[Sign Up Now] to Receive Our FREE Daily SCVTV-SCVNews Digest by E-Mail

Inside
Weather
Santa Clarita CA
Mostly sunny
Mostly sunny
96°F
 
Calendar
Today in
S.C.V. History
July 23
1982 - Vic Morrow & two child actors killed in helicopter crash at Indian Dunes during filming of "Twilight Zone: The Movie" [story]
Twilight Zone Movie


Mission Valley Bancorp (OTCQX: MVLY) President & CEO Tamara Gurney announces year to date net income of $2.17 million for the period ended June 30, 2018.

Gurney stated, “Mission Valley Bancorp closed the second quarter of 2018 with Net Earnings of $2,171,000. While strong, these earnings reflect a slight decrease of 1.9% from the record earnings of $2,213,000 posted for June 30, 2017.”

Gurney explained that, “During the third quarter of 2017, the Company redeemed its $10.3 million Community Development Capital Investment (CDCI) (Formerly TARP/CPP) to the Treasury in anticipation of the scheduled CDCI rate increase to 9% in 2018. With interest rates steadily rising, the Company deemed it prudent to replace the CDCI investment with short term private debt at then lower interest rates. As expected, Other Interest Expense rose by more than 293%, closing the six months ending June 30, 2018 at $378,000, up $282,000 from the $96,000 reported at June 30, 2017. Conversely, the steady rise in interest rates positively impacted Total Interest Income, up $523,000 or 7.5% from the same period last year. At the same time, Interest Expense on Deposits declined slightly to $167,000, down 8% or $15,000 from the same period in 2017. In spite of the significant increase in Total Interest Expense, Net Interest Income (after Provision for Loan Losses) increased by 4.7%, closing the first half of 2018 at $6.97 million, up from the $6.66 million reported on June 30, 2017. As a result of tax reform implemented in the fourth quarter of 2017, Earnings Per Share improved to $0.68 as of June 30, 2018, up from the $0.67 reported at June 30, 2017.”

Gain on sale of SBA Loans in the secondary market dipped slightly during the first half of the year, closing June at $664,000, as compared to $781,000 for the same period in 2017 as the organization chose to retain some of the loans available for sale through quarter end. Other Operating Income declined by $159,000 as a result of fluctuations in net Servicing, Merchant and Interchange fees. Thus, total other income closed the second quarter at $2.14 million, down 10.9% compared to the $2.40 million reported as of June 30, 2017. On the Balance Sheet, Net loans closed the second quarter at $230.7 million, compared to $242.4 million at year end, December 31, 2017. Total assets closed the second quarter of 2018 at $319.5 million, as compared to $330.4 million reported December 31, 2017. Total deposits closed the second quarter of 2018 at $267 million, as compared to $280.2 million as of December 31, 2017. These results were driven by various factors, including an uptick in unscheduled loan payoffs and large tax payments due from several client relationships.

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 11.7%, Common Equity Tier 1 Capital Ratio of 12.5%, Tier 1 Capital Ratio of 14.7%, and a Total Capital Ratio of 16.0%. Likewise, Mission Valley Bank reported a Total Leverage Ratio of 14.0%, Common Equity Tier 1 Capital Ratio of 17.7%, Tier 1 Capital Ratio of 17.7%, and a Total Capital Ratio of 18.9%. Regulatory requirements for a “well-capitalized bank” are 5%, 6.5%, 8% and 10%, respectively.

Gurney concluded, “Mission Valley is a relationship driven, community-based business bank dedicated to maintaining our high touch, personal service culture while providing state-of-the-art technologies to our clients including robust Online and Mobile Banking platforms. We have an extraordinary team, committed to ensuring that we do what is right for our clients, our shareholders and the communities we serve. The combination of a sound, diversified balance sheet, solid capital base, and strong team continue to steer our course of steady and controlled growth throughout the remainder 2018 and beyond.”

Comment On This Story
COMMENT POLICY: We welcome comments from individuals and businesses. All comments are moderated. Comments are subject to rejection if they are vulgar, combative, or in poor taste.
REAL NAMES ONLY: All posters must use their real individual or business name. This applies equally to Twitter account holders who use a nickname.

0 Comments

You can be the first one to leave a comment.

Leave a Comment


Latest Additions to SCVNews.com
You’re invited to attend the Friends of Santa Clarita Public Library “Half-Price Huge Book Sale” event at the Valencia Library on Saturday, Aug. 17, from 10:00 a.m. to 4:00 p.m. for a chance to discover some great summer reads at a bargain price.
Aug. 17: Friends of Santa Clarita Public Library Book Sale
Get ready for Queen Nation to rock your world on Saturday, July 27. The Queen tribute band will perform during this year’s Concerts in the Park series, presented by Logix Federal Credit Union.
Queen Tribute Band to Rock You at Concerts in the Park
College of the Canyons is the only community college selected to participate in the Bringing Theory to Practice’s (BTtoP) Partnerships for Listening and Action by Communities and Educators (PLACE) initiative, a collaborative network of academic-community partnerships focused on civic-engagement and public-humanities work.
COC Only Community College Selected to Participate in PLACE Initiative
The Los Angeles County Health Officer has issued a Heat Advisory for Wednesday, July 24, as high temperatures (over 100 degrees Fahrenheit) have been forecast for the following areas: - Santa Clarita Valley - San Fernando Valley - San Gabriel Valley
Heat Advisory Issued for SCV Wednesday
HazMat crews were called to the suspected illegal dumping of a corrosive material in Castaic on Tuesday morning.
HazMat Crews Respond to Possible Corrosive Material in Castaic
The SCV Chamber is proud to announce it will host a Current Affairs Forum with special guest, U.S. Rep. Katie Hill, D-Agua Dulce.
July 30: Current Affairs Forum with U.S. Rep. Katie Hill
The California Enterprise Development Authority will hold a teleconference meeting Thursday, July 25, at 10:30 a.m.
July 25: California Enterprise Development Authority Teleconference Meeting
(CN) – Concentrations of fine particulate matter in U.S. skies lead to thousands of deaths annually and have shortened life expectancy despite efforts to curb pollution, a study found Tuesday.
Air Pollution Linked to LA County’s Largest Drop in Life Expectancy
Downtown Newhall’s brightest new star, the Newhall Press Room wine bar and restaurant, was recently presented with a very enviable honor: Wine Spectator magazine’s Award of Excellence.
Newhall Press Room Honored with Wine Spectator’s Award of Excellence
U.S. Air Force Airman Lean Lukas G. Aguilar graduated from basic military training at Joint Base San Antonio-Lackland, San Antonio, Texas.
Saugus High Alumnus Graduates from Basic Military Training
Palmdale Sheriff’s Station deputies patrolling Monday night responded quickly to sounds of gunshots in an Acton neighborhood and discovered a resident shooting at a snake.
Deputies Respond to Rattlesnake-Related Gunshots in Acton
1982 - Vic Morrow & two child actors killed in helicopter crash at Indian Dunes during filming of "Twilight Zone: The Movie" [story]
Twilight Zone Movie
Veronica Alvarez, Ed.D., began her tenure last week as CalArts' new director of the Community Arts Partnership Program, or CAP, which offers free after-school and school-based arts programs for youth ages 4-18.
Alvarez Brings Arts Education, Commitment to Social Justice to CAP
The Santa Clarita Valley Economic Development Corporation is offering a new jobs resource for SCV companies -- LiveWorkSCV.com, a comprehensive, highly visible job board that matches SCV career opportunities with SCV residents who want a job closer to home.
LiveWorkSCV – New Jobs Resource for Local Employers
FBI agents searched the headquarters of the Los Angeles Department of Water and Power on Monday morning as part of an ongoing investigation.
FBI Raids Los Angeles DWP, City Attorney Offices
Tickets are on sale and sponsorships are still available for the nonprofit WiSH Foundation's fifth annual "Cocktails on the Roof" fundraiser for Hart District schools at the Westfield Valencia Town Center Mall on Friday, Sept. 6.
Sept. 6: ‘Cocktails on the Roof’ Fundraiser
Taylor Snyder (pictured above) blasted a three-run home run in the fifth inning to help the JetHawks to a 7-2 win over the San Jose Giants on Monday afternoon at Excite Ballpark.
Snyder Homers, JetHawks Topple Giants Monday
Amar A. Singh, a Los Angeles man, was arrested Friday on suspicion of child cruelty for allegedly kicking the 2-year-old son of his friends while attending a party at the couple's Canyon Country residence.
Family Friend Accused of Kicking Couple’s Toddler
The Placerita Canyon Nature Center opened its doors to Nikki Dail on Sunday to talk about her travels through Belize.
NCA Board Member Talks About Her Journey Through Belize
A shoplifting suspect was also arrested on a felony drug possession charge after deputies allegedly discovered narcotics on him at the Sheriff’s Station.
Shoplifting Suspect Charged with Felony Drug Possession
The city of Santa Clarita and the Los Angeles County Department of Public Works will co-host a pair of advanced Smart Gardening Workshops at two local Santa Clarita Library branches in August and September.
City Libraries to Host Smart Gardening Workshops
Taylor Snyder went deep in his second straight game, and Lucas Gilbreath set a season-high for strikeouts, but the JetHawks fell to the San Jose Giants, 4-3, on Sunday evening in San Jose.
Gilbreath Strikeouts Hit Season High in JetHawks Loss
TV series, reality shows and music videos are among the productions now filming in the Santa Clarita Valley aka “Hollywood North” the week of July 22-28.
Now Filming in SCV: TV Series, Reality Shows, Music Videos
The First Peoples Fund and the Pukúu Cultural Community Services coordinated to bring the two-day Native Artist Professional Development Training course for indigenous artists to California Institute of the Arts on Friday and Saturday.
Indigenous Artists Receive Professional Training at CalArts
%d bloggers like this: