SUN VALLEY, Calif.,
May 7, 2012 /PRNewswire/ -- Mission
Valley Bancorp – (parent company of Mission Valley Bank (OTCBB:
MVLY.OB)), reports first quarter (March 31,
2012) earnings of $108,000.
President and CEO, Tamara Gurney,
stated, "While modest, our first quarter earnings represent a sound
start to a promising year. Throughout 2011, as we continued
to work through lingering credit issues, the bank experienced a
steady decline in total assets, primarily in the area of
loans. During the first quarter of 2012 we have begun to see
stabilization and modest growth in both loans and deposits."
Total Deposits held steady reaching $194
million over the $193 million
reported at March 31, 2011 and were
up $6 million or 3% from year end
2011. Net loans grew $7
million from year end 2011, reaching $177 million at March 31,
2012, down slightly from $180
million for the same period last year. Similarly,
Total Assets remained stable, finishing the quarter at $253 million, down from the $255 million reported for March 31, 2011 and up $6
million from the $247 million
at year end 2011.
Gurney continued, "In just the first three months of 2012 we
have made great progress with regard to enhancing both our product
line and our delivery channels. In January we launched MVB's
new business 'bundled' products providing our commercial clients
with convenient and inclusive alternatives for business operating
accounts. February was marked by the release of our newly
enhanced website and in March we announced the expansion of our SBA
Loan Division to include our new Orange
County / South Bay Loan Production Office as well as
expanding our SBA service expertise to the San Francisco Bay
area."
Mission Valley continues to far exceed all requirements as a
well-capitalized institution with a Total Risk Based Capital Ratio
of 19.2% (far exceeding the federal guideline of 10% to maintain
Well Capitalized status) allowing the Bank flexibility to respond
quickly to opportunities as well as providing additional insulation
to assist in managing whatever asset quality issues that may arise
as the economy continues to rebuild.
Gurney concluded, "Although we remain cautious, we continue to
see signs of improvement throughout the local economy and believe
that 2012 should prove to be a better year for our Bank, our
clients and the communities we serve."
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.
www.MissionValleyBank.com
SOURCE Mission Valley Bancorp