SUN VALLEY, Calif.,
Nov. 14, 2014 /PRNewswire/
-- Mission Valley Bancorp (OTCQX: MVLY) President
& CEO Tamara Gurney announced
today that the company achieved third quarter net earnings of
$415,455 for the period ended
September 30, 2014, a 67% increase
over the same period last year. Year to date net income
totaled $1,025,000 as compared to
$1,195,000 through September 30, 2013.
President and CEO Tamara Gurney
stated, "The bank's focus on non-interest income has begun to show
some solid results, climbing over 12% to $2
million through September 30,
2014 as compared to $1.8
million the previous period. The extended low rate
environment has continued to impact interest income which declined
8% to $8.4 million for the first nine
months, while interest expense dropped over 36% to $498,000 as compared to $785,000 for the same period last year. The
improvement was helped by some high cost deposits that matured,
which also lowered deposit totals for the period. Interest income
has also been impacted by the low rate environment as maturing
loans are repricing lower or paying off. Total Operating
expenses remained flat at $8.3
million through the third quarter, with improvement noted in
occupancy and equipment costs as well as data processing
expenses."
Loan demand has steadily improved throughout the year resulting
in over $55 million in new loan
production year to date. Net loans ended the quarter at
$176 million, an increase of
$11 million from year-end and in
alignment with the same period last year, though continuing
accelerated loan payoffs did result in a 3.5% decline in total
assets to $260 million from
$269 million at September 30, 2013.
Gurney continued, "Much of the industry remains hindered by the
current rate environment. Fortunately, our organization continues
to experience measured growth within our less traditional service
lines such as merchant bankcard processing and specialized lending
such as SBA and accounts receivable financing. These business lines
helped drive the 12.3% increase in non-interest income to
$2.04 million at September 30th. Additionally, our
staff and management team continue to implement innovative ways to
streamline operations while maintaining MVB's relationship driven
culture."
Mission Valley Bancorp's capital ratios continue to far exceed
regulatory requirements with Tier 1 Leverage, Tier 1 Risk-based
Capital and Total Risk-based Capital Ratios of 14.9%, 18.5%, and
19.8%, respectively, as of September 30,
2014. Regulatory requirements for a "well-capitalized bank"
are 5%, 6%, and 10%, respectively.
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