PR Newswire
SUN VALLEY, Calif., Jan. 31, 2022
SUN VALLEY, Calif., Jan. 31, 2022 /PRNewswire/ -- Mission Valley Bancorp (OTCQX: MVLY, "Mission Valley", or the "Company") announced today net income of $5.0 million, or $1.50 per diluted share, for the year ended December 31, 2021, compared to net income of $2.3 million, or $0.71 per diluted share, for the year ended December 31, 2020. Net income for the fourth quarter of 2021 was $0.9 million, or $0.26 per diluted share, compared to net income of $1.1 million, or $0.33 per diluted share, for the fourth quarter of 2020.
Mission Valley's board of directors declared a cash dividend of $0.15 per share on January 25, 2022. The dividend will be payable on or about February 28, 2022 to shareholders of record as of the close of business on February 15, 2022.
President and Chief Executive Officer Tamara Gurney commented, "Mission Valley finished 2021 with strong financial results for the year. We achieved record net income, strong core loan growth and deposit growth continued to exceed expectations. In addition, we expanded our SBA lending platform and launched an SBA lender service provider subsidiary, which is operating under the brand name Total SBA and continues to gain traction as we begin 2022. I am so proud and appreciative of the efforts of our employees, the support of our customers and our shareholders over the past year. We had a very successful year financially, but also achieved many other milestones as we continue to build the Company for future success."
"I am also pleased to announce the fifth cash dividend in the history of our Company in the amount of $0.15 per common share, which comes on the heels of our strong performance and financial results for 2021 and reflects our positive outlook for 2022 and beyond."
Full Year 2021 Highlights
Fourth Quarter 2021 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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