SUN VALLEY, Calif.,
Aug. 12, 2014 /PRNewswire/
-- Mission Valley Bancorp (OTCQX: MVLY) President &
CEO Tamara Gurney announced the
company's year to date net income of $610,000 for the period ended June 30, 2014.
President and CEO Tamara Gurney
stated, "Net income of $610,000
represents consistent earnings throughout the first half of the
year. While net income remains steady, earnings continue to
be impacted by the extended period of low interest rates. A
direct result of this lower rate environment is the continued
re-pricing of higher yielding assets to lower rates coupled with
early loan payoffs, reflected in net interest income of
$5.2 million at quarter end as
compared to $5.7 million reported
June, 30, 2013. Likewise, interest expense continued a
steady decline from $539,000 through
June of 2013 to $341,000 for the same
period in 2014. Non-interest income remained solid at
$1.27 million at June 30, 2014 as compared to $1.24 million for the same period in 2013. Total
operating expenses were $5.7 million
through the first six months of 2014 compared to $5.5 million for the same period last year.
Gurney continued, "Business owners continue to demonstrate
increasing confidence in the economic recovery as they begin to
make capital investments in new equipment, facilities and
commercial real estate, which is reflected in the growth of our
loan portfolio to $175 million
through June 2014 as compared to
$167 million for the same period last
year. We closed the 2nd quarter of 2014 with total
deposits of $213 million and total
assets of $254 million."
Mission Valley capital ratios continue to far exceed regulatory
requirements with Tier 1 Leverage, Tier 1 Risk-based Capital and
Total Risk-based Capital Ratios of 14.6%, 18.5%, and 19.8%,
respectively, as of June 30, 2014.
Regulatory requirements for a "well-capitalized bank" are 5%, 6%,
and 10%, respectively.
Gurney continued, "Mission Valley has weathered the Great
Recession, addressing its credit challenges while also maintaining
a strong foundation with a solid balance sheet and steady
earnings. We continue to focus on improving efficiencies to
reduce operating costs while enhancing revenue sources through our
diversified product offerings including accounts receivable
financing, merchant acquisition and processing and SBA lending
programs. Mission Valley is well positioned to take
advantage of the improving economic conditions by continuing to
serve our local communities as Trusted Advisors with value added
products and services."
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