Mission Valley Bancorp (OTCQX: MVLY) announced net income of $967 thousand, or $0.30 per diluted share, for the fourth quarter of 2018 compared to net income of $342 thousand, or $0.11 per diluted share, for the fourth quarter of 2017. Net income for the twelve months ended December 31, 2018 was $3.2 million, or $0.98 per diluted share, compared to $3.6 million, or $1.07 per diluted share for the twelve months ended December 31, 2017. The 2018 net income figure was negatively impacted by one credit relationship that resulted in a $1.2 million lower of cost or market write-down taken against gain on sale of loans. “2018 proved to be a transformative year for Mission Valley Bank, as both loan and deposit levels reached record highs while great strides were made toward our long term strategy of strengthening our infrastructure and the alignment of key business units.” stated Tamara Gurney, CEO of Mission Valley, “During the year, we committed to an investment in human capital, bolstering the depth of our management team and further ensuring that we are well-positioned going into 2019.” Highlights 2018 compared to 2017:
- Net interest income totaled $14.3 million, an increase of 6.3%.
- Total assets increased $20.6 million, or 6.2% to $351 million.
- Total deposits increased $16.5 million, or 5.9% to $297 million.
- Total loans and loans held for sale increased to $248.2 million.
- Capital ratios remain robust at December 31, 2018 as reflected by Total Leverage Ratio of 12.1%, Common Equity Tier 1 Capital Ratio of 11.8%, Tier 1 Capital ratio of 13.9%, and total Risk Based Capital Ratio of 15.2%.
- Opened a Loan Production Office in the South Bay area of Los Angeles.
- Expanded the management team with the appointment of Jeffrey Watson as Chief Operating Officer, Daniel Epstein as Executive Vice President, Chief Credit Officer and Jennifer Burruel as Senior Vice President, Enterprise Risk Manager.
Ms. Gurney concluded, “2018 was a year of positive change for Mission Valley. As we enter into 2019, we remain focused on building Mission Valley Bank into a premier business bank, 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.” 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.