Mission Valley Bancorp’s President & CEO Tamara Gurney has announced the year to date net income of $2,190,000 for the period ended Sept. 30, 2016 – the strongest 3rd quarter in the history of the company.
Gurney stated, “I am pleased to share that Mission Valley Bancorp has once again achieved a benchmark quarter close, reaching net income of $2,190,000 at Sept. 30, 2016, a 25 percent increase over the $1,753,000 reported at Sept. 30, 2015. Steady growth was experienced across the board as assets, deposits, liabilities and capital all reflected an 11 percent increase over third quarter end 2015. Additionally, year to date 2016 earnings per share reached $0.64.”
As of Sept. 30, 2016 total assets grew by $30.7 million, reaching $310.8 million as compared to $280.1 million at 09/30/2015; total deposits reached $264.4 million, an increase of $25.9 million over the $238.5 million reported at 09/30/2015; liabilities increased to $274.2 million from $247.1 million reported at 09/30/2015 while capital grew more than $3.5 million, reaching $36.6 million at Sept. 30, 2016 as compared to $33.1 million at Sept. 30, 2015.
Net loans increased more than 24 percent, reaching $240.4 million as of Sept. 30, 2016 from the $193.4 million reported at Sept. 30, 2015. Net interest income held steady over the 12-month period at $8.40 million for year to date Sept. 30, 2016 as compared to $8.42 million Sept. 30, 2015. Total other income year to date increased by more than 56 percent to $3.45 million as of Sept. 30, 2016, from $2.20 million at Sept. 30, 2015. This increase is reflective of continuing growth Mission Valley has experienced in both SBA Lending and Merchant Bankcard.
Both Mission Valley Bancorp and Mission Valley Bank capital ratios continue to exceed regulatory requirements with Mission Valley Bancorp reporting a Total Leverage Ratio of 13.8 percent, Common Equity Tier 1 Capital Ratio of 10.3 percent, Tier 1 Capital Ratio of 16.7 percent, and a Total Capital Ratio of 18.0 percent. Likewise, Mission Valley Bank reported a Total Leverage Ratio of 13.5 percent, Common Equity Tier 1 Capital Ratio of 16.4 percent, Tier 1 Capital Ratio of 16.4 percent, and a Total Capital Ratio of 17.6 percent. Regulatory requirements for a “well-capitalized bank” are 5 percent, 6.5 percent, 8 percent and 10 percent, respectively.
Gurney concluded, “Mission Valley is a relationship driven, community business bank. Since opening our doors 15 years ago, we have worked hard to develop a team and a culture that is dedicated to ensuring we do what is right for our clients, our shareholders and the communities we serve. This philosophy has enabled us to build the lasting client relationships we enjoy today that serve as the foundation for our continued success.”