SUN VALLEY – Mission Valley Bancorp announced Tuesday net income of $701 thousand, or $0.22 per diluted share, for the first quarter of 2019 compared to net income of $1,384 thousand, or $0.43 per diluted share, for the first quarter of 2018.
The primary driver of the year over year variance was the result of a strategic decision to retain loans available for sale on the balance sheet, as opposed to selling them. Therefore, gain on sale of loans totaled $2 thousand in the first quarter of 2019, compared to $706 thousand in the first quarter of 2018. This decrease was partially offset by an increase in total interest income of $152 thousand, or 4.07%, compared to the first quarter of 2018.
March 31, 2019 First Quarter Highlights
– Total loans grew to $251.4 million, an increase of $25.3 million, or 11.21%, and $3.3 million, or 1.30%, over March 31, 2018 and December 31, 2018 levels respectively.
– Total assets increased to $360.0 million, growing $24.7 million, or 7.36%, and $9.0 million, or 2.57%, over March 31, 2018 and December 31, 2018 levels respectively.
– Total deposits were $289.9 million, an increase of 2.07% over March 31, 2018 and a decrease of $6.8 million, or 2.30%, from December 31, 2018, primarily due to tax payments by clients.
– Net interest income before provision for loan and lease losses increased $79 thousand, or 2.28%, to $3.5 million, compared to the first quarter of 2018.
– Capital ratios remain robust at March 31, 2019 as reflected by Total Leverage Ratio of 11.8%, Common Equity Tier 1 Capital Ratio of 11.9%, Tier 1 Capital ratio of 13.9%, and Total Risk Based Capital of 15.2%.
Tamara Gurney, President and CEO, stated, “Mission Valley Bank’s balanced growth strategy is focused on strong fundamentals of a solid core deposit base and disciplined credit practices while the current Loan to Deposit Ratio of 85% provides the opportunity for ample loan growth to further increase our net interest margin. In addition, we are undertaking several strategic initiatives that are projected to increase non-interest income while providing operating efficiencies during 2019.”
About Mission Valley Bank
Mission Valley Bank is a full-service, independent, commercial bank specializing in the banking needs of small to medium businesses. Mission Valley Bank has full-service branches in the San Fernando & Santa Clarita Valleys as well as a Loan Production Office located in the South Bay. 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.
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.www.MissionValleyBank.com.
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