SUN VALLEY, Calif.,
Feb. 23, 2012 /PRNewswire/ --
President & CEO Tamara Gurney of
Mission Valley Bancorp – (parent company of Mission Valley Bank
(OTCBB: MVLY.OB)) announced unaudited financial results for the
year ended December 31, 2011,
reporting net income of $1,154,000
– a 34% increase over year-end 2010.
"We are very pleased to report that Mission Valley Bancorp
achieved these solid, improved earnings for 2011 despite the
continuing economic uncertainty. The overall fiscal
environment of recent years has led us to look at our business
differently than ever before. Decreased margins and weak loan
demand, coupled with ever increasing regulatory requirements have
created an environment in which a community bank must think
outside of the box to thrive and Mission Valley has embraced
this environment. Our staff and management team have worked
in unison developing innovative ways to streamline operations while
at the same time continuing to build upon an infrastructure that
positions us to succeed regardless of the economic climate."
In recent years Mission Valley Bank has enhanced its Specialized
Lending Division, created a highly respected Accounts Receivable
Lending Department, strengthened its Underwriting Team, made the
strategic decision to further develop our Merchant Bankcard
Processing capabilities and most recently, put into place a team of
in-house Investment Specialists.
Gurney continued "The current financial landscape is different
than ever before and we are all adjusting to this "new
normal." Economic uncertainty has prompted many borrowers to
payoff debt as quickly as possible. As Trusted Advisors to
our clients, we recognize that this is a sound decision and are
quick to support it, though the impact to production is
significant. During 2011 Mission Valley experienced a
decrease in several key areas – Net Loans decreased by 8.9%, Total
Deposits by 3.1% and Total Assets by 3.7% – much of this the direct
result of loan payoffs. However, even with the
decreases experienced in these key areas, the company
increased profitability by more than
34%. As important, during 2011 Mission Valley
experienced marked improvement in other key areas with regard to
the health of our portfolio: Non-Performing Loan Ratios were
greatly improved with classified loans decreasing by nearly
$4 million or 22% and non-performing
loans decreasing by more than $650,000 or 10%. Additionally,
Mission Valley continues to maintain its Well Capitalized position
with a Total Risk-Based Asset ratio of 19.9% (far exceeding the
federal guideline of 10% to maintain Well Capitalized status)."
Gurney concludes, "We continue to see positive indicators
throughout the business communities we serve. The slight
increases being seen in activity, sales and employment are all very
encouraging and while we remain cautious, we are looking ahead with
anticipation and the expectation of continued steady improvement
for our Bank, our Community, our Shareholders and our Nation."
About Mission Valley Bank
Mission Valley Bank is a full-service, independent,
commercial bank specializing in the banking needs of small to
medium businesses in the San Fernando & Santa Clarita Valleys.
The Bank was chartered in July 2001,
with a vision of local ownership and a commitment to providing
financial solutions to meet the needs of its clients.
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 Mission Valley Bank assumes no
obligation to update this information.
www.MissionValleyBank.com
SOURCE Mission Valley Bancorp
