header image

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

Inside
Weather
Santa Clarita CA
Mostly sunny
Mostly sunny
83°F
 
Calendar
Today in
S.C.V. History
July 29
1983 - U.S. release of "National Lampoon's Vacation;" Magic Mountain is Walley World [story]
Chevy Chase and Magic Mountain crew


SUN VALLEY – President and CEO Tamara Gurney of Mission Valley Bancorp (OTCBB: MVLY), parent company of Mission Valley Bank, announced Tuesday un-audited financial results for the year ended Dec. 31, 2017.

“As the founding President of Mission Valley, I am pleased to share that 2017 was yet another strong year for our organization. For the year ended Dec. 31, 2017, Mission Valley Bancorp reported the most profitable year in our history with net earnings of $3,551,000 or $1.07 per diluted share, a 2% increase over the $3,478,000 reported for the year ended 2016 or $1.04 per diluted share. It should also be noted that the record net earnings reported for 2017 are reflective of the December 2017 tax reform legislation. Financial accounting standards requires deferred tax assets and liabilities to be remeasured when income tax rates change. Accordingly, this legislation had an immediate and direct impact of lowering our organization’s 2017 net earnings by $310,000.”

As of Dec. 31, 2017, total assets reached $330 million, up $5 million from the $325 million reported at Dec. 31, 2016. Over the course of the year, net loans increased by $3 million to $242 million as of Dec. 31, 2017 as compared to $239 million at year end 2016. Total deposits held steady, closing the year at $280 million as of Dec. 31, 2017 as compared to $278 million reported at year end 2016.

During the third quarter of 2017 the Company fully redeemed its $10.3 million Community Development Capital Investment (CDCI) (Formerly TARP/CPP) to the Treasury in exchange for short term private debt in anticipation of the scheduled CDCI rate increase to 9% in 2018. This significantly impacted total interest expense for the year ended Dec. 31, 2017, increasing other interest expense by $265,000. Conversely, deposit interest expense decreased by 10.9% ending the year at $353,000 as compared to $396,000 as of Dec. 31, 2016, resulting in total interest expense closing the year at $755,000, up 41.6% as compared to $533,000 reported at yearend 2016. Despite this increase to total interest expense, net interest income (after provision for loan losses) rose 10.6%, reaching $13.2 million for the year ended 2017 as compared to $11.9 million for the same period ended 2016.

Mission Valley Bancorp and Mission Valley Bank’s capital ratios continued to exceed regulatory requirements for the period ended Dec. 31, 2017, with Mission Valley Bancorp reporting a Total Leverage ratio of 11.2%, Common Equity Tier 1 Capital ratio of 12.0%, Tier 1 Capital ratio of 14.3% and a Total Capital ratio of 15.6%. Mission Valley Bank reported a Total Leverage ratio of 13.9%, Common Equity Tier 1 Capital ratio of 17.8%, Tier 1 Capital ratio of 17.8% and a Total Capital ratio of 19.1%. Regulatory requirements for a “Well Capitalized” bank are 5%, 6.5%, 8% and 10%, respectively.

Gurney concluded, “2017 proved to be yet another strong year for Mission Valley and as we enter into 2018, we are well positioned to benefit from the anticipated 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 2018 and beyond.”

Mission Valley Bancorp is traded on the OTCQX under the symbol MVLY.

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.

Forward-looking statements:
Certain matters discussed in this news release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon current management expectations and, therefore, are subject to certain risks and uncertainties that could cause actual results, performance, or achievements to differ materially from those expressed, suggested, or implied by the forward-looking statements. Forward-looking statements are effective only as of the date that they are made and Mission Valley Bank assumes no obligation to update this information.

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
The Los Angeles County Health Officer has extended a Heat Alert as high temperatures have been forecast for the Santa Clarita Valley through Sunday, Aug. 1.
SCV Heat Alert Extended Until Sunday
Following a year of cancellations due to the COVID-19 pandemic, the city of Santa Clarita’s wildly popular SENSES block parties will make their triumphant return to Main Street in Old Town Newhall.
SENSES Block Parties Returning to Old Town Newhall
The Los Angeles County Department of Public Health is cautioning residents who are planning to visit several Los Angeles County beaches near Dockweiler and El Segundo to be careful of swimming, surfing, and playing in ocean waters around discharging storm drains, creeks, and rivers.
Water Use Warning Issued for L.A. County Beaches
1983 - U.S. release of "National Lampoon's Vacation;" Magic Mountain is Walley World [story]
Chevy Chase and Magic Mountain crew
Local business leaders are gathering to celebrate Santa Clarita Valley Day Aug. 14 with an inaugural job fair and boutique expo.
SCV Day Celebrates With Job Fair, Boutique Expo
The Los Angeles County Department of Public Health confirmed Wednesday 15 new deaths and 2,454 new cases of COVID-19 countywide, with 29,668 total cases in the Santa Clarita Valley.
Wednesday COVID-19 Roundup: SCV Cases Total 29,668 With One Additional Death; L.A. County Urges Workers To Get Vaccinated, Wear Masks
The city of Santa Clarita is looking for public feedback on a public safety grant proposal for the U.S. Department of Justice’s Edward Byrne Memorial Justice Assistance Grant program.
City Seeks Public Input On Public Safety Grant Proposal
The California Department of Public Health has updated their guidance for face coverings statewide, aligning it with the mandates that L.A. County and the CDC calling for the public to wear masks indoors regardless of vaccination status. 
California Public Health Updates Statewide Mask Guidelines
The Los Angeles County Board of Supervisors approved a substitute motion authored by Kathryn Barger and Hilda L. Solis, in response to the proposed motion by Holly Mitchell and Shelia Kuehl that would move forward with the placement of youth realigned from the Department of Juvenile Justice and the L.A. County Probation system, specifically at Camps Scott and Scudder in Santa Clarita. 
Board of Supervisors Approves Alternative Approach For Juvenile Justice
The Los Angeles County Board of Supervisors approved a motion by Supervisor Kathryn Barger and coauthored by Supervisor Hilda L. Solis to create a Blue Ribbon Commission on Homelessness to assess existing structures and systems and provide recommendations on reforms that will help Los Angeles County and its 88 cities solve homelessness.
Barger’s Blue Ribbon Homelessness Commission Gets Board Approval
The inaugural Cars Under the Stars car show brought together families and car enthusiasts Saturday night to raise funds for the WiSH Education Foundation.
WiSH Cars Under The Stars Show Supports Hart Students
A hearing for Senate Bill 520, authored by Sen. Scott Wilk, R-Santa Clarita, was cancelled by Wilk last month. 
Hearing For Anti-CEMEX Bill Pushed To January
1938 - Newhall Tunnel cut away, replaced by Sierra Highway [story]
Sierra Highway
The California State University announced Tuesday that it will require faculty, staff and students who are accessing campus facilities at any university location to be immunized against SARS-CoV-2, the virus that causes COVID-19.
California State University Implementing COVID-19 Vaccine Mandate for Fall 2021
The Los Angeles County Department of Public Health confirmed Tuesday 15 new deaths and 2,067 new cases of COVID-19 countywide, with 29,581 total cases in the Santa Clarita Valley.
Tuesday COVID-19 Roundup: SCV Cases Total 29,581; L.A. County’s Case Rates Increasing Across All Adult Age Groups
Lauren Park's work ethic in midfield will seamlessly fit in with the Mustangs' style of play.
Former Saugus High Midfielder Lauren Park Signs with TMU
The city of Santa Clarita is seeking public feedback on a new, permanent public art piece which will be displayed at the nearly-completed Santa Clarita Valley Sheriff’s Station.
City Seeking Community Input for New SCV Sheriff’s Station Art Piece
First responders were called to a report of a shooting involving an employee of the L.A. County Sheriff‘s Department in Valencia on Tuesday morning, sending at least one person to the hospital.
LASD Employee Reportedly Involved in Shooting that Sent One to Hospital
Gov. Gavin Newsom was recently in Los Angeles to sign bipartisan legislation that expands California’s film/TV tax credit program with an additional $330 million over two years, including $150 million targeted specifically at promoting new soundstage development and workforce diversity.
Newsom Signs Bipartisan Bill Expanding State’s Film/TV Tax Credit
Not sure what plants to use in your landscape? We have taken the guess work out by identifying the top 30 plants that look beautiful and grow well in the SCV.
SCV Water’s Upcoming Virtual Gardening Class to Highlight SCV’s Top 30 Plants for Landscaping
SACRAMENTO - State Sen. Scott Wilk, R-Santa Clarita, announced that Los Angeles and San Bernardino counties have been awarded more than $60 million to help provide services for the homeless.
Wilk Announces L.A. County Awarded Millions to Assist with Homelessness
1876 - 223-foot Soledad train tunnel completed; last tunnel on line linking L.A. & S.F. [story]
tunnel
Pandemic-related problems were among the top ten complaints made to state and local consumer agencies in 2020, according to an annual survey by the Consumer Federation of America.
Consumer Federation of America Announces Nation’s Top 10 Consumer Complaints Made in 2020
The Los Angeles County Department of Consumer and Business Affairs Center for Financial Empowerment announced the release of "Get Ahead L.A.," a free online service dedicated to safely guiding Los Angeles County residents to financial resources.
County Announces ‘Get Ahead LA,’ Free Online Financial Resources
%d bloggers like this: