Mission Valley Bancorp Reports Second Quarter 2024 Results
Mission Valley Bancorp (OTCQX: MVLY) reported strong financial results for Q2 2024. Net income reached $2.0 million, or $0.60 per diluted share, up 58% from Q2 2023. Net interest income increased by 11.49% to $6.7 million, while non-interest income grew by 47.11% to $2.9 million. The company completed a securitization of $33.6 million in SBA unguaranteed loan principal, resulting in $25.4 million in net proceeds.
Despite a slight decrease in total assets and deposits, Mission Valley's capital position remains strong with a leverage ratio of 9.83%. The bank's asset quality improved, with decreases in past due loans, classified loans, and non-accrual loans. CEO Tamara Gurney expressed optimism about the company's outlook, citing the new Burbank branch opening and ongoing digital transformation projects.
Mission Valley Bancorp (OTCQX: MVLY) ha riportato solidi risultati finanziari per il secondo trimestre del 2024. Il reddito netto ha raggiunto 2,0 milioni di dollari, corrispondente a 0,60 dollari per azione diluita, con un incremento del 58% rispetto al secondo trimestre del 2023. Il reddito da interessi netti 猫 aumentato dell'11,49% a 6,7 milioni di dollari, mentre il reddito non da interessi 猫 cresciuto del 47,11% arrivando a 2,9 milioni di dollari. L'azienda ha completato una cartolarizzazione di 33,6 milioni di dollari in prestiti SBA non garantiti, realizzando un ricavo netto di 25,4 milioni di dollari.
Nonostante una leggera diminuzione degli attivi totali e dei depositi, la posizione patrimoniale di Mission Valley rimane solida con un rapporto di leva finanziaria del 9,83%. La qualit脿 degli attivi della banca 猫 migliorata, con diminuzioni nei prestiti scaduti, prestiti classificati e prestiti non in accrescimento. L'Amministratore Delegato Tamara Gurney ha espresso ottimismo riguardo alle prospettive dell'azienda, menzionando l'apertura della nuova filiale di Burbank e i progetti di trasformazione digitale in corso.
Mission Valley Bancorp (OTCQX: MVLY) report贸 s贸lidos resultados financieros para el segundo trimestre de 2024. El ingreso neto alcanz贸 los 2.0 millones de d贸lares, o 0.60 d贸lares por acci贸n diluida, un aumento del 58% en comparaci贸n con el segundo trimestre de 2023. Los ingresos por intereses netos aumentaron un 11.49% a 6.7 millones de d贸lares, mientras que los ingresos no por intereses crecieron un 47.11% a 2.9 millones de d贸lares. La compa帽铆a complet贸 una titulizaci贸n de 33.6 millones de d贸lares en principal de pr茅stamos no garantizados de la SBA, resultando en 25.4 millones de d贸lares en ingresos netos.
A pesar de una leve disminuci贸n en los activos totales y dep贸sitos, la posici贸n de capital de Mission Valley sigue siendo s贸lida con un ratio de apalancamiento del 9.83%. La calidad de los activos del banco mejor贸, con disminuciones en pr茅stamos atrasados, pr茅stamos clasificados y pr茅stamos no acumulativos. La CEO Tamara Gurney expres贸 optimismo sobre las perspectivas de la empresa, citando la apertura de la nueva sucursal en Burbank y los proyectos de transformaci贸n digital en curso.
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鞝勳泊 鞛愳偘瓿� 鞓堦笀鞚� 鞎疥皠 臧愳唽頄堨潓鞐愲弰 攵堦惮頃橁碃, 氙胳厴 氚鸽Μ鞚� 鞛愲掣 靸來儨電� 鞐爠頌� 臧曤牓頃橂嫟瓿� 氚滍憸頄堨姷雼堧嫟. 鞛愳偘 頀堨鞚� 臧滌劆霅橃柎 鞐办泊 雽�於�, 攵勲 雽�於�, 鞚挫瀽 氙胳爜鞖� 雽�於滌澊 臧愳唽頄堨姷雼堧嫟. CEO 韮�毵堧澕 瓯半媹電� 須岇偓鞚� 鞝勲鞐� 雽�頃� 雮欔磤鞝侅澑 鞚橁铂鞚� 響滊獏頃橂┌, 靸堧鞖� 氩勲眳韥� 歆�鞝� 臧滌劋瓿� 歆勴枆 欷戩澑 霐旍韯� 鞝勴櫂 頂勲鞝濏姼毳� 鞏戈笁頄堨姷雼堧嫟.
Mission Valley Bancorp (OTCQX: MVLY) a annonc茅 de solides r茅sultats financiers pour le deuxi猫me trimestre de 2024. Le r茅sultat net a atteint 2,0 millions de dollars, soit 0,60 dollar par action dilu茅e, en hausse de 58% par rapport au deuxi猫me trimestre de 2023. Le produit net d'int茅r锚ts a augment茅 de 11,49% pour atteindre 6,7 millions de dollars, tandis que le produit non financier a connu une croissance de 47,11%, atteignant 2,9 millions de dollars. L'entreprise a compl茅t茅 une titrisation de 33,6 millions de dollars en pr锚ts SBA non garantis, g茅n茅rant un produit net de 25,4 millions de dollars.
Malgr茅 une l茅g猫re diminution des actifs totaux et des d茅p么ts, la position de capital de Mission Valley reste solide avec un ratio de levier de 9,83%. La qualit茅 des actifs de la banque s'est am茅lior茅e, avec une baisse des pr锚ts en souffrance, des pr锚ts class茅s et des pr锚ts non produits. La PDG Tamara Gurney a exprim茅 son optimisme quant aux perspectives de l'entreprise, 茅voquant l'ouverture de la nouvelle agence de Burbank et les projets de transformation num茅rique en cours.
Mission Valley Bancorp (OTCQX: MVLY) hat im zweiten Quartal 2024 starke finanzielle Ergebnisse berichtet. Der Nettogewinn erreichte 2,0 Millionen Dollar, was 0,60 Dollar pro verw盲sserter Aktie entspricht, und ist im Vergleich zum zweiten Quartal 2023 um 58% gestiegen. Der Nettozinsertrag stieg um 11,49% auf 6,7 Millionen Dollar, w盲hrend die sonstigen Ertr盲ge um 47,11% auf 2,9 Millionen Dollar zunahmen. Das Unternehmen hat eine Verbriefung von 33,6 Millionen Dollar aus unbesicherten SBA-Darlehen abgeschlossen, was zu einem Nettoertrag von 25,4 Millionen Dollar f眉hrte.
Trotz eines leichten R眉ckgangs der Gesamtaktiva und Einlagen bleibt die Kapitalposition von Mission Valley stark mit einer Hebelquote von 9,83%. Die Asset-Qualit盲t der Bank hat sich verbessert, mit R眉ckg盲ngen bei 眉berf盲lligen Krediten, klassifizierten Krediten und nicht aufgelaufenen Krediten. CEO Tamara Gurney 盲u脽erte Optimismus 眉ber die Aussichten des Unternehmens und verwies auf die Er枚ffnung der neuen Filiale in Burbank sowie laufende digitale Transformationsprojekte.
- Net income increased by 58% to $2.0 million in Q2 2024 compared to Q2 2023
- Diluted earnings per share grew by 57.17% to $0.60 in Q2 2024
- Net interest income rose by 11.49% to $6.7 million in Q2 2024
- Non-interest income increased by 47.11% to $2.9 million in Q2 2024
- Completed a securitization of $33.6 million in SBA unguaranteed loan principal, resulting in $25.4 million in net proceeds
- Gross loans increased by 0.55% to $521.9 million as of June 30, 2024
- Asset quality improved with decreases in past due loans, classified loans, and non-accrual loans
- Strong capital position with a leverage ratio of 9.83%
- Total assets decreased by 1.28% to $645.3 million as of June 30, 2024
- Total deposits decreased by 3.23% to $507.3 million as of June 30, 2024
- Brokered deposits decreased by 75.67% to $15.5 million as of June 30, 2024
- Net interest margin decreased to 4.32% in Q2 2024 from 4.60% in Q2 2023
Second Quarter 2024 Highlights
- Net Income was
$2.0 million $0.7 million 58.00% compared to the second quarter of 2023. Diluted earnings per share was$0.60 $0.22 57.17% , compared to the second quarter of 2023. - Net Interest Income was
$6.7 million $0.7 million 11.49% , compared to the second quarter of 2023. - Net Interest Margin was
4.32% for second quarter of 2024 compared to4.60% for the second quarter of 2023. - Non-Interest Income was
$2.9 million $0.9 million 47.11% , compared to the second quarter of 2023. $21.7 million $1.1 million $9.5 million $0.5 million - Completed a securitization of
$33.6 million $25.4 million $6.8 million $0.3 million - Total Assets were
$645.3 million $8.4 million 1.28% , compared to December 31, 2023. - Gross Loans were
$521.9 million $2.9 million 0.55% , compared to December 31, 2023. - Total Deposits were
$507.3 million $16.9 million 3.23% , compared to December 31, 2023. Brokered Deposits were$15.5 million $48.1 million 75.67% , compared to December 31, 2023. $12 thousand $11 thousand $1.0 million $1.7 million $1.2 million $2.0 million $0.9 million $1.8 million - The Allowance for Credit Losses on Loans was
$7.4 million 1.43% of Gross Loans, as of June 30, 2024, compared to$7.2 million 1.39% of Gross Loans, as of December 31, 2023. - Capital position remains strong, which is reflected by Leverage Ratio of
9.83% , Common Equity Tier 1 Capital Ratio of10.23% , Tier 1 Capital ratio of11.23% , and Total Risk Based Capital Ratio of12.48% .
President and Chief Executive Officer Tamara Gurney commented, "We are incredibly pleased to announce our second quarter results, which is highlighted by net income of
Ms. Gurney continued, "As we look ahead to the second half of the year, we believe that we are well situated based on our capital, asset quality, balance sheet positioning, new
About Mission Valley Bancorp
Mission Valley Bancorp is a bank holding company headquartered in
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..
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