Mission Valley Bancorp Reports Second Quarter 2024 Results
Second Quarter 2024 Highlights
- Net Income was
$2.0 million for the second quarter of 2024, an increase of$0.7 million , or 58.00% compared to the second quarter of 2023. Diluted earnings per share was$0.60 per share for the second quarter of 2024, an increase of$0.22 per share, or 57.17%, compared to the second quarter of 2023. - Net Interest Income was
$6.7 million for the second quarter of 2024, an increase of$0.7 million , or 11.49%, compared to the second quarter of 2023. - Net Interest Margin was 4.32% for second quarter of 2024 compared to 4.60% for the second quarter of 2023.
- Non-Interest Income was
$2.9 million for the second quarter of 2024, an increase of$0.9 million , or 47.11%, compared to the second quarter of 2023. -
$21.7 million inSmall Business Administration ("SBA") guaranteed loan principal were sold resulting in gain on sale of$1.1 million in the second quarter of 2024, compared to$9.5 million in SBA guaranteed loan principal sold and gain on sale of$0.5 million in the second quarter of 2023. - Completed a securitization of
$33.6 million in SBA unguaranteed loan principal in the second quarter of 2024, which resulted in$25.4 million in net proceeds at closing,$6.8 million in a new cost method investment, and$0.3 million in net gain. - Total Assets were
$645.3 million as ofJune 30, 2024 , a decrease of$8.4 million , or 1.28%, compared toDecember 31, 2023 . - Gross Loans were
$521.9 million as ofJune 30, 2024 , an increase of$2.9 million , or 0.55%, compared toDecember 31, 2023 . - Total Deposits were
$507.3 million as ofJune 30, 2024 , a decrease of$16.9 million , or 3.23%, compared toDecember 31, 2023 . Brokered Deposits were$15.5 million as ofJune 30, 2024 , a decrease of$48.1 million , or 75.67%, compared toDecember 31, 2023 . -
$12 thousand in net recoveries from previously charged-off loans in second quarter of 2024, compared to$11 thousand in net recoveries from previously charged-off loans in second quarter of 2023. -
$1.0 million in Past Due Loans as ofJune 30, 2024 , compared to$1.7 million in Past Due Loans as ofDecember 31, 2023 . -
$1.2 million in Classified Loans as ofJune 30, 2024 , compared to$2.0 million in Classified Loans as ofDecember 31, 2023 . -
$0.9 million in Non-Accrual Loans as ofJune 30, 2024 , compared to$1.8 million in Non-Accrual Loans as ofDecember 31, 2023 . - The Allowance for Credit Losses on Loans was
$7.4 million , or 1.43% of Gross Loans, as ofJune 30, 2024 , compared to$7.2 million , or 1.39% of Gross Loans, as ofDecember 31, 2023 . - Capital position remains strong, which is reflected by Leverage Ratio of 9.83%, Common Equity Tier 1 Capital Ratio of 10.23%, Tier 1 Capital ratio of 11.23%, and Total Risk Based Capital Ratio of 12.48%.
President and Chief Executive Officer
About
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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