SUN VALLEY, Calif.,
Nov. 21, 2013 /PRNewswire/ -- Mission
Valley Bancorp (OTCBB: MVLY.OB) President & CEO
Tamara Gurney announced today that
the company achieved record third quarter year-to-date net earnings
of $1,195,000 for the period ended
September 30, 2013, up more than 240%
from September 30, 2012.
President and CEO Tamara Gurney
stated, "I am pleased to report that 2013 continues to be a strong
year for Mission Valley Bancorp. Net income of $1,195,000 (after provision for income taxes)
represents the best September
30th close in the history of our company, marking
our second consecutive record quarter for the year."
Gurney continued, "A number of factors have contributed to this
strong performance. Among these, measured growth of our less
traditional service lines such as merchant bankcard processing and
specialized lending solutions, the ongoing efforts of our
staff and management team to implement innovative ways to
streamline operations while maintaining MVB's relationship driven
environment as well as continued improvement in the asset quality
of our portfolio. As a result, total deposits reached
$230 million, up more than 13% from
$203 million reported for the same
period the previous year. Loan production remained steady
throughout the quarter, with net loans slightly up 3.19% to
$176 million from $171 million the year prior. Net interest
income (after provision) increased more than 18% to $8,341,000 year-to-date from the $7,051,000 reported September 30, 2012, and total assets reached more
than $269 million up from
$246 million reported in September
2012. Couple this with a 22% decrease in interest expense as
well as continued and significant improvement in operating expense
(down by $477,000 from the same
period a year prior), Mission Valley achieved favorable
year-over-year improvements in operating performance."
Mission Valley capital ratios continue to far exceed regulatory
requirements with Tier 1 Leverage, Tier 1 Risk-based Capital and
Total Risk-based Capital Ratios of 13.8%, 17.9%, and 19.1%,
respectively, as of September 30,
2013. Regulatory requirements for a "well-capitalized bank"
are 5%, 6%, and 10%, respectively. The Bank's reserve for
loan losses as of September 30, 2013
was $4.8 million or 2.67% of total
loans compared to $5.3 million or
3.02% of total loans as of September 30,
2012.
Gurney concludes, "We continue to see positive indicators
throughout the business communities we serve. Continued
improvement 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 Bank