PR Newswire
SUN VALLEY, Calif., Aug. 2, 2021
SUN VALLEY, Calif., Aug. 2, 2021 /PRNewswire/ -- Mission Valley Bancorp (OTCQX: MVLY, "Mission Valley", or the "Company") announced today net income of $1.6 million, or $0.48 per diluted share, for the second quarter of 2021, compared to net income of $398 thousand, or $0.12 per diluted share, for the second quarter of 2020. Net income for the six months ended June 30, 2021 was $2.4 million, or $0.73 per diluted share, compared to $1.2 million, or $0.38 per diluted share for the six months ended June 30, 2020.
Tamara Gurney, President and CEO, stated, "We are very pleased to report strong second quarter results highlighted by the significant non-PPP loan growth and the execution of the sale of round two PPP loans, which frees up resources to support our continued loan growth. Additionally, I am extremely gratified that our Bank was among a select group of CDFIs to be awarded the $1.8 million grant, which was awarded to aid our local area communities and small businesses negatively impacted by the Pandemic. As this is a newly formed program, the accounting treatment to formally recognize the funds has yet to be determined and the grant funding is not expected until later this year. Once received, these funds will further support the Bank's efforts to assist small businesses and our local communities to rebuild and rebound from the economic challenges they continue to face.
Gurney continued, "2021 continues to be a very positive year for the Company. Mission Valley's primary focus continues to be leveraging our strong capital base and solid platform, while continuing to invest in the resources necessary to create long term franchise value for our shareholders, team members, clients, and community."
About Mission Valley Bank
Mission Valley Bank is a full-service, independent, commercial bank specializing in the banking needs of small to medium businesses. Mission Valley Bank has full service branches in the San Fernando & Santa Clarita Valleys. The Bank was chartered in July 2001, with a vision of local ownership and a commitment to providing financial solutions to meet the needs of its clients.
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 Mission Valley Bank assumes no obligation to update this information. www.MissionValleyBank.com.
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SOURCE Mission Valley Bancorp
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