header image

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

Inside
Weather
Santa Clarita CA
Mostly clear
Mostly clear
54°F
 
Calendar
Today in
S.C.V. History
May 7
1861 - Andres Pico and partners granted state franchise to build toll road and cut 50-foot-deep cleft through (Newhall) Pass; they failed; Beale later succeeded [story]
Andres Pico


President and CEO Tamara Gurney of Mission Valley Bancorp (OTCBB: MVLY), parent company of Mission Valley Bank, announced un-audited financial results for the year ended Dec. 31, 2016.

“As the founding president of Mission Valley, I am pleased to share that 2016 was an exceptional year for our organization during which we achieved strong though balanced growth across the board. For the year ended 2016, Mission Valley Bancorp reported the most profitable year in our history with net earnings of $3,478,000 or $1.04 per diluted share, an 11% increase over the $3,144,000 reported for the year ended 2015 or $0.94 per diluted share.”

Total assets increased 13% to a record high of $326 million at Dec. 31, 2016 compared to $289 million at Dec. 31, 2015. Asset growth was primarily driven by a 20% increase in net loan growth funded by a 13% increase in total deposits. Net loans grew by more than $39 million to $239 million as of Dec. 31, 2016 as compared to $200 million at year end 2015. Total deposits grew to $278 million as of Dec. 31, 2016 (primarily due to an increase of $35.3 million in non-interest bearing deposits) as compared to $245 million reported at year end 2015. Despite the extended flat rate environment that continued through 2016, Mission Valley experienced a slight increase in total interest income, which rose to $11.7 million for the year ended 2016 compared to $11.6 million for the same period ended 2015, while interest expense declined 5% to $533,000 for the year ended Dec. 31, 2016 as compared to $561,000 for the year ended 2015.

Gurney continued, “While loan demand remained strong throughout 2016, loan quality continued to improve with Classified Assets to Tier 1 Capital at 7.7%. Evidence of the Bank’s focus on diversifying revenue sources, non-interest income grew to $5.7 million for the year ended Dec. 31, 2016, a 64% increase from $3.5 million reported for the year ended Dec. 31, 2015. To a great extent this continuing improvement in other income is directly attributable to the successful realignment of two key business units, SBA Lending and Merchant Bankcard Processing. For the year ended 2016, Mission Valley generated over $50 million in SBA loans resulting in a 151% increase in gain on sale of loans to $2.9 million as compared to $1.1 million reported for the year ended 2015. Additionally, our Merchant Services Department increased income by more than 103% year over year.”

For the period ended Dec. 31, 2016, both Mission Valley Bancorp and Mission Valley Bank’s capital ratios continue to exceed regulatory requirements with Mission Valley Bancorp reporting a Total Leverage ratio of 13.5%, Common Equity Tier 1 Capital ratio of 10.6%, Tier 1 Capital ratio of 16.9% and a Total Capital ratio of 18.2%. Mission Valley Bank reported a Total Leverage ratio of 13.1%, Common Equity Tier 1 Capital ratio of 16.5%, Tier 1 Capital ratio of 16.5% and a Total Capital ratio of 17.7%. Regulatory requirements for a “Well Capitalized” bank are 5%, 6.5%, 8% and 10%, respectively.

Gurney concluded, “2016 was a very good year for Mission Valley and as we enter into 2017, our balance sheet is well positioned to benefit from a higher interest rate environment. We have a sound, diversified balance sheet, a solid capital base to carry us forward and a tremendous team dedicated to our success and to the success of our clients and shareholders. Mission Valley Bancorp is well positioned to maintain our course of steady and controlled growth throughout 2017 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
1861 - Andres Pico and partners granted state franchise to build toll road and cut 50-foot-deep cleft through (Newhall) Pass; they failed; Beale later succeeded [story]
Andres Pico
The Water Resources and Watershed Committee is scheduled to meet via teleconference on Wednesday, May 12, at 5:30 p.m.
May 12: Water Resources and Watershed Committee Teleconference Meeting
The California Interscholastic Federation has renewed a multi-year agreement with GoFan as the official digital ticketing partner to provide touchless, digital ticketing solutions to high schools and state-wide post season play across California.
CIF, GoFan Reach Multi-Year Agreement that Includes Post-Season Play
The County of Los Angeles announced Thursday that it has distributed 23 million units of free PPE through its joint effort with PPE Unite to protect 433,000 employees at small businesses across the County.
L.A. County Announces Distribution of 23 Million Units of PPE
The Department of Public Social Services (DPSS) has launched its annual CalFresh Awareness Month campaign to publicize the CalFresh Nutrition Program and acknowledge community partners throughout the month of May for helping to raise public awareness year-round.
Annual CalFresh Awareness Month Underway
The Santa Clarita City Council convened Tuesday evening to hear an overview of the city’s budget for the upcoming fiscal year.
Striplin Presents Balanced Budget Which Includes $300K Surplus
This summer Mission Opera is happy to present a live outdoor operetta in one-act on June 5, 6, 12, and 13, in Santa Clarita.
Mission Opera to Present Live Outdoor Operetta, “Le 66”
The William S. Hart Union High School District is looking for one new member to serve on the Measure SA Citizens’ Oversight Committee.
Hart District Seeking Oversight Committee Member
The College of the Canyons Theatre Department will present “The Addams Family Quarantined Concert Version,” a live virtual musical production based on the eponymous beloved television series on May 7-9.
May 7-9: COC Theatre Presents, “The Addams Family Quarantined Concert Version”
Santa Clarita Valley public junior high and high school students will remain in the blended learning model — two days a week of in-person instruction — for the remainder of the year, William S. Hart Union High School District officials announced Wednesday night.
Hart District Announces Blended Learning Format to Continue for Remainder of Year
The Los Angeles County Department of Public Health confirmed Thursday 19 new deaths and 414 new cases of COVID-19, with 27,744 total cases in the Santa Clarita Valley.
Thursday COVID-19 Roundup: Reopenings Expand in L.A. County as Transmission Remains Low; SCV Cases Total 27,744
1971 - Fort Tejon added to National Register of Historic Places [story]
Fort Tejon
Los Angeles County Department of Public Health officials on Wednesday confirmed 21 new deaths and 287 new cases of COVID-19 countywide, with Santa Clarita cases totaling 27,744.
Wednesday COVID-19 Roundup: L.A. County Health Officer Order Updates Effective Thursday; SCV Cases Total 27,744
During their first in-person meeting of the year, William S. Hart Union High School District governing board members are planning to hear public comments under a new format Wednesday, as well as discuss a potential decrease to the number of units seniors need to graduate in light of COVID-19.  
Hart Governing Board Returns to In-Person Meetings, Set to Discuss Reducing Credits for Graduation
For the second time since his arrest, Michelle Dorsey’s estranged husband — who is accused of having killed his wife in her Saugus home last month — had a continuation of his arraignment.  
Arraignment Continued for Estranged Husband Accused of Murdering Michelle Dorsey
After a year of virtual learning, the Santa Clarita Youth Orchestra's spring semester will host its grand finale, a virtual concert fundraiser, to help recoup losses during the pandemic.
SCV Youth Orchestra To Hold Virtual Concert Fundraiser
The California Highway Patrol is reminding cyclists and motorists to share the road and remember traffic safety saves lives during this years National Bicycle Safety month all May.
CHP Emphasizes Bicycling Safety Is Shared Responsibility
The College of the Canyons Theatre Department announced a live virtual production of "The Addams Family Quarantined Concert Version", based on the eponymous television series. 
COC Theatre Presents “Addams Family Quarantine Concert Version”
Henry Mayo Newhall Hospital revealed a new addition to their leadership staff, bringing more than 30 years of medical experience to the hospital. 
Henry Mayo Announces New VP And Chief Medical Officer
The Santa Clarita Valley Sheriff's Station is once again hosting their monthly free catalytic converter etching event, adding more dates and locations to have a converter etched. 
May’s Free Catalytic Converter Etching Adds Additional Location
The annual Bike to Work challenge is once again rolling into town for a week long going green challenge, starting next week. The challenge will begin Monday May 10 and go through Friday May 14. 
City Promotes Week-Long Bike To Work Challenge To Go Green
The William S Hart Education Foundation announced events will be returning this year and into 2022, starting with their new Cars under the Stars event. 
WiSH Education Foundation Announces New Events
The annual State of the County will be held in-person at Six Flags Magic Mountain, the Santa Clarita Chamber of Commerce announced Wednesday. The SCV Chamber and Supervisor Kathryn Barger’s office have been working to create an event to celebrate the reopening of our economy which will include remarks by the Supervisor and full access to rides at Six Flags Magic Mountain.
Six Flags To Host State Of The County Event
1828 - Soledad Canyon settler John Lang born in Herkimer County, N.Y. [story]
Lang
%d bloggers like this: