Yahoo Finance

SUN VALLEY, Calif., Oct. 30, 2024 /PRNewswire/ -- Mission Valley Bancorp (OTCQX: MVLY, "Mission Valley", or the "Company") announced today net income for the third quarter of 2024 was $1.4 million, or $0.42 per diluted share, compared to net income of $4.6 million, or $1.40 per diluted share, for the third quarter of 2023. Net income for the nine months ended September 30, 2024 was $5.1 million, or $1.53 per diluted share, compared to net income of $7.6 million, or $2.29 per diluted share for the nine months ended September 30, 2023. Net income for the third quarter 2023 was bolstered by $3.5 million, net of tax, in grant income from the U.S. Treasury as part of the Community Development Financial Institutions ("CDFI") Equitable Recovery Program ("ERP").

Third Quarter 2024 Highlights

• Net Income of $1.4 million, or $0.42 per diluted share, for the third quarter of 2024.

• Net Interest Income was $6.9 million for the third quarter of 2024, an increase of $0.6 million, or 9.89%, compared to the third quarter of 2023.

• Net Interest Margin was 4.49% for third quarter of 2024 compared to 4.54% for the third quarter of 2023.

• Non-Interest Income was $2.1 million for the third quarter of 2024, a decrease of $4.8 million, or 69.83%, compared to the third quarter of 2023. Non-Interest Income for the third quarter of 2023 included $5.0 million in CDFI ERP grant income.

• Sold available-for-sale investment securities totaling $5.1 million in book value, resulting in $0.1 million loss on sale recognized in Non-Interest Income, to reposition the investment portfolio with the purchase of available-for-sale investment securities totaling $5.2 million in book value.

• $9.0 million in Small Business Administration ("SBA") guaranteed loan principal were sold resulting in gain on sale of $0.5 million in the third quarter of 2024, compared to $17.3 million in SBA guaranteed loan principal sold and gain on sale of $0.9 million in the third quarter of 2023.

• Total Assets were $668.2 million as of September 30, 2024, an increase of $14.3 million, or 2.22%, compared to December 31, 2023.

• Gross Loans were $536.1 million as of September 30, 2024, an increase of $17.1 million, or 3.30%, compared to December 31, 2023.

• Total Deposits were $547.6 million as of September 30, 2024, an increase of $23.3 million, or 4.44%, compared to December 31, 2023. Brokered Deposits were $32.7 million as of September 30, 2024, a decrease of $30.9 million, or 48.53%, compared to December 31, 2023.

• $0.1 million in net charge-offs in the third quarter of 2024, compared to $0.1 million in net charge-offs in the third quarter of 2023.

• $5.6 million in Past Due Loans as of September 30, 2024, compared to $1.7 million in Past Due Loans as of December 31, 2023.

• $9.3 million in Classified Loans as of September 30, 2024, compared to $2.0 million in Classified Loans as of December 31, 2023.

• $1.4 million in Non-Accrual Loans as of September 30, 2024, compared to $1.8 million in Non-Accrual Loans as of December 31, 2023.

• The Allowance for Credit Losses on Loans was $7.3 million, or 1.36% of Gross Loans, as of September 30, 2024, compared to $7.2 million, or 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 of 10.26%, Tier 1 Capital ratio of 11.25%, and Total Risk Based Capital Ratio of 12.47%.