Mission Valley Bancorp Reports First Quarter 2024 Results
First Quarter 2024 Highlights
- Net Income of
$1.7 million or$0.51 per share. - Net Interest Income was
$6.8 million for the first quarter of 2024, an increase of$0.8 million , or 13.63%, compared to the first quarter of 2023. - Net Interest Margin was 4.34% for first quarter of 2024 compared to 4.76% for the first quarter of 2023.
- Non-Interest Income was
$2.3 million for the first quarter of 2024, an increase of$0.2 million , or 7.34%, compared to the first quarter of 2023. -
$12.2 million inSmall Business Administration ("SBA") loans were sold resulting in gain on sale of$0 .7 million in the first quarter of 2024, compared to$10 .6 million in SBA loans sold and gain on sale of$0.7 million in the first quarter of 2023. - Total Assets were
$671.4 million as ofMarch 31, 2024 , an increase of$17.7 million , or 2.71%, compared toDecember 31, 2023 . - Gross Loans were
$552.2 million as ofMarch 31, 2024 , an increase of$33.2 million , or 6.40%, compared toDecember 31, 2023 . - Total Deposits were
$546.6 million as ofMarch 31, 2024 , an increase of$22.3 million , or 4.25%, compared toDecember 31, 2023 . - Available borrowing capacity of
$160.1 million atMarch 31, 2024 . -
$20 thousand in net recoveries from previously charged-off loans in first quarter of 2024, compared to$347 thousand in net loan charge-offs in first quarter of 2023. -
$4.3 million in Past Due Loans as ofMarch 31, 2024 compared to$1.7 million in Past Due Loans as ofDecember 31, 2023 . -
$1.3 million in Non-Accrual Loans as ofMarch 31, 2024 compared to$1.8 million in Non-Accrual Loans as ofDecember 31, 2023 . - Provision for Credit Losses of
$0.2 million in first quarter of 2024 compared to$0.1 million in the first quarter of 2023. - The Allowance for Credit Losses on Loans was
$7.4 million , or 1.35% of Gross Loans, as ofMarch 31, 2024 compared to$7.2 million , or 1.39% of Gross Loans, as ofDecember 31, 2023 . - Strong capital position, which is reflected by Leverage Ratio of 9.77%, Common Equity Tier 1 Capital Ratio of 9.61%, Tier 1 Capital ratio of 10.59%, and Total Risk Based Capital Ratio of 11.82%.
- Mission Valley's board of directors declared a cash dividend of
$0.15 per share onFebruary 27, 2024 . The dividend was paid on or aboutApril 2, 2024 to shareholders of record as of the close of business onMarch 20, 2024 .
About Mission Valley Bancorp
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.www.MissionValleyBank.com.
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