PR Newswire
SUN VALLEY, Calif., Feb. 7, 2024
SUN VALLEY, Calif., Feb. 7, 2024 /PRNewswire/ -- Mission Valley Bancorp (OTCQX: MVLY, "Mission Valley", or the "Company") announced today net income of $7.4 million, or $2.22 per diluted share, for the year ended December 31, 2023, compared to net income of $4.8 million, or $1.45 per diluted share, for the year ended December 31, 2022. Net loss for the fourth quarter of 2023 was $0.2 million, or $0.07 per share, compared to net income of $1.1 million, or $0.32 per diluted share, for the fourth quarter of 2022. The net loss in the fourth quarter of 2023 was attributable to the $0.6 million net after-tax loss from the sale of available-for-sale investment securities to reposition the investment portfolio.
Tamara Gurney, President and Chief Executive Officer, commented, "We are pleased to share our full year and fourth quarter results for 2023. Despite the challenges and difficult overall operating environment that 2023 presented, the Company not only remained safe and sound, but we also produced record earnings that were primarily driven by our strong loan growth, while maintaining credit quality, and the $5.0 million Equitable Recovery Program grant from the U.S. Treasury that was awarded based on Mission Valley Bank's standing as a CDFI. Looking forward to the year ahead, we are working diligently on our branch expansion project in Burbank that is targeted for completion by the end of the second quarter, core deposit initiatives to bolster liquidity, and digital transformation projects to improve productivity, add functionality/capabilities, and expand our outreach."
Ms. Gurney continued, "We are also re-evaluating our dividend plan including the size and frequency of cash dividends to shareholders, which we expect to announce before the end of the first quarter of 2024."
Full Year 2023 Highlights
Fourth Quarter 2023 Highlights
About Mission Valley Bancorp
Mission Valley Bancorp is a bank holding company headquartered in Sun Valley, California with two wholly owned subsidiaries Mission Valley Bank (the "Bank") and Mission SBA Loan Servicing LLC ("Mission SBA"). The Bank was founded in 2001 and is a full-service, independent, commercial bank specializing in the banking needs of small to medium businesses with full service branches in the San Fernando & Santa Clarita Valleys. Mission SBA is a de novo SBA lender service provider ("LSP") established in March 2021 that provides SBA lending services to other financial institutions.
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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SOURCE Mission Valley Bancorp
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