Mission Valley Bcp - MVLY STOCK NEWS

Mission Valley Bancorp (MVLY) reported Q3 2024 net income of $1.4 million ($0.42 per diluted share), compared to $4.6 million ($1.40 per diluted share) in Q3 2023. Net interest income increased 9.89% to $6.9 million. Total assets reached $668.2 million, up 2.22% from December 2023. Gross loans increased 3.30% to $536.1 million, while deposits grew 4.44% to $547.6 million. The company maintained strong capital ratios with a leverage ratio of 10.35%. Notable concerns include increased past due loans of $5.6 million and classified loans of $9.3 million compared to $1.7 million and $2.0 million respectively in December 2023.

Mission Valley Bancorp (OTCQX: MVLY) reported strong financial results for Q2 2024. Net income reached $2.0 million, or $0.60 per diluted share, up 58% from Q2 2023. Net interest income increased by 11.49% to $6.7 million, while non-interest income grew by 47.11% to $2.9 million. The company completed a securitization of $33.6 million in SBA unguaranteed loan principal, resulting in $25.4 million in net proceeds.

Despite a slight decrease in total assets and deposits, Mission Valley's capital position remains strong with a leverage ratio of 9.83%. The bank's asset quality improved, with decreases in past due loans, classified loans, and non-accrual loans. CEO Tamara Gurney expressed optimism about the company's outlook, citing the new Burbank branch opening and ongoing digital transformation projects.

Mission Valley Bancorp reported a net income of $1.7 million, or $0.51 per share, for the first quarter of 2024, showing a stable performance compared to the same period in 2023. The company experienced positive growth in net interest income, non-interest income, and total assets. However, it faced challenges with an increase in past due loans and non-accrual loans, as well as a rise in provision for credit losses.

Mission Valley Bancorp (MVLY) reported a net income of $7.4 million for the year ended December 31, 2023, compared to $4.8 million in 2022. The company also announced a net loss of $0.2 million for the fourth quarter of 2023, attributed to a net after-tax loss from the sale of investment securities. Despite the challenges of 2023, the company achieved record earnings driven by strong loan growth, received a $5.0 million grant from the U.S. Treasury, and is working on branch expansion, core deposit initiatives, and digital transformation projects. Additionally, they are re-evaluating their dividend plan. The full year 2023 highlights include an increase in gross loans, total assets, net interest income, and non-interest income, as well as the receipt of the U.S. Treasury grant. The fourth quarter of 2023 saw an increase in total assets, gross loans, loan production, and total deposits.

Mission Valley Bancorp announced a net income of $4.6 million for Q3 2023, compared to $1.8 million in Q3 2022. Net income for the nine months ended September 30, 2023, was $7.6 million, compared to $3.7 million for the same period in 2022. Net interest income increased by $0.7 million, or 13.42%, and non-interest income increased by $4.4 million, or 181.80%. Total assets increased by $34.5 million, or 6.23%, and gross loans increased by $42.3 million, or 9.67%. Total deposits increased by $18.6 million, or 3.98%. The company received a $5.0 million grant from the U.S. Treasury as part of the CDFI Equitable Recovery Program.

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.