15.0% from 18.4% year-over-year. Total assets grew 15.1% to $1.89 billion compared to Q1 2024.

Mission Bancorp (MSBC) ha riportato un utile netto di 7,2 milioni di dollari nel primo trimestre 2025 (2,66 dollari per azione diluita), rispetto a 7,3 milioni nel primo trimestre 2024. L'azienda ha mostrato una forte crescita con aumenti annui dei prestiti del 6% e dei depositi del 17%, raggiungendo rispettivamente 1,30 miliardi di dollari e 1,65 miliardi di dollari.

Il reddito netto da interessi è stato di 17,8 milioni di dollari con un margine del 4,06%. La qualità del credito è rimasta solida, con prestiti non redditizi pari allo 0,07% del totale dei prestiti lordi. Il rapporto di leva della banca comunitaria si è attestato all'11,47%. Tra i dati rilevanti, i depositi senza interessi ammontano a 626,7 milioni di dollari (37,9% del totale dei depositi) e le rettifiche per perdite su crediti sono al 1,51% dei prestiti lordi.

Il rapporto di efficienza operativa è salito al 47,5% nel primo trimestre 2025, mentre il ritorno sul patrimonio medio è sceso al 15,0% dal 18,4% anno su anno. Gli attivi totali sono cresciuti del 15,1%, raggiungendo 1,89 miliardi di dollari rispetto al primo trimestre 2024.

Mission Bancorp (MSBC) reportó un ingreso neto de 7,2 millones de dólares en el primer trimestre de 2025 (2,66 dólares por acción diluida), en comparación con 7,3 millones en el primer trimestre de 2024. La compañía mostró un fuerte crecimiento con aumentos interanuales en préstamos (6%) y depósitos (17%), alcanzando 1,30 mil millones de dólares y 1,65 mil millones de dólares respectivamente.

El ingreso neto por intereses fue de 17,8 millones de dólares con un margen del 4,06%. La calidad crediticia se mantuvo sólida, con préstamos en mora representando el 0,07% del total de préstamos brutos. El índice de apalancamiento del banco comunitario fue del 11,47%. Entre las métricas destacadas, los depósitos sin intereses alcanzaron 626,7 millones de dólares (37,9% del total de depósitos) y la provisión para pérdidas crediticias fue del 1,51% de los préstamos brutos.

El índice de eficiencia operativa aumentó al 47,5% en el primer trimestre de 2025, mientras que el retorno sobre el capital promedio disminuyó al 15,0% desde 18,4% interanual. Los activos totales crecieron un 15,1%, llegando a 1,89 mil millones de dólares en comparación con el primer trimestre de 2024.

미션 뱅코프(Mission Bancorp, MSBC)는 2025년 1분기 순이익으로 720만 달러(희석 주당 2.66달러)를 보고했으며, 이는 2024년 1분기의 730만 달러와 비슷한 수치입니다. 회사는 대출이 6%, 예금이 17% 증가하는 등 전년 대비 강한 성장을 보였으며, 각각 13억 달러와 16억 5천만 달러에 도달했습니다.

순이자수익은 1,780만 달러로 마진은 4.06%였습니다. 신용 품질은 견고하게 유지되어 부실 대출은 총 대출의 0.07%에 불과했습니다. 은행의 커뮤니티 뱅크 레버리지 비율은 11.47%였습니다. 주요 지표로는 비이자 예금이 6억 2,670만 달러(전체 예금의 37.9%)이며, 대출 총액 대비 대손충당금은 1.51%였습니다.

2025년 1분기 운영 효율성 비율은 47.5%로 상승했으며, 평균 자기자본 수익률은 전년 동기 대비 18.4%에서 15.0%로 하락했습니다. 총 자산은 15.1% 증가하여 18억 9천만 달러에 이르렀습니다.

Mission Bancorp (MSBC) a annoncé un bénéfice net de 7,2 millions de dollars au premier trimestre 2025 (2,66 dollars par action diluée), comparé à 7,3 millions au premier trimestre 2024. La société a affiché une forte croissance avec des augmentations annuelles des prêts (+6 %) et des dépôts (+17 %), atteignant respectivement 1,30 milliard de dollars et 1,65 milliard de dollars.

Le revenu net d’intérêts s’est élevé à 17,8 millions de dollars avec une marge de 4,06 %. La qualité du crédit est restée solide, les prêts non productifs représentant 0,07 % du total des prêts bruts. Le ratio de levier de la banque communautaire s’est établi à 11,47 %. Parmi les indicateurs notables figurent les dépôts sans intérêts à 626,7 millions de dollars (37,9 % du total des dépôts) et la provision pour pertes sur prêts à 1,51 % des prêts bruts.

Le ratio d’efficacité opérationnelle a augmenté à 47,5 % au premier trimestre 2025, tandis que le retour sur capitaux propres moyens a diminué à 15,0 % contre 18,4 % sur un an. Le total des actifs a progressé de 15,1 %, atteignant 1,89 milliard de dollars par rapport au premier trimestre 2024.

Mission Bancorp (MSBC) meldete für das erste Quartal 2025 einen Nettogewinn von 7,2 Millionen US-Dollar (2,66 US-Dollar je verwässerter Aktie), verglichen mit 7,3 Millionen US-Dollar im ersten Quartal 2024. Das Unternehmen verzeichnete ein starkes Wachstum mit einem Jahresvergleichsanstieg der Kredite um 6 % und der Einlagen um 17 %, die jeweils 1,30 Milliarden US-Dollar bzw. 1,65 Milliarden US-Dollar erreichten.

Der Nettozinsertrag betrug 17,8 Millionen US-Dollar bei einer Marge von 4,06 %. Die Kreditqualität blieb robust, wobei notleidende Kredite 0,07 % der gesamten Bruttokredite ausmachten. Die Community Bank Leverage Ratio der Bank lag bei 11,47 %. Zu den bemerkenswerten Kennzahlen zählen nicht verzinste Einlagen in Höhe von 626,7 Millionen US-Dollar (37,9 % der Gesamteinlagen) und eine Rückstellung für Kreditverluste von 1,51 % der Bruttokredite.

Die operative Effizienzquote stieg im ersten Quartal 2025 auf 47,5 %, während die Eigenkapitalrendite auf durchschnittliches Eigenkapital von 18,4 % im Jahresvergleich auf 15,0 % sank. Die Gesamtaktiva wuchsen um 15,1 % auf 1,89 Milliarden US-Dollar im Vergleich zum ersten Quartal 2024.

Positive
  • Strong deposit growth of 16.6% YoY to $1.65 billion
  • Solid loan growth of 5.6% YoY to $1.30 billion
  • Robust credit quality with only 0.07% nonaccrual loans
  • Strong capital position with 11.47% Community Bank Leverage Ratio
  • High proportion (37.9%) of noninterest-bearing deposits
Negative
  • Net income declined 2.7% YoY to $7.2 million
  • Net interest margin decreased to 4.06% from 4.55% YoY
  • Operating efficiency ratio deteriorated to 47.5% from 44.0% YoY
  • Return on average equity declined to 15.0% from 18.4% YoY
  • Non-interest expense increased 8.6% YoY to $9.2 million

BAKERSFIELD, Calif., April 21, 2025 /PRNewswire/ -- Mission Bancorp ("Mission" or the "Company") (OTC Pink: MSBC), a bank holding company and parent of Mission Bank (the "Bank"), reported unaudited net income available to common shareholders of $7.2 million, or $2.66 per diluted common share, for the first quarter of 2025, compared to net income available to common shareholders of $7.3 million, or $2.77 per diluted common share, for the first quarter of 2024, and net income available to common shareholders of $7.7 million, or $2.85 per diluted common share, for the linked quarter.

"The Company achieved strong results with year-over-year loan and deposit growth of 6% and 17%, respectively. Net income of $7.2 million is flat year over year; due to our asset sensitive balance sheet we saw a shrinking net interest margin, which offset the growth in loans and deposits," said Mission Bank President and CEO AJ Antongiovanni. Antongiovanni continued, "Historically we see limited deposit and loan growth in Q1 which is true of this year, but if we look back to Q1 2024 our loan growth and deposit growth is incredibly strong and that's the true indication of Mission's healthy trajectory. Looking forward, the unknown impacts of tariffs and the resulting uncertainty in the markets could impact our industry and the industries of our customers, but Mission Bank is ready. We have strong capital levels and reserves compared to our peers and are prepared to navigate the economic instability that could arise. I want to thank our customers for continuing this journey with us, the strength of our partnerships and your integrity set Mission Bank apart from the rest."

First Quarter 2025 Financial Highlights

  • Gross loans increased by $69.0 million, or 5.6%, to $1.30 billion as of March 31, 2025, compared to $1.23 billion as of March 31, 2024 and increased by $8.0 million, or 0.6%, compared to December 31, 2024, balances.

  • Total deposits increased by $235.3 million, or 16.6%, to $1.65 billion as of March 31, 2025, compared with $1.42 billion a year earlier, and increased by $2.9 million, or 0.2%, from $1.65 billion as of December 31, 2024. Noninterest-bearing deposits were $626.7 million and represent 37.9% of total deposits as of March 31, 2025.

  • The allowance for credit losses ("ACL") as a percentage of gross loans declined from 1.54% as of March 31, 2024, to 1.51% as of March 31, 2025.

  • Credit quality remains strong with nonaccrual loans representing 0.07% of total gross loans as of March 31, 2025, up from 0.06% as of March 31, 2024.

  • The Community Bank Leverage Ratio for the Bank as of March 31, 2025, was 11.47%, compared to 11.59% as of March 31, 2024.

Net Income Available to Common Shareholders

Net income available to common shareholders for the first quarter of 2025 was $7.2 million, or $2.66 per diluted common share, compared with $7.7 million, or $2.85 per diluted common share, for the linked quarter ended December 31, 2024. Net income available to common shareholders was $7.3 million, or $2.77 per diluted common share, for the first quarter of 2024. Net income available to common shareholders decreased $0.5 million, or 6.7%, compared to the linked quarter, and decreased $0.2 million, or 2.7%, compared to the same prior year period.

Notable variances compared to the linked quarter include an increase in non-interest expense, partially offset by a decrease in the provision for credit losses. Compared to the first quarter of 2024, an increase in non-interest expense was partially offset by a decrease in the provision for credit losses and an increase in net interest income.

Net Interest Income

Net interest income was $17.8 million, or 4.06%, of average earning assets ("net interest margin"), for the first quarter of 2025, compared with $17.7 million, or a net interest margin of 4.55%, for the same period a year earlier, and $17.7 million, or a net interest margin of 3.96%, for the quarter ended December 31, 2024.

Net interest income increased nominally by $0.1 million, or 0.7%, compared to the same prior year period, due primarily to an increase in interest income, which was partially offset by an increase in interest expense. Loan interest income and fee accretion increased by $1.2 million compared to the same prior year, due primarily to growth in the loan portfolio coupled with a relatively stable yield on loans. Additionally, interest income from interest earning deposits in other banks increased by $1.1 million, due primarily to growth in interest earning cash balances, partially offset by a decline in yields. Interest expense increased $1.9 million compared to the first quarter of 2024, due to average balance growth and increased costs on interest-bearing deposits, net of decreased costs associated with other borrowings.

Net interest income increased nominally by $0.1 million, or 0.5%, for the quarter ended March 2025, compared to the linked quarter, due primarily to a decrease in interest expense on deposits which more than offset a decrease in interest income. Interest expense on deposits decreased $0.6 million, for the current quarter, compared to the linked quarter, due to decreased costs on interest bearing deposits and marginally higher average balances. Interest income decreased $0.5 million for the current quarter, compared to the linked quarter, due primarily to lower average balances and yields on interest earning deposits in other banks, partially offset by higher average balances and yields on loans.

The net interest margin was 4.06% for the quarter ended March 31, 2025, compared to 4.55% for the same prior year period, and 3.96% for the linked quarter ended December 31, 2024. During the past year, asset yields have declined 24 basis points while the cost of interest-bearing liabilities has risen 28 basis points, contributing to the 49 basis point decline in the quarterly net interest margin. The Federal Reserve began lowering rates in the latter half of 2024, impacting the shorter end of the yield curve, which lowered the yield on interest bearing deposits in other banks and the Company's variable rate loans. Additionally, the average balances of interest-bearing liabilities increased 21.8%, outpacing the growth in interest-earning assets of 14.0% over the last year, thereby lowering the Company's net interest margin.

The 10 basis point increase in the net interest margin for the first quarter of 2025, compared to the linked quarter, was primarily driven by a 19 basis point decline in the Company's cost of interest-bearing liabilities, while earning asset yields remained relatively stable, resulting in net interest margin expansion. The reduction in funding costs was in response to the recent decline in short term capital markets interest rates.

The yield on loans, interest earning deposits in other banks, and investment securities, decreased by 3 basis points to 6.41%, 91 basis points to 4.40%, and by 44 basis points to 3.92%, respectively, compared to the same prior year period. Additionally, average balances on loans increased $92.5 million, or 7.66%, average balances on interest earning deposits in other banks increased $122.9 million, or 112.6%, and average balances on investment securities increased $3.1 million, or 1.28%, compared to the same prior year period. The cost of interest-bearing deposits increased 35 basis points to 3.00%, while the average balances of interest-bearing deposits increased $203.9 million, or 25.4%, compared to the same period last year.

The yield on loans increased by 3 basis points to 6.41%, while the yield on interest earning deposits in other banks decreased by 37 basis points to 4.40%, and the yield on investment securities was unchanged, for the quarter ended March 31, 2025, compared to the linked quarter. Additionally, average balances on loans increased $38.0 million, or 3.01%, average balances on interest earning deposits in other banks decreased $38.6 million, or 14.3%, and average balances on investment securities increased $1.0 million, or 0.41%, compared to the linked quarter. The cost of interest-bearing deposits decreased 20 basis points to 3.00%, while the average balances on interest-bearing deposits increased $6.5 million, or 0.65%, compared to the linked quarter.

The cost of funds was 1.89% for the quarter ended March 31, 2025, an increase of 30 basis points compared to 1.59%, for the same prior year period, and a decrease of 10 basis points compared to 1.99%, for the linked quarter ended December 31, 2024. The increase in the Company's cost of funds is generally attributable to the higher short term rate environment and increased competition for deposits. The Bank has continued to grow its total deposit accounts through both new customer acquisition and expansion of existing relationships over the past year. At the same time, our clients have continued to optimize the proportion of their operating account balances versus interest-bearing account balances. More recently, Federal Reserve rate cutting has helped alleviate some of the pressure on the cost of interest-bearing balances, providing modest relief in the competitive deposit environment. However, Mission continues to outperform peers by achieving lower deposit costs than peer averages. Compared to a peer group consisting of all California Commercial Banks from S&P Capital IQ as of December 31, 2024, Mission's cost of funds for the fourth quarter of 2024, was 20 basis points lower than the 2.19% peer average.

The Company holds two pay-fixed, receive floating, interest rate swap contracts with notional balances totaling $108 million, executed in the third quarter of 2023 to hedge against rising rates on a portion of its fixed rate loan and investment securities portfolios. Combined, for the first quarter of 2025, the linked quarter, and the first quarter of 2024, the interest rate swap contracts generated an additional $0.1 million, $0.2 million, and $0.4 million in interest income, respectively.

Provision for Credit Losses

A $0.2 million provision for credit losses was recorded for the quarter ended March 31, 2025, compared to $0.4 million for the linked quarter, and $0.7 million for the same period a year ago. The Company's quarterly credit loss provisions over the past year have been recorded primarily to account for growth in the loan portfolio and changes in macro-economic conditions which impact the calculated ACL under the current expected credit loss ("CECL") model, rather than in response to changing conditions in the Company's loan portfolio, which have remained stable, demonstrating a low credit risk profile during the past twelve months.

Non-Interest Income

Non-interest income remained consistent at $1.6 million for the quarter ended March 31, 2025, compared to the linked quarter, and the same period a year earlier. Compared to the linked quarter, notable variances include a decrease in Farmer Mac referral and servicing fees and an increase in SBA servicing fees and gain on sale. When compared to the same prior year period, notable variances include a decrease in SBA servicing fees and gain on sale of loans and an increase on service charges, fees, and other income.

Non-Interest Expense

Non-interest expense increased by $1.1 million, or 13.5%, to $9.2 million for the quarter ended March 31, 2025, compared to $8.1 million for the linked quarter, and increased by $0.7 million, or 8.6%, compared to $8.5 million for the quarter ended March 31, 2024.

The increase in non-interest expense for the first quarter of 2025, compared to the linked quarter, was primarily due to a $0.9 million increase in salaries and benefits expense, associated with increases in employee incentive compensation accruals, payroll taxes attributable to the resumption of accruals at the beginning of the year, deferred salary loan origination costs, and equity compensation expense.

The increase in non-interest expense for the first quarter of 2025 compared to the same period a year ago, was primarily due to a $0.5 million increase in salaries and benefits expense, primarily driven by higher employee compensation, including higher base compensation expense and associated payroll taxes, incentive compensation accruals, and employee 401(k) matching contributions, partially offset by lower temporary labor costs.

Operating Efficiency

The Company's operating efficiency ratio increased to 47.5% for the first quarter of 2025, compared to 44.0% for the first quarter of 2024, and 42.0% for the linked quarter. Total non-interest expense as a percentage of average assets, another measure of the Company's efficiency, was 2.01% for the first quarter of 2025, compared to 2.08% for the first quarter of 2024, and 1.74% for the quarter ended December 31, 2024.

Income Taxes

Income tax expense was $2.9 million for the first quarter of 2025, compared to $2.8 million for the quarter ended March 31, 2024, and $3.2 million for the linked quarter ended December 31, 2024. The Company's effective tax rate for the first quarter of 2025 was 28.8%, compared to 27.5% for the same period a year ago, and 29.1% for the quarter ended December 31, 2024. 

Asset and Equity Returns

The return on average equity for the first quarter of 2025 was 15.0%, down from 18.4% for the same prior year period, and down from 16.3% for the linked quarter. The quarterly return on average assets for the first quarter of 2025 was 1.56%, down from 1.80% for the same prior year period, and down from 1.64% for the linked quarter.

The decline in the quarterly returns on both average equity and average assets for the quarter ended March 31, 2025, compared to the first quarter of 2024, is primarily attributable to the 20.2% growth in average equity and the 13.3% growth in average assets.

The decline in the quarterly returns on both average equity and average assets for the first quarter of 2025, compared to the linked quarter, is primarily attributable to the growth in quarterly average equity and quarterly average assets coupled with a decline in quarterly net income.

Balance Sheet

Total assets increased by $247.1 million, or 15.1%, to $1.89 billion as of March 31, 2025, compared to March 31, 2024, and increased by $11.4 million, or 0.6%, compared to December 31, 2024. Cash and cash equivalents increased by $181.6 million, or 152.6%, to $300.5 million as of March 31, 2025, compared to the same prior year period, and increased by $7.1 million, or 2.4%, compared to December 31, 2024. The significant increase in the Company's cash position over the last year is primarily the result of robust deposit growth, net of the Federal Reserve Bank borrowing facility repayment upon maturity, and earnings, which outpaced loan portfolio growth. The increase in the Company's cash position over the past quarter is primarily due to continued strong earnings and deposit growth supported by the repayment and amortization of the investment portfolio, which outpaced loan portfolio growth.

Investment securities increased by $1.5 million or 0.6%, to $241.9 million as of March 31, 2025, compared to $240.4 million as of March 31, 2024, and decreased by $3.0 million, or 1.2%, compared to $244.9 million on December 31, 2024. The increase in the investment securities portfolio over the past year was primarily due to the purchase of new securities at higher yields to supplement lending demand and a decrease in unrealized losses on the investment securities portfolio attributable to market rate changes during the year, net of the repayment and amortization of the bond portfolio. The decrease in the investment portfolio during the first quarter of 2025, compared to the linked quarter, is generally attributable to the repayment and amortization of the bond portfolio, net of decreased unrealized losses on the investment securities portfolio attributable to market rate changes during the quarter.

Loans increased by $69.0 million, or 5.6%, to $1.30 billion as of March 31, 2025, compared to March 31, 2024, and increased by $8.0 million, or 0.6%, compared to December 31, 2024. Loan growth during the last year has been concentrated in non-owner occupied commercial real estate, multi-family, residential 1 to 4 units, and construction and land development segments of the loan portfolio, which were partially offset by the contraction in owner occupied commercial real estate and loans secured by farmland. Loan growth during the last quarter has been concentrated in non-owner occupied commercial real estate and multi-family loan segments of the loan portfolio, which were partially offset by the contraction in owner occupied commercial real estate and agricultural production loans.

Total deposits increased by $235.3 million, or 16.6%, to $1.65 billion as of March 31, 2025, from $1.42 billion as of March 31, 2024, and was relatively unchanged from December 31, 2024. Noninterest-bearing deposits increased by $13.8 million, or 2.3%, during the last year, and decreased by $19.4 million, or 3.0%, since December 31, 2024. The increase in non-interest-bearing deposits experienced over the last year is attributable to an increase in new account openings and the stabilization of deposit costs. However, non-interest-bearing accounts decreased during the last quarter, primarily due to cash utilization and cyclical fluctuations such as tax planning activities. Noninterest-bearing deposits represented 37.9% of total deposits on March 31, 2025.

Total shareholders' equity was $197.7 million as of March 31, 2025, an increase of $32.7 million, or 19.8%, compared to March 31, 2024, and an increase of $8.2 million, or 4.3%, compared to December 31, 2024, due primarily to quarterly earnings, net of changes in accumulated other comprehensive loss. The accumulated other comprehensive loss component of equity decreased $1.1 million during the past year resulting from a $1.7 million decrease in the accumulated other comprehensive loss on the investment securities portfolio, partially offset by a $0.6 million increase in the accumulated other comprehensive loss associated with the interest rate swap contract. The accumulated other comprehensive loss component of equity decreased $0.8 million during the quarter attributable to a $1.3 million decrease in the accumulated other comprehensive loss on the investment securities portfolio, partially offset by a $0.5 million increase in the accumulated other comprehensive loss associated with the swap contract. The decline in accumulated other comprehensive loss is primarily the result of an increase in the fair market value of our investment securities portfolio attributable to a decline in interest rates and not related to credit quality.

Allowance for Credit Losses and Credit Quality

The allowance for credit losses ("ACL") as a percentage of gross loans increased to 1.51% as of March 31, 2025, from 1.50% as of December 31, 2024, and declined from 1.54% as of March 31, 2024. The nominal decline in the ACL as a percentage of gross loans over the last twelve months reflects the continued stable credit profile of the loan portfolio and the relative stability of the factors that are inputs for the ACL model.

Nonperforming assets were $0.9 million on March 31, 2025, down from $1.1 million on December 31, 2024, and up from $0.7 million on March 31, 2024. Nonperforming assets as a percentage of total assets were 0.05% as of March 31, 2025, down from 0.06% as of December 31, 2024, and up from 0.04% as of March 31, 2024.

Regulatory Capital

The Bank's reported regulatory capital ratio exceeded the ratio generally required to be considered a "well capitalized" financial institution for regulatory purposes. The Community Bank Leverage Ratio for the Bank was 11.47%, as of March 31, 2025, compared with the requirement of 9.00% to generally be considered a "well capitalized" financial institution for regulatory purposes. The Bank's Community Bank Leverage ratio has decreased by 12 basis points from 11.59%, and increased by 40 basis points from 11.07%, as of the periods ended March 31, 2024, and December 31, 2024, respectively. Earnings have remained strong over the past year, however, the growth in average assets, coupled with dividends paid to the Company during 2024, have resulted in a decrease in the Bank's Community Bank Leverage ratio compared to the prior year.

Stock Repurchase Program

The Company announced on October 28, 2024, the extension of its plan Rule 10b5-1 (the "2022 10b5-1 Plan") to facilitate the repurchase of its common stock. Pursuant to the 2022 10b5-1 Plan, a maximum of $1.0 million of the Company's common stock may be repurchased by the Company. The previous extension under the Plan expired on October 25, 2024, and the Company extended the Plan for an additional six months, through April 24, 2025. The Company may suspend or discontinue the Plan at any time. Hilltop Securities, Inc. is acting as the Company's agent to purchase its shares on pre-arranged terms pursuant to the 2022 10b5-1 Plan.

During the first quarter of 2025 the Company repurchased 4,728 shares under the 2022 10b5-1 Plan at an average price of $96.16. Since Plan inception the Company has repurchased 12,499 shares at an average price of $89.18.

About Mission Bancorp and Mission Bank

With $1.9 billion in assets, Mission Bancorp is headquartered in Bakersfield, California and is the holding company of four wholly owned subsidiaries, Mission Bank, Mission 1031 Exchange, LLC, Mission Community Development, LLC, and Nosbig 88, Inc. Mission Bank has eight Business Banking Centers, serving the greater areas of Bakersfield, Lancaster, San Luis Obispo, Stockton, Ventura, and Visalia, California. Visit Mission Bank online at www.missionbank.bank. By including the foregoing website address, Mission Bancorp does not intend to and shall not be deemed to incorporate by reference any material contained therein.

Forward Looking Statements

This press release may contain forward-looking statements that are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, rapid and/or unanticipated deposit withdrawals, the unavailability of sources of liquidity, additional regulatory requirements that may be imposed on community banks or banks in general, general and industry-specific changes in market conditions, investor reaction to industry developments, government regulations and general economic conditions, and competition within the business areas in which the bank is conducting its operations, including the real estate market in California and other factors beyond the bank's control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. Readers should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.

MISSION BANCORP

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Dollars in thousands)


































Variance








March 31, 2025


December 31, 2024


September 30, 2024


March 31, 2024


03/25 - 12/24


03/25 - 03/24

Assets


















Cash and due from banks




$                             50,339


$                             46,596


$                             53,048


$                             38,183


$                  3,743


$                 12,156


Interest earning deposits in other banks



250,205


246,872


252,204


80,805


3,333


169,400



Total cash and cash equivalents



300,544


293,468


305,252


118,988


7,076


181,556


Interest earning deposits maturing over ninety days


490


490


490


490


-


-


Investment securities available-for-sale, at fair value


241,925


244,922


234,146


240,382


(2,997)


1,543


Loans 





1,298,780


1,290,802


1,244,803


1,229,803


7,978


68,977


Allowance for credit losses




(19,580)


(19,423)


(19,022)


(18,931)


(157)


(649)


Loans, net





1,279,200


1,271,379


1,225,781


1,210,872


7,821


68,328


Premises and equipment, net




2,855


2,785


2,873


3,133


70


(278)


Bank owned life insurance




22,054


21,899


21,743


21,435


155


619


Deferred tax asset, net




16,046


16,364


13,909


15,501


(318)


545


Interest receivable and other assets



24,119


24,549


26,566


29,320


(430)


(5,201)

Total Assets





$                        1,887,233


$                        1,875,856


$                        1,830,760


$                        1,640,121


$                 11,377


$               247,112



















Liabilities and Shareholders' Equity















Deposits


















Noninterest-bearing demand



$                           626,723


$                           646,129


$                           627,404


$                           612,876


$               (19,406)


$                 13,847



Interest bearing 




1,025,549


1,003,196


980,406


804,088


22,353


221,461




Total deposits




1,652,272


1,649,325


1,607,810


1,416,964


2,947


235,308



Other borrowings




-


-


-


20,000


-


(20,000)



Subordinated debentures, net of issuance costs


21,952


21,934


21,916


21,881


18


71



Interest payable and other liabilities



15,282


15,111


16,249


16,215


171


(933)

Total Liabilities





1,689,506


1,686,370


1,645,975


1,475,060


3,136


214,446



















Shareholders' Equity

















Common stock




89,829


89,496


89,182


77,743


333


12,086



Retained earnings




125,400


118,248


110,583


105,953


7,152


19,447



Accumulated other comprehensive loss



(17,502)


(18,258)


(14,980)


(18,635)


756


1,133




Total shareholders' equity



197,727


189,486


184,785


165,061


8,241


32,666


Total Liabilities and Shareholders' Equity



$                        1,887,233


$                        1,875,856


$                        1,830,760


$                        1,640,121


$                 11,377


$               247,112





































SBA Paycheck Protection Program Loans



414


452


501


597


(38)


(183)

 

MISSION BANCORP

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(Dollars in thousands)





































 Three Months Ended  












Variance







March 31, 2025


December 31, 2024


March 31, 2024


03/25 - 12/24


03/25 - 03/24

Interest and Dividend Income













Loans




$                              20,533


$                              20,233


$                              19,319


$                     300


$                  1,214


Investment securities



2,334


2,374


2,584


(40)


(250)


Other




2,673


3,433


1,597


(760)


1,076



Total interest and dividend income


25,540


26,040


23,500


(500)


2,040

Interest Expense













Other deposits 



6,587


7,044


4,622


(457)


1,965


Time deposits



859


991


675


(132)


184



Total interest expense on deposits


7,446


8,035


5,297


(589)


2,149


Other borrowings



-


-


234


-


(234)


Subordinated debentures



268


268


268


-


-



Total interest expense



7,714


8,303


5,799


(589)


1,915

Net Interest Income



17,826


17,737


17,701


89


125

Provision for Credit Losses



155


400


675


(245)


(520)

Net Interest Income After Provision












for Credit Losses



17,671


17,337


17,026


334


645
















Non-Interest Income













Gain on sale of premises and equipment


2


-


-


2


2


Service charges, fees and other income


1,065


1,078


942


(13)


123


Farmer Mac referral and servicing fees


287


363


293


(76)


(6)


SBA servicing fees and gain on sale of loans


240


168


375


72


(135)


Loss on sale of securities 



-


-


(11)


-


11



Total non-interest income


1,594


1,609


1,599


(15)


(5)

Non-Interest Expense













Salaries and benefits



5,935


5,047


5,402


888


533


Professional services



1,039


1,018


975


21


64


Occupancy and equipment



576


571


572


5


4


Data processing and communication


367


402


397


(35)


(30)


Other




1,310


1,093


1,148


217


162



Total non-interest expense


9,227


8,131


8,494


1,096


733

Net Income Before Provision for Income Taxes

10,038


10,815


10,131


(777)


(93)

Provision for Income Taxes



2,886


3,150


2,783


(264)


103

Net Income




$                                7,152


$                                7,665


$                                7,348


$                   (513)


$                    (196)
















 

MISSION BANCORP

FINANCIAL HIGHLIGHTS

(Unaudited)

(Dollars in thousands, except per share data)
















As of or for the Three Months Ended
















March 31, 2025


December 31, 2024


September 30, 2024


March 31, 2024












Ratio of total loans to total deposits


78.61 %


78.26 %


77.42 %


86.79 %

Return on average assets



1.56 %


1.64 %


1.77 %


1.80 %

Return on average equity



14.99 %


16.27 %


17.43 %


18.36 %












Net interest margin



4.06 %


3.96 %


4.31 %


4.55 %

Efficiency ratio




47.51 %


42.03 %


44.66 %


44.01 %

Non-interest expense as a percent of average assets

2.01 %


1.74 %


2.08 %


2.08 %

Non-interest income as a percent of average assets

0.35 %


0.34 %


0.56 %


0.39 %

Community Bank Leverage Ratio



11.47 %


11.07 %


11.41 %


11.59 %












Weighted average shares outstanding - basic*


2,644,296


2,635,572


2,633,827


2,611,832

Weighted average shares outstanding - diluted*


2,689,996


2,687,327


2,678,045


2,656,774

Shares outstanding at period end - basic*


2,653,857


2,636,608


2,633,627


2,622,649

Earnings per share - basic



$                                  2.70


$                                  2.91


$                                  2.98


$                                  2.81

Earnings per share - diluted



$                                  2.66


$                                  2.85


$                                  2.93


$                                  2.77












Total assets




$                          1,887,233


$                          1,875,856


$                          1,830,760


$                          1,640,121

Loans and leases net of deferred fees


$                          1,298,780


$                          1,290,802


$                          1,244,803


$                          1,229,803

Noninterest-bearing demand deposits


$                             626,723


$                             646,129


$                             627,404


$                             612,876

Total deposits




$                          1,652,272


$                          1,649,325


$                          1,607,810


$                          1,416,964

Noninterest-bearing deposits as a percentage total deposits

37.93 %


39.18 %


39.02 %


43.25 %












Average total assets



$                          1,864,899


$                          1,863,633


$                          1,763,476


$                          1,645,777

Average total equity



$                             193,498


$                             187,377


$                             179,068


$                             160,998












Shareholders' equity / total assets



10.48 %


10.10 %


10.09 %


10.06 %

Book value per share



$                                74.51


$                                71.87


$                                70.16


$                                62.94












*Outstanding shares adjusted for 5% dividend declared on April 25, 2024.





 

MISSION BANCORP

AVERAGE BALANCES AND RATES

(Unaudited)

(Dollars in thousands)






















For the Quarter Ended


For the Quarter Ended


For the Quarter Ended






March 31, 2025


December 31, 2024


March 31, 2024






















Average

Income /

Yield /


Average

Income /

Yield /


Average

Income /

Yield /






Balance

Expense

Rate


Balance

Expense

Rate


Balance

Expense

Rate

Assets
















Interest earning deposits in other banks


$                   232,078

$        2,519

4.40 %


$                   270,702

$        3,246

4.77 %


$                   109,152

$        1,442

5.31 %


Investment securities



241,737

2,334

3.92 %


240,752

2,374

3.92 %


238,677

2,584

4.36 %


Loans




1,298,947

20,533

6.41 %


1,260,935

20,233

6.38 %


1,206,486

19,319

6.44 %


Other earning assets



9,026

154

6.92 %


9,014

187

8.24 %


8,971

155

6.92 %



















Total Earning Assets


1,781,788

25,540

5.81 %


1,781,403

26,040

5.82 %


1,563,286

23,500

6.05 %


Non-interest earning assets



83,111




82,230




82,491





Total Assets



$                 1,864,899




$                 1,863,633




$                 1,645,777



















Liabilities and Capital















Interest-bearing deposits
















Interest-bearing transaction accounts


$                   878,043

$        6,541

3.02 %


$                   848,398

$        6,922

3.25 %


$                   684,759

$        4,498

2.64 %



Time deposits



92,409

859

3.77 %


96,336

991

4.09 %


73,280

675

3.70 %



1031 Exchange deposits


36,369

46

0.51 %


55,580

122

0.88 %


44,932

124

1.11 %




Total interest-bearing deposits


1,006,821

7,446

3.00 %


1,000,314

8,035

3.20 %


802,971

5,297

2.65 %


Borrowed funds
















Other borrowings



-

-

0.00 %


-

-

0.00 %


20,000

234

4.71 %



Subordinated debt



21,941

268

4.95 %


21,923

268

4.86 %


21,870

268

4.92 %




Total interest-bearing liabilities


1,028,762

7,714

3.04 %


1,022,237

8,303

3.23 %


844,841

5,799

2.76 %


Noninterest-bearing deposits



625,981




636,043




622,225






Total Funding


1,654,743

7,714

1.89 %


1,658,280

8,303

1.99 %


1,467,066

5,799

1.59 %


Other noninterest-bearing liabilities


16,658




17,976




17,713





Total Liabilities



1,671,401




1,676,256




1,484,779





Total Capital



193,498




187,377




160,998






Total Liabilities and Capital


$                 1,864,899




$                 1,863,633




$                 1,645,777




















Net Interest Margin



4.06 %




3.96 %




4.55 %




Net Interest Spread



3.92 %




3.82 %




4.46 %



 

MISSION BANCORP

LOAN DETAIL

(Unaudited)

(Dollars in thousands)






















Variance








March 31, 2025


December 31, 2024


September 30, 2024


March 31, 2024


03/25 - 12/24


03/25 - 03/24


Loans 


















Construction and land development



$                    64,330


$                       59,474


$                       56,554


$                       50,727


$                      4,856


$                    13,603



Secured by farmland




138,903


137,376


133,597


141,391


1,527


(2,488)



Residential 1 to 4 units




60,385


61,596


51,834


49,902


(1,211)


10,483



Multi-family




57,367


47,050


40,770


35,857


10,317


21,510



Owner occupied commercial real estate



498,524


525,745


524,860


503,491


(27,221)


(4,967)



Non-owner occupied commercial real estate


217,358


195,339


190,642


188,085


22,019


29,273



Commercial and industrial



172,577


170,433


160,887


173,185


2,144


(608)



Agricultural production



91,585


95,669


88,060


89,406


(4,084)


2,179



Other loans




328


684


129


165


(356)


163



Net Deferred Fees-Costs




(2,577)


(2,564)


(2,530)


(2,406)


(13)


(171)




Total Loans




$                1,298,780

#

$                  1,290,802


$                  1,244,803


$                  1,229,803


$                      7,978


$                    68,977



















 

MISSION BANCORP

Credit Quality

(Unaudited)

(Dollars in thousands)




















March 31, 2025


December 31, 2024


September 30, 2024


March 31, 2024

Asset quality













Loans past due 90 days or more and accruing interest



$                           -


$                              -


$                             -


$                             -

Nonaccrual loans





$                       871


$                       1,062


$                         399


$                         714

Restructured loans













Nonperforming restructured loans




$                           -


$                              -


$                             -


$                             -


Performing restructured loans




$                           -


$                              -


$                             -


$                             -

Other real estate owned





$                           -


$                              -


$                             -


$                             -

Total nonperforming assets





$                       871


$                       1,062


$                         399


$                         714














Allowance for credit losses to total loans




1.51 %


1.50 %


1.53 %


1.54 %

Allowance for credit losses to nonperforming loans




2247.99 %


1828.91 %


4767.42 %


2651.40 %

Nonaccrual loans to total loans





0.07 %


0.08 %


0.03 %


0.06 %

Nonperforming assets to total assets




0.05 %


0.06 %


0.02 %


0.04 %

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/mission-bancorp-reports-first-quarter-earnings-of-7-2-million-302433593.html

SOURCE Mission Bank

FAQ

What was Mission Bancorp's (MSBC) net income for Q1 2025?

Mission Bancorp reported net income of $7.2 million ($2.66 per diluted share) for Q1 2025.

How much did MSBC's deposits grow year-over-year in Q1 2025?

Total deposits increased by $235.3 million, representing a 16.6% growth to $1.65 billion compared to Q1 2024.

What is MSBC's current loan portfolio size and growth rate?

Gross loans reached $1.30 billion, showing a 5.6% increase ($69.0 million) compared to Q1 2024.

What was Mission Bancorp's (MSBC) net interest margin in Q1 2025?

The net interest margin was 4.06% for Q1 2025, compared to 4.55% in Q1 2024.

How strong is MSBC's credit quality in Q1 2025?

Credit quality remains strong with nonaccrual loans at 0.07% of total gross loans and an allowance for credit losses at 1.51%.
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Mission Banc Ord

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MSBC Latest News

Jan 28, 2025
Mission Bancorp Reports Fourth Quarter Earnings of $7.7 Million and Annual Earnings of $30.1 Million. Annual Deposit Growth of 14.8%.
Dec 3, 2024
MISSION BANK LAUNCHES NEW LOGO AS FINALE FOR 25TH ANNIVERSARY CELEBRATION
Oct 28, 2024
Mission Bancorp Announces Extension of Stock Repurchase Plan
Oct 21, 2024
Mission Bancorp Reports Third Quarter Earnings of $7.8 Million. Annualized Deposit Growth of 33%.
Jul 29, 2024
Mission Bancorp Reports Second Quarter Earnings of $7.3 Million. Annualized Deposit Growth of 19%.

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Bakersfield