header image

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

Santa Clarita CA
Partly sunny
Partly sunny
Today in
S.C.V. History
March 21
1927 - Baker Ranch Rodeo owners announce they'll award $4,000 in cash prizes at first major event (2nd annual rodeo at future Saugus Speedway) [story]

Mission Valley BankMission Valley Bancorp announced Monday a net income of $4.8 million, or $1.45 per diluted share, for the year ended Dec. 31, 2022, compared to net income of $5.0 million, or $1.50 per diluted share, for the year ended Dec. 31, 2021. Net income for the fourth quarter of 2022 was $1.1 million, or $0.32 per diluted share, compared to net income of $0.9 million, or $0.26 per diluted share, for the fourth quarter of 2021.

“2022 was another banner year for Mission Valley,” said Tamara Gurney, president and chief executive officer. “We achieved record loan growth of $122.4 million and generated net income of $4.8 million driven by core earnings, which was only $0.2 million lower than our record net income in 2021 that was boosted by $2.5 million, or $1.8 million net of tax, from the one-time CDFI Rapid Response Program grant and gain from the sale of our Round 2 PPP loans. The exceptional loan growth and strong financial results are a reflection of the quality of our current team of employees, our platform, and financial position. We believe that we are well positioned to withstand the potentially challenging and recessionary environment that 2023 may bring, based on the strength of our team, balance sheet, capital position, and prudent measures that we have taken including the restructuring of our lending and credit teams with a focus on portfolio management, retention, and risk mitigation.”

Mission Valley’s board of directors declared a cash dividend of $0.15 per share on Jan. 24, 2023.  The dividend will be payable on or about Feb. 28, 2023 to shareholders of record as of the close of business on Feb. 15, 2023.

“I am also pleased to announce cash dividends for the second consecutive year, and sixth in the history of our Company, in the amount of $0.15 per common share based on our stellar results for 2022,” Gurney added.

Full Year 2022 Highlights

— Net Income of $4.8 million, or $1.45 per diluted share.

— Gross Loans increased $122.4 million, or 38.86%, to $437.4 million as of Dec. 31, 2022.

— Loan production totaled $230.5 million in 2022, which was primarily driven by originations of Commercial, Commercial Real Estate, and Small Business Administration (“SBA”) loans.

— Net Interest Income increased by $4.3 million, or 26.56%, to $20.3 million in 2022.

— Net Interest Margin was 4.09% for 2022 compared to 3.81% for 2021.

— Non-Interest Income increased by $0.2 million, or 2.10%, to $8.4 million in 2022.  Non-Interest Income, excluding grant income, was $8.2 million in 2022, an increase of $1.8 million or 28.55% compared to 2021.  Grant income was $0.2 million in 2022 compared to $1.8 million in 2021.

— Sold $74.3 million in SBA loans resulting in gain on sale of $4.0 million.

— Efficiency Ratio (excluding grant income) was 73.44% for 2022 compared to 76.21% for 2021.

— Provision for Loan Losses of $1.1 million in 2022, primarily due to loan growth, compared to no provision in 2021.

— $25 thousand in net recoveries from previously charged-off loans.

— There were no Past Due Loans and $0.2 million in Non-Accrual Loans as of Dec. 31, 2022.

— The Allowance for Loan and Lease Losses increased $1.1 million, or 23.52% to $5.9 million with Allowance for Loan and Lease Losses Ratio of 1.35%.

— Capital position remains healthy with Leverage Ratio of 10.63%, Common Equity Tier 1 Capital Ratio of 10.53%, Tier 1 Capital ratio of 11.78%, and total Risk Based Capital Ratio of 13.02%.

Fourth Quarter 2022 Highlights

— Net Income of $1.1 million or $0.32 per diluted share.

— Net Interest Income was $6.2 million for the fourth quarter of 2022, an increase of $2.3 million or 58.76% compared to the fourth quarter of 2021.

— Net Interest Margin was 5.00% for the fourth quarter of 2022 compared to 3.46% for the fourth quarter of 2021.

— Efficiency Ratio was 73.58% for the fourth quarter of 2022 compared to 77.08% for the fourth quarter of 2021.

— Total Assets increased by $41.5 million, or 8.11%, compared to Sept. 30, 2022.

— Gross Loans increased $39.3 million, or 9.87%, compared to Sept. 30, 2022.

— Loan Production of $51.1 million in the fourth quarter of 2022.

— Total Deposits increased by $40.5 million, or 9.50%, compared to Sept. 30, 2022.


About Mission Valley Bancorp

Mission Valley Bancorp is a bank holding company headquartered in Sun Valley, California with two wholly owned subsidiaries Mission Valley Bank (the “Bank”) and Mission SBA Loan Servicing LLC (“Mission SBA”).  The Bank was founded in 2001 and is a full-service, independent, commercial bank specializing in the banking needs of small to medium businesses with full service branches in the San Fernando & Santa Clarita Valleys.  Mission SBA is a de novo SBA lender service provider (“LSP”) established in March 2021 that provides SBA lending services to other financial institutions.

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.


You can be the first one to leave a comment.

Leave a Comment

Latest Additions to SCVNews.com
More than 1 billion Muslims around the world are preparing for Ramadan, and fasting which takes during the holiday is recognized as one of the Five Pillars of Islam.
CSUN Community Readies for Ramadan 2023
College of the Canyons student-athletes Alyssa Hamilton (women's swim) and Alexander Moores (men's golf) have been named the COC Athletic Department's Women's & Men's Student-Athletes of the Week for the period running March 13-18.
COC Names Alyssa Hamilton, Alexander Moores Athletes of the Week
1927 - Baker Ranch Rodeo owners announce they'll award $4,000 in cash prizes at first major event (2nd annual rodeo at future Saugus Speedway) [story]
The Master's University baseball team won both games of Saturday's doubleheader against the No. 7 Hope International Royals to win the three-game series.
Mustangs Sweep Doubleheader Against Royals
The Master's men's and women's track and field teams set three school records and had 51 personal bests at the Ross and Sharon Irwin Collegiate Meet hosted by Point Loma Nazarene University.
Mustangs Set Three School Records at Point Loma Meet
The Sierra Hillbillies Square Dance Club will hold an Alumni Dance Sunday, April 2, hosting former members and class graduates with former club instructor and caller Rod Shuping at the mic.
April 2: Sierra Hillbillies Hosting Alumni Dance
The Santa Clarita Community College District Board of Trustees will meet in open session for a joint business meeting with the Associated Student Government Wednesday, March 22, at 3:30 p.m., in the University Center, Room 301 on the Valencia campus of College of the Canyons.
March 22: COC Board of Trustees Joint Business Meeting with ASG
The 27th Santa Clarita Cowboy Festival will return after a three-year hiatus and take over Main Street in Old Town Newhall on April 22 and 23.
Santa Clarita Cowboy Festival Tickets Now On Sale
The city of Santa Clarita’s Film Office released the seven productions currently filming in the Santa Clarita Valley for the week of Monday, March 20 – Sunday, March 26.
Filming in Santa Clarita Includes ‘S.W.A.T.,’ ‘Curb Your Enthusiasm’
Los Angeles County Sheriff’s Homicide investigators are continuing their investigation into the circumstances surrounding the shooting death of two males Saturday in the city of Santa Clarita.
Two Dead in Apparent Gang-Related Shooting
Unionized employees at Henry Mayo Newhall Hospital began an Unfair Labor Practice strike at 6 a.m. Monday.
Henry Mayo Union Workers Begin One-Day Strike
The recent rainfall has prompted Los Angeles County Health Officer, Muntu Davis, MD, MPH, to caution residents that bacteria, chemicals, debris, trash, and other public health hazards from city streets and mountain areas are likely to contaminate ocean waters around discharging storm drains, creeks and rivers after the rainfall.
Ocean Water Quality Advisory Extended for All L.A. County Beaches
The Los Angeles County Department of Public Health confirmed Monday no new deaths and 40 new cases in the Santa Clarita Valley over the weekend, with 35 additional deaths and 1,238 new cases countywide.
Monday COVID Roundup: 40 New SCV Cases
2012 - County supervisors approve 50-year operating agreement for Placerita Canyon State Park [read]
Placerita Canyon
1875, 1:35PM - Outlaw Tiburcio Vasquez hanged in San Jose [story]
Tiburcio Vasquez
1919 - Fire destroys abandoned second Southern Hotel, built 1878 in Newhall (corner Main & Market) [story]
Second Southern Hotel
Join the Child & Family Center on Sunday, May 7 for the tastiest event of the year. The 34th Taste of the Town is back at Blomgren Ranch, 15142 Sierra Highway, Santa Clarita, CA 91390.
May 7: Taste of the Town Tickets Now on Sale
The Los Angeles County Department of Public Health confirmed 15 new deaths throughout L.A. County, 968 new cases countywide and 17 new cases in the Santa Clarita Valley.
Friday COVID Roundup: COVID-19 Continues to Outpace Other Respiratory Illnesses
The Los Angeles County Parks and Recreation Department will offer fun for all ages on Thursday, April 6 and Saturday, April 8 from 6 to 9 p.m. at Val Verde Park, 30300 Arlington St., Castaic, CA 91384.
Parks After Dark Offer Free Fun in Val Verde
Vasquez Rocks Natural Area, 10700 Escondido Canyon Road, Agua Dulce, CA 91390, will host a series of free Twilight Hikes suitable for all ages. Pre-registration is required and space is limited.
Vasquez Rocks Free Twilight Hikes Register Now
On yet another career night for freshman Nolan Flexen, Isaac Seltzer and Matthew Hamm, No. 5-ranked The Master's University men's volleyball team defeated No. 8 William Penn University in a five-set thriller Wednesday in The MacArthur Center.
Statesmen Surrender to TMU Mustangs in Five
College of the Canyons defeated conference opponent Antelope Valley College by a 7-2 margin on Thursday, winning on its home court in the final regular season home match.
Lady Cougars Tennis Closes Out Home Schedule 7-2 Over AVC
The William S. Hart Education Foundation presents Webinar Wednesdays, a year-round series for college-bound students.
April 12: WiSH Webinar for College Admissions
For Developmental Disabilities Awareness Month in March, Soliant, one of the nation's largest healthcare staffing companies, has announced that Valley View Community School Playground in Santa Clarita is one of the 10 best inclusive school playgrounds in the United States.
Valley View Community School Recognized for Inclusive Playground
%d bloggers like this: