Mission Valley Bancorp Reports Full Year and Fourth Quarter 2023 Results
Full Year 2023 Highlights
- Record Net Income of
$7.4 million , or$2.22 per diluted share. - Gross Loans increased
$81.6 million , or 18.65%, to$519.0 million as ofDecember 31, 2023 . - Loan production totaled
$140.9 million in 2023, which was primarily driven by originations ofSmall Business Administration ("SBA"),Commercial Real Estate , and Commercial loans. - Total Assets were
$653.7 million as ofDecember 31, 2023 , an increase of$100.4 million , or 18.15%, compared toDecember 31, 2022 . - Net Interest Income increased by
$3.9 million , or 19.13%, to$24.2 million in 2023. - Net Interest Margin was 4.94% for 2023 compared to 4.09% for 2022.
- Non-Interest Income increased by
$3.9 million , or 46.98%, to$12.3 million in 2023. Non-Interest Income includes gain on sale of SBA loans and grant income. - Awarded
$5.0 million grant from theU.S. Treasury as part of the Community Development Financial Institutions ("CDFI") Equitable Recovery Program ("ERP"), which was received and fully recognized into Non-Interest Income in 2023 after meeting the eligible activities and performance conditions of the grant award agreement. Grant income was$5.4 million in 2023 compared to$0.2 million in 2022. - Sold
$39.1 million in SBA loans resulting in gain on sale of$2.6 million in 2023, compared to$74.3 million in SBA loans sold and gain on sale of$4.0 million in 2022. -
$0.4 million in net charge-offs on loans in 2023, compared to$25 thousand in net recoveries from previously charged-off loans in 2022. -
$1.7 million in Past Due Loans as ofDecember 31, 2023 , primarily from one loan, compared to no Past Due Loans as ofDecember 31, 2022 . -
$1.8 million in Non-Accrual Loans as ofDecember 31, 2023 , primarily from one loan, compared to$0.2 million in Non-Accrual Loans as ofDecember 31, 2022 . - Provision for Credit Losses of
$1.4 million in 2023, primarily due to loan growth. - The Allowance for Credit Losses of
$7.2 million with Allowance for Credit Losses Ratio of 1.39%. - Available borrowing capacity of
$137.9 million atDecember 31, 2023 . - Strong capital position, which is reflected by Leverage Ratio of 10.33%, Common Equity Tier 1 Capital Ratio of 9.98%, Tier 1 Capital ratio of 11.03%, and total Risk Based Capital Ratio of 12.28%.
Fourth Quarter 2023 Highlights
- Net Loss of
$0.2 million or$0.07 per share. - Sold available-for-sale investment securities totaling
$7.9 million in book value to reposition the investment portfolio resulting in$0.9 million loss on sale recognized in Non-Interest Income, or$0.6 million net of tax. - Net Interest Income was
$6.0 million for the fourth quarter of 2023, a decrease of$0.2 million , or (3.76%), compared to the fourth quarter of 2022. - Non-Interest Income was
$1.3 million for the fourth quarter of 2023, an increase of$0.1 million , or 9.49%, compared to the fourth quarter of 2022. -
$4.1 million in SBA loans were sold resulting in gain on sale of$0.3 million in the fourth quarter of 2023, compared to$4.3 million in SBA loans sold and gain on sale of$0.2 million in the fourth quarter of 2022. - Total Assets increased by
$65.9 million , or 11.22%, compared toSeptember 30, 2023 . - Gross Loans increased by
$39.3 million , or 8.19%, compared toSeptember 30, 2023 - Loan Production of
$44.8 million in the fourth quarter of 2023 with the majority of loan production coming in the back half of the fourth quarter. - Total Deposits increased by
$38.5 million , or 7.92%, compared toSeptember 30,2023 .
About
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 the Company assumes no obligation to update this information.
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