Mission Valley Bancorp Reports First Quarter 2023 Results and $5.0 Million Grant Award Under CDFI Equitable Recovery Program
First Quarter 2023 Highlights
- Net Income was
for the first quarter of 2023, an increase of$1.7 million , or$0.4 million 33.10% , compared to the first quarter of 2022. Diluted earnings per share was for the first quarter of 2023, an increase of$0.51 per share, or$0.12 32.28% , compared to the first quarter of 2022. - Net Interest Income was
for the first quarter of 2023, an increase of$5.9 million , or$2.0 million 50.97% , compared to the first quarter of 2022. - Net Interest Margin was
4.76% for the first quarter of 2023 compared to2.99% for the first quarter of 2022. in Small Business Administration ("SBA") loans were sold resulting in gain on sale of$10.6 million in the first quarter of 2023, compared to$0.7 million in SBA loans sold and gain on sale of$23.9 million in the first quarter of 2022.$1.8 million - Non-Interest Income was
for the first quarter of 2023, a decrease of$2.2 million , or$0.6 million 21.89% , compared to the first quarter of 2022. - Efficiency Ratio was
69.60% for the first quarter of 2023 compared to73.70% for the first quarter of 2022. - Total Assets were
as of March 31, 2023, compared to$545.3 million as of December 31, 2022.$553.3 million - Cash and Due from Banks totaled
, or$40.6 million 7.44% of Total Assets, as of March 31, 2023, compared to , or$35.8 million 6.46% of Total Assets, as of December 31, 2022. - Total Deposits were
as of March 31, 2023, a decrease of$447.2 million , or$20.0 million 4.29% , compared to December 31, 2022. in available borrowing capacity at March 31, 2023.$134.4 million - There were no Past Due Loans and
in Non-Accrual Loans as of March 31, 2023.$0.1 million - Implemented Current Expected Credit Losses ("CECL") in the first quarter of 2023 with Allowance for Credit Losses of
, or$6.0 million 1.41% of Gross Loans, as of March 31, 2023. - Strong capital position, which is reflected by Leverage Ratio of
10.56% , Common Equity Tier 1 Capital Ratio of10.95% , Tier 1 Capital ratio of12.23% , and Total Risk Based Capital Ratio of13.48% as of March 31, 2023.
On Aril 10, 2023, Mission Valley Bank (the "Bank"), a wholly-owned subsidiary of Mission Valley Bancorp, was awarded a
President and Chief Executive Officer Tamara Gurney commented, "We are pleased to report strong operating results for the first quarter of 2023 despite the challenging headwinds faced by the banking industry from the recent bank failures. We were able to achieve these results due to the strong foundation established over the past years, and because our business model is primarily focused on serving small businesses in our local communities, fundamentally different than the banks that failed recently. We continue to believe that we are well positioned to withstand the current and potential changes that the remainder of 2023 may bring based on our strong balance sheet, capital and liquidity positions, and the proactive measures that we have taken to bolster our liquidity and deposit funding sources."
Ms. Gurney continued, "We are proud and honored that our Bank was awarded the CDFI ERP grant in the amount of
About Mission Valley Bancorp
Mission Valley Bancorp is a bank holding company headquartered in
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