#United States #Mission Valley Bancorp #Tamara Gurney #SBA Loans #Sun Valley

Mission Valley Bancorp Financial Report for 2024

Mission Valley Bancorp (OTCQX: MVLY) has released its financial results for the fourth quarter and full year of 2024, demonstrating significant progress amid challenging conditions. For the fourth quarter, the company achieved a net income of $1.1 million, translating to $0.34 per share, compared to a net loss of $0.2 million, or $0.07 per diluted share in the same quarter of 2023. Overall, the company's net income for the year reached $6.2 million, which is $1.87 per diluted share, although it represents a decline from the previous year's earnings of $7.4 million or $2.22 per share, which were positively influenced by one-time grant income.

Key Highlights from 2024

Tamara Gurney, President and CEO of Mission Valley, expressed pride in the company’s commitment to the community, particularly during recent wildfires in Southern California. She emphasized that their loan portfolio remained stable despite the adversity, and the bank focused on providing continuous support to affected customers.

The full year witnessed substantial growth, with net interest income increasing by $3.3 million, or 13.58%, to a total of $27.5 million. This growth can be attributed to robust core earnings and strategic initiatives, enhancing the bank’s financial health. The net interest margin stood at 4.42% for the year.

During the fourth quarter alone, there was a significant increase in net interest income of $1.2 million (19.48%) compared to the same period the previous year. Additionally, non-interest income surged, reaching $2.3 million, an increase of 75.34% from fourth quarter 2023.

With enthusiasm, Gurney noted, "Our 2024 outcomes surpassed our exceptional 2023 numbers despite the absence of the notable CDFI ERP grants that bolstered results in the previous year."

In support of growth initiatives, Mission Valley Bancorp successfully sold $34.1 million in SBA loans, leading to a gain of $1.4 million in the fourth quarter. The company's total loans rose by approximately $10.9 million (2.04%) compared to the prior quarter. Furthermore, the opening of a new branch in Burbank, California, marked a pivotal development for the bank.

Financial Metrics

Fourth Quarter 2024 Highlights:

• - Net Income: $1.1 million
• - Total Net Interest Income: $7.2 million
• - Net Interest Margin: 4.47%
• - Non-Interest Income: $2.3 million
• - Gross Loans increased by 2.04%
• - New branch launched in Burbank.

Full Year 2024 Highlights:

• - Total Net Income: $6.2 million
• - Net Interest Income: $27.5 million
• - Net Interest Margin: 4.42%
• - Non-Interest income decreased to $9.6 million
• - Overall loans increased by 5.4%.

As of December 31, 2024, Mission Valley Bancorp reported total assets of $677.3 million, indicating a 3.6% increase year-over-year. The bank also showcased a solid capital position with leverage and capital ratios reflecting strength.

Outlook for 2025

Looking ahead, Mission Valley is optimistic as it begins 2025 focusing on continued enhancements in deposit growth, digital advancements, and branch expansion strategies. The leadership believes that these initiatives will help maintain a trajectory of prudent growth and core earnings enhancement.

In summary, despite facing external challenges, Mission Valley Bancorp has demonstrated resilience and commitment to its community, positioning itself effectively for future opportunities.

About Mission Valley Bancorp:
Mission Valley Bancorp operates as a bank holding company located in Sun Valley, California, and specializes in catering to the financial needs of small to medium-sized businesses through its independent commercial banking services.

Overall, the fiscal year 2024 provided promising results for Mission Valley, foreshadowing a strong start to 2025 as they build upon their foundational achievements.