[MVB] – Mission Valley Bancorp reported earnings of $108,000 for the quarter ending March 31.
“While modest, our first quarter earnings represent a sound start to a promising year,” CEO Tamara Gurney said. “Throughout 2011, as we continued to work through lingering credit issues, the bank experienced a steady decline in total assets, primarily in the area of loans. During the first quarter of 2012 we have begun to see stabilization and modest growth in both loans and deposits.”
Total deposits held steady reaching $194 million over the $193 million reported at March 31, 2011 and were up $6 million or 3 percent from year end 2011. Net loans grew $7 million from year end 2011, reaching $177 million at March 31, 2012, down slightly from $180 million for the same period last year. Similarly, total assets remained stable, finishing the quarter at $253 million, down from the $255 million reported for March 31, 2011 and up $6 million from the $247 million at year end 2011.
“In just the first three months of 2012 we have made great progress with regard to enhancing both our product line and our delivery channels.,” Gurney said. “In January we launched MVB’s new business ‘bundled’ products providing our commercial clients with convenient and inclusive alternatives for business operating accounts. February was marked by the release of our newly enhanced website and in March we announced the expansion of our SBA Loan Division to include our new Orange County / South Bay Loan Production Office as well as expanding our SBA service expertise to the San Francisco Bay area.”
Mission Valley continues to far exceed all requirements as a well-capitalized institution with a Total Risk Based Capital Ratio of 19.2 percent (far exceeding the federal guideline of 10 percent to maintain Well Capitalized status) allowing the Bank flexibility to respond quickly to opportunities as well as providing additional insulation to assist in managing whatever asset quality issues that may arise as the economy continues to rebuild.
“Although we remain cautious,” Gurney said, “we continue to see signs of improvement throughout the local economy and believe that 2012 should prove to be a better year for our Bank, our clients and the communities we serve.”
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.