Mission Valley Bancorp Reports Second Quarter 2024 Results
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 (OTCQX: MVLY) ha riportato solidi risultati finanziari per il secondo trimestre del 2024. Il reddito netto ha raggiunto 2,0 milioni di dollari, corrispondente a 0,60 dollari per azione diluita, con un incremento del 58% rispetto al secondo trimestre del 2023. Il reddito da interessi netti è aumentato dell'11,49% a 6,7 milioni di dollari, mentre il reddito non da interessi è cresciuto del 47,11% arrivando a 2,9 milioni di dollari. L'azienda ha completato una cartolarizzazione di 33,6 milioni di dollari in prestiti SBA non garantiti, realizzando un ricavo netto di 25,4 milioni di dollari.
Nonostante una leggera diminuzione degli attivi totali e dei depositi, la posizione patrimoniale di Mission Valley rimane solida con un rapporto di leva finanziaria del 9,83%. La qualità degli attivi della banca è migliorata, con diminuzioni nei prestiti scaduti, prestiti classificati e prestiti non in accrescimento. L'Amministratore Delegato Tamara Gurney ha espresso ottimismo riguardo alle prospettive dell'azienda, menzionando l'apertura della nuova filiale di Burbank e i progetti di trasformazione digitale in corso.
Mission Valley Bancorp (OTCQX: MVLY) reportó sólidos resultados financieros para el segundo trimestre de 2024. El ingreso neto alcanzó los 2.0 millones de dólares, o 0.60 dólares por acción diluida, un aumento del 58% en comparación con el segundo trimestre de 2023. Los ingresos por intereses netos aumentaron un 11.49% a 6.7 millones de dólares, mientras que los ingresos no por intereses crecieron un 47.11% a 2.9 millones de dólares. La compañía completó una titulización de 33.6 millones de dólares en principal de préstamos no garantizados de la SBA, resultando en 25.4 millones de dólares en ingresos netos.
A pesar de una leve disminución en los activos totales y depósitos, la posición de capital de Mission Valley sigue siendo sólida con un ratio de apalancamiento del 9.83%. La calidad de los activos del banco mejoró, con disminuciones en préstamos atrasados, préstamos clasificados y préstamos no acumulativos. La CEO Tamara Gurney expresó optimismo sobre las perspectivas de la empresa, citando la apertura de la nueva sucursal en Burbank y los proyectos de transformación digital en curso.
미션 밸리 뱅크코프 (OTCQX: MVLY)가 2024년 2분기 강력한 재무 실적을 보고했습니다. 순이익은 200만 달러로 희석 주당 0.60 달러에 도달했으며, 이는 2023년 2분기 대비 58% 증가한 수치입니다. 순이자 수익은 11.49% 증가하여 670만 달러에 이르렀고, 비이자 수익은 47.11% 증가하여 290만 달러로 성장했습니다. 회사는 3360만 달러의 SBA 보증되지 않은 대출 원금의 유동화를 완료하여 2540만 달러의 순수익을 얻었습니다.
전체 자산과 예금이 약간 감소했음에도 불구하고, 미션 밸리의 자본 상태는 여전히 강력하다고 발표했습니다. 자산 품질이 개선되어 연체 대출, 분류 대출, 이자 미적용 대출이 감소했습니다. CEO 타마라 거니는 회사의 전망에 대해 낙관적인 의견을 표명하며, 새로운 버뱅크 지점 개설과 진행 중인 디지털 전환 프로젝트를 언급했습니다.
Mission Valley Bancorp (OTCQX: MVLY) a annoncé de solides résultats financiers pour le deuxième trimestre de 2024. Le résultat net a atteint 2,0 millions de dollars, soit 0,60 dollar par action diluée, en hausse de 58% par rapport au deuxième trimestre de 2023. Le produit net d'intérêts a augmenté de 11,49% pour atteindre 6,7 millions de dollars, tandis que le produit non financier a connu une croissance de 47,11%, atteignant 2,9 millions de dollars. L'entreprise a complété une titrisation de 33,6 millions de dollars en prêts SBA non garantis, générant un produit net de 25,4 millions de dollars.
Malgré une légère diminution des actifs totaux et des dépôts, la position de capital de Mission Valley reste solide avec un ratio de levier de 9,83%. La qualité des actifs de la banque s'est améliorée, avec une baisse des prêts en souffrance, des prêts classés et des prêts non produits. La PDG Tamara Gurney a exprimé son optimisme quant aux perspectives de l'entreprise, évoquant l'ouverture de la nouvelle agence de Burbank et les projets de transformation numérique en cours.
Mission Valley Bancorp (OTCQX: MVLY) hat im zweiten Quartal 2024 starke finanzielle Ergebnisse berichtet. Der Nettogewinn erreichte 2,0 Millionen Dollar, was 0,60 Dollar pro verwässerter Aktie entspricht, und ist im Vergleich zum zweiten Quartal 2023 um 58% gestiegen. Der Nettozinsertrag stieg um 11,49% auf 6,7 Millionen Dollar, während die sonstigen Erträge um 47,11% auf 2,9 Millionen Dollar zunahmen. Das Unternehmen hat eine Verbriefung von 33,6 Millionen Dollar aus unbesicherten SBA-Darlehen abgeschlossen, was zu einem Nettoertrag von 25,4 Millionen Dollar führte.
Trotz eines leichten Rückgangs der Gesamtaktiva und Einlagen bleibt die Kapitalposition von Mission Valley stark mit einer Hebelquote von 9,83%. Die Asset-Qualität der Bank hat sich verbessert, mit Rückgängen bei überfälligen Krediten, klassifizierten Krediten und nicht aufgelaufenen Krediten. CEO Tamara Gurney äußerte Optimismus über die Aussichten des Unternehmens und verwies auf die Eröffnung der neuen Filiale in Burbank sowie laufende digitale Transformationsprojekte.
- Net income increased by 58% to $2.0 million in Q2 2024 compared to Q2 2023
- Diluted earnings per share grew by 57.17% to $0.60 in Q2 2024
- Net interest income rose by 11.49% to $6.7 million in Q2 2024
- Non-interest income increased by 47.11% to $2.9 million in Q2 2024
- Completed a securitization of $33.6 million in SBA unguaranteed loan principal, resulting in $25.4 million in net proceeds
- Gross loans increased by 0.55% to $521.9 million as of June 30, 2024
- Asset quality improved with decreases in past due loans, classified loans, and non-accrual loans
- Strong capital position with a leverage ratio of 9.83%
- Total assets decreased by 1.28% to $645.3 million as of June 30, 2024
- Total deposits decreased by 3.23% to $507.3 million as of June 30, 2024
- Brokered deposits decreased by 75.67% to $15.5 million as of June 30, 2024
- Net interest margin decreased to 4.32% in Q2 2024 from 4.60% in Q2 2023
Second Quarter 2024 Highlights
- Net Income was
$2.0 million $0.7 million 58.00% compared to the second quarter of 2023. Diluted earnings per share was$0.60 $0.22 57.17% , compared to the second quarter of 2023. - Net Interest Income was
$6.7 million $0.7 million 11.49% , compared to the second quarter of 2023. - Net Interest Margin was
4.32% for second quarter of 2024 compared to4.60% for the second quarter of 2023. - Non-Interest Income was
$2.9 million $0.9 million 47.11% , compared to the second quarter of 2023. $21.7 million $1.1 million $9.5 million $0.5 million - Completed a securitization of
$33.6 million $25.4 million $6.8 million $0.3 million - Total Assets were
$645.3 million $8.4 million 1.28% , compared to December 31, 2023. - Gross Loans were
$521.9 million $2.9 million 0.55% , compared to December 31, 2023. - Total Deposits were
$507.3 million $16.9 million 3.23% , compared to December 31, 2023. Brokered Deposits were$15.5 million $48.1 million 75.67% , compared to December 31, 2023. $12 thousand $11 thousand $1.0 million $1.7 million $1.2 million $2.0 million $0.9 million $1.8 million - The Allowance for Credit Losses on Loans was
$7.4 million 1.43% of Gross Loans, as of June 30, 2024, compared to$7.2 million 1.39% of Gross Loans, as of December 31, 2023. - Capital position remains strong, which is reflected by Leverage Ratio of
9.83% , Common Equity Tier 1 Capital Ratio of10.23% , Tier 1 Capital ratio of11.23% , and Total Risk Based Capital Ratio of12.48% .
President and Chief Executive Officer Tamara Gurney commented, "We are incredibly pleased to announce our second quarter results, which is highlighted by net income of
Ms. Gurney continued, "As we look ahead to the second half of the year, we believe that we are well situated based on our capital, asset quality, balance sheet positioning, new
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
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