PR Newswire
SUN VALLEY, Calif., Oct. 30, 2023
SUN VALLEY, Calif., Oct. 30, 2023 /PRNewswire/ -- Mission Valley Bancorp (OTCQX: MVLY, "Mission Valley", or the "Company") announced today net income of $4.6 million for the third quarter of 2023, or $1.40 per diluted share, compared to net income of $1.8 million, or $0.53 per diluted share, for the third quarter of 2022. Net income for the nine months ended September 30, 2023 was $7.6 million, or $2.29 per diluted share, compared to $3.7 million, or $1.13 per diluted share for the nine months ended September 30, 2022.
President and Chief Executive Officer Tamara Gurney commented, "Our third quarter operating results were bolstered by the receipt and recognition of the $5.0 million CDFI ERP grant, which we were able to deploy to low and low-to-moderate income communities through financial products offered by Mission Valley Bank. We were also able to generate prudent loan production and deposit growth while maintaining our asset quality, capital position, and liquidity despite the continued challenges facing the banking industry."
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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