Mission Valley Bancorp announced Tuesday net income of $816 thousand, or $0.25 per diluted share, for the first quarter of 2020 compared to net income of $701 thousand, or $0.22 per diluted share, for the first quarter of 2019, representing an increase of 16.47%.
March 31, 2020 First Quarter Highlights
– Total loans grew to $270.9 million, an increase of $19.5 million, or 7.75%, and $4.6 million, or 1.72%, over March 31, 2019 and December 31, 2019 levels respectively.
– Total deposits rose to $297.2 million, an increase of 2.49% over March 31, 2019 and a decrease of $4.0 million, or (1.33%), from December 31, 2019, primarily due to tax payments by clients.
– Assets totaled $355.4 million, a decrease of $4.6 million, or (1.27%), and $2.5 million, or (0.69%), over March 31, 2019 and December 31, 2019 levels respectively.
– Net interest income before provision for loan and lease losses increased $186 thousand, or 5.33%, to $3.7 million, compared to the first quarter of 2019.
– Capital ratios remain robust at March 31, 2020 as reflected by Total Leverage Ratio of 12.3%, Common Equity Tier 1 Capital Ratio of 13.0%, Tier 1 Capital Ratio of 15.0%, and Total Risk Based Capital of 16.3%.
Tamara Gurney, President and CEO, stated, “While our first priority remains the health and safety of our employees and the community, we are proud of our operating results in these trying times. The continued support of the communities we serve has been instrumental in Mission Valley Bank’s success during 2020.”
Gurney continued, “I thank the entire Mission Valley Bank team who have worked tirelessly to serve the community in this time of need, while dramatically altering the way we serve our clients. Our capital and liquidity remain strong, allowing us to assist businesses with access to programs like the Paycheck Protection Program (PPP). I am proud to note that we have provided 161 PPP loans totaling in excess of $42 million to date.”
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. For more information, visit www.MissionValleyBank.com.