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SUN VALLEY, Calif., July 31, 2024 /PRNewswire/ -- Mission Valley Bancorp (OTCQX: MVLY, "Mission Valley", or the "Company") announced today net income for the second quarter of 2024 was $2.0 million, or $0.60 per diluted share, compared to net income of $1.3 million, or $0.38 per diluted share, for the second quarter of 2023. Net income for the six months ended June 30, 2024 was $3.7 million, or $1.10 per diluted share, compared to net income of $3.0 million, or $0.89 per diluted share for the six months ended June 30, 2023.
Second Quarter 2024 Highlights
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Net Income was $2.0 million for the second quarter of 2024, an increase of $0.7 million, or 58.00% compared to the second quarter of 2023. Diluted earnings per share was $0.60 per share for the second quarter of 2024, an increase of $0.22 per share, or 57.17%, compared to the second quarter of 2023.
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Net Interest Income was $6.7 million for the second quarter of 2024, an increase of $0.7 million, or 11.49%, compared to the second quarter of 2023.
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Net Interest Margin was 4.32% for second quarter of 2024 compared to 4.60% for the second quarter of 2023.
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Non-Interest Income was $2.9 million for the second quarter of 2024, an increase of $0.9 million, or 47.11%, compared to the second quarter of 2023.
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$21.7 million in Small Business Administration ("SBA") guaranteed loan principal were sold resulting in gain on sale of $1.1 million in the second quarter of 2024, compared to $9.5 million in SBA guaranteed loan principal sold and gain on sale of $0.5 million in the second quarter of 2023.
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Completed a securitization of $33.6 million in SBA unguaranteed loan principal in the second quarter of 2024, which resulted in $25.4 million in net proceeds at closing, $6.8 million in a new cost method investment, and $0.3 million in net gain.
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Total Assets were $645.3 million as of June 30, 2024, a decrease of $8.4 million, or 1.28%, compared to December 31, 2023.
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Gross Loans were $521.9 million as of June 30, 2024, an increase of $2.9 million, or 0.55%, compared to December 31, 2023.
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Total Deposits were $507.3 million as of June 30, 2024, a decrease of $16.9 million, or 3.23%, compared to December 31, 2023. Brokered Deposits were $15.5 million as of June 30, 2024, a decrease of $48.1 million, or 75.67%, compared to December 31, 2023.
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$12 thousand in net recoveries from previously charged-off loans in second quarter of 2024, compared to $11 thousand in net recoveries from previously charged-off loans in second quarter of 2023.
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$1.0 million in Past Due Loans as of June 30, 2024, compared to $1.7 million in Past Due Loans as of December 31, 2023.
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$1.2 million in Classified Loans as of June 30, 2024, compared to $2.0 million in Classified Loans as of December 31, 2023.
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$0.9 million in Non-Accrual Loans as of June 30, 2024, compared to $1.8 million in Non-Accrual Loans as of December 31, 2023.
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The Allowance for Credit Losses on Loans was $7.4 million, or 1.43% of Gross Loans, as of June 30, 2024, compared to $7.2 million, or 1.39% of Gross Loans, as of December 31, 2023.
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Capital position remains strong, which is reflected by Leverage Ratio of 9.83%, Common Equity Tier 1 Capital Ratio of 10.23%, Tier 1 Capital ratio of 11.23%, and Total Risk Based Capital Ratio of 12.48%.