Mission Valley Bancorp Reports Third Quarter 2024 Results
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 (MVLY) ha riportato un reddito netto per il terzo trimestre del 2024 di 1,4 milioni di dollari (0,42 dollari per azione diluita), rispetto ai 4,6 milioni di dollari (1,40 dollari per azione diluita) del terzo trimestre del 2023. Il reddito da interessi netti è aumentato del 9,89%, raggiungendo 6,9 milioni di dollari. Il totale delle attivà ha raggiunto i 668,2 milioni di dollari, con un incremento del 2,22% rispetto a dicembre 2023. I prestiti lordi sono aumentati del 3,30% a 536,1 milioni di dollari, mentre i depositi sono cresciuti del 4,44% a 547,6 milioni di dollari. L'azienda ha mantenuto solidi rapporti di capitale con un rapporto di leva finanziaria del 10,35%. Preoccupazioni notevoli includono l’aumento dei prestiti scaduti di 5,6 milioni di dollari e i prestiti classificati di 9,3 milioni di dollari, rispetto a 1,7 milioni di dollari e 2,0 milioni di dollari rispettivamente a dicembre 2023.
Mission Valley Bancorp (MVLY) reportó una ganancia neta en el tercer trimestre de 2024 de $1.4 millones ($0.42 por acción diluida), en comparación con $4.6 millones ($1.40 por acción diluida) en el tercer trimestre de 2023. Los ingresos por intereses netos aumentaron un 9.89% a $6.9 millones. Los activos totales alcanzaron los $668.2 millones, un aumento del 2.22% desde diciembre de 2023. Los préstamos brutos aumentaron un 3.30% a $536.1 millones, mientras que los depósitos crecieron un 4.44% a $547.6 millones. La empresa mantuvo sólidos ratios de capital con un ratio de apalancamiento de 10.35%. Preocupaciones notables incluyen un aumento en los préstamos vencidos de $5.6 millones y préstamos clasificados de $9.3 millones en comparación con $1.7 millones y $2.0 millones respectivamente en diciembre de 2023.
미션 밸리 뱅콥(MVLY)는 2024년 3분기 순이익이 140만 달러 (희석 주당 0.42달러)에 달했으며, 2023년 3분기에는 460만 달러 (주당 1.40달러)였다고 보고했습니다. 순이자 수익은 9.89% 증가하여 690만 달러에 이르렀습니다. 총 자산은 6억6820만 달러에 도달하여 2023년 12월 대비 2.22% 증가했습니다. 총 대출은 3.30% 증가하여 5억3610만 달러에 달했으며, 예금은 4.44% 증가하여 5억4760만 달러에 달했습니다. 이 회사는 10.35%의 재무 레버리지 비율로 강력한 자본 비율을 유지했습니다. 주요 우려 사항은 560만 달러의 연체 대출과 930만 달러의 분류된 대출로, 이는 각각 2023년 12월의 170만 달러 및 200만 달러에 비해 증가한 수치입니다.
Mission Valley Bancorp (MVLY) a annoncé un revenu net pour le troisième trimestre 2024 de 1,4 million de dollars (0,42 dollar par action diluée), contre 4,6 millions de dollars (1,40 dollar par action diluée) au troisième trimestre 2023. Le revenu net d'intérêts a augmenté de 9,89% pour atteindre 6,9 millions de dollars. Les actifs totaux ont atteint 668,2 millions de dollars, en hausse de 2,22% par rapport à décembre 2023. Les prêts bruts ont augmenté de 3,30% pour atteindre 536,1 millions de dollars, tandis que les dépôts ont crû de 4,44% pour atteindre 547,6 millions de dollars. L'entreprise a maintenu des ratios de capital solides avec un ratio de levier de 10,35%. Parmi les préoccupations notables, on note l'augmentation des prêts en retard de 5,6 millions de dollars et des prêts classés de 9,3 millions de dollars, par rapport à 1,7 million de dollars et 2,0 millions de dollars respectivement en décembre 2023.
Mission Valley Bancorp (MVLY) berichtete im dritten Quartal 2024 ein Nettoergebnis von 1,4 Millionen Dollar (0,42 Dollar pro verwässerter Aktie), verglichen mit 4,6 Millionen Dollar (1,40 Dollar pro verwässerter Aktie) im dritten Quartal 2023. Die Nettozinseinnahmen stiegen um 9,89% auf 6,9 Millionen Dollar. Die Gesamtsumme der Vermögenswerte erreichte 668,2 Millionen Dollar, was einem Anstieg von 2,22% seit Dezember 2023 entspricht. Die Bruttokredite stiegen um 3,30% auf 536,1 Millionen Dollar, während die Einlagen um 4,44% auf 547,6 Millionen Dollar wuchsen. Das Unternehmen wies starke Kapitalquoten mit einem Hebelverhältnis von 10,35% auf. Besorgniserregende Punkte sind unter anderem die gestiegenen überfälligen Kredite von 5,6 Millionen Dollar und die klassifizierten Kredite von 9,3 Millionen Dollar im Vergleich zu 1,7 Millionen Dollar bzw. 2,0 Millionen Dollar im Dezember 2023.
- Net interest income increased 9.89% to $6.9 million
- Total assets grew 2.22% to $668.2 million
- Gross loans increased 3.30% to $536.1 million
- Total deposits rose 4.44% to $547.6 million
- Strong capital position with 10.35% leverage ratio
- Net income decreased 69.6% YoY from $4.6M to $1.4M
- Past due loans increased significantly from $1.7M to $5.6M
- Classified loans rose from $2.0M to $9.3M
- SBA loan sales decreased from $17.3M to $9.0M
- Gain on SBA loan sales declined from $0.9M to $0.5M
Third Quarter 2024 Highlights
- Net Income of
$1.4 million $0.42 - Net Interest Income was
$6.9 million $0.6 million 9.89% , compared to the third quarter of 2023. - Net Interest Margin was
4.49% for third quarter of 2024 compared to4.54% for the third quarter of 2023. - Non-Interest Income was
$2.1 million $4.8 million 69.83% , compared to the third quarter of 2023. Non-Interest Income for the third quarter of 2023 included$5.0 million - Sold available-for-sale investment securities totaling
$5.1 million $0.1 million $5.2 million $9.0 million $0.5 million $17.3 million $0.9 million - Total Assets were
$668.2 million $14.3 million 2.22% , compared to December 31, 2023. - Gross Loans were
$536.1 million $17.1 million 3.30% , compared to December 31, 2023. - Total Deposits were
$547.6 million $23.3 million 4.44% , compared to December 31, 2023. Brokered Deposits were$32.7 million $30.9 million 48.53% , compared to December 31, 2023. $0.1 million $0.1 million $5.6 million $1.7 million $9.3 million $2.0 million $1.4 million $1.8 million - The Allowance for Credit Losses on Loans was
$7.3 million 1.36% of Gross Loans, as of September 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
10.35% , Common Equity Tier 1 Capital Ratio of10.26% , Tier 1 Capital ratio of11.25% , and Total Risk Based Capital Ratio of12.47% .
President and Chief Executive Officer Tamara Gurney commented, "Our third quarter performance is underscored by the strength of our core earnings resulting in net income 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
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