Home » Podcasts » Mission Valley Bancorp Announces Record Earnings For First Quarter 2016
Mission Valley Bancorp President and CEO Tamara Gurney announced the company’s year to date net income of $1,246,000 for the period that ended June 30, 2015 – the strongest second quarter in the history of the company.

Mission Valley Bancorp Announces Record Earnings For First Quarter 2016

The following is a news release courtesy of Mission Valley Bancorp

President and CEO Tamara Gurney of Mission Valley Bancorp, parent company of Mission Valley Bank announced unaudited financial results for the first quarter ended March 31, 2016.


Sponsored Articles


Don’t miss a thing. Get breaking KHTS Santa Clarita News Alerts delivered right to your inbox.

Gurney stated, “As we enter into our 15 year of operation, I am very pleased to report that Mission Valley Bancorp is off to a strong start for 2016 having achieved a record first quarter with net earnings of $626,000.  This represents a 17.4 percent increase above the $533,000 reported for the same period in 2015.  This follows December 31, 2015 year end results of $3.1 million as compared to $1.7 million for the same period in 2014. This outstanding performance has also earned Mission Valley the sought-after recognition as one of 2015’s ‘Super Premier Performing Banks’ by the highly regarded Findley Reports.”

Total Assets increased $25.5 million or 9.3 percent to an all-time high of $301.2 million for the quarter ended March 31, 2016 as compared to $275.7 million for the same period last year.  This growth in assets was driven by a $17.4 million or 9.2 percent year over year increase in Net Loans.  Net Loans grew to $206.7 million as of March 31, 2016 as compared to $189.3 million for the same period the prior year.  Total Deposits reached $257.5 million as of March 31, 2016 (primarily due to an increase of $30.7 million in Non-Interest Bearing Deposits) as compared to $234.9 million reported for the same period in 2015.

Net Interest Income for the quarter ended March 31, 2016 was $2.78 million, a decline of $184,000 or 6.2% as compared to $2.96 million for the same period last year. Total Other Income for the quarter ended March 31, 2016 was $832,000, an increase of $130,000 or 18.5 percent as compared to $702,000 for the same period in 2015. Total Operating Expense for the quarter ended March 31, 2016 was $2.6 million, a decline of $216,000 or 7.7 percent as compared to $2.8 million for the same period last year.

Get live news updates about Santa Clarita by following KHTS on Facebook and KHTS on Twitter

Both Mission Valley Bancorp and Mission Valley Bank capital ratios continue to exceed regulatory requirements with Mission Valley Bancorp reporting a Total Leverage Ratio of 13.8 percent, Common Equity Tier 1 Capital Ratio of 10.7 percent, Tier 1 Capital Ratio of 17.7 percent, and a Total Capital Ratio of 19.0 percent. Likewise, Mission Valley Bank reported a Total Leverage Ratio of 13.5 percent, Common Equity Tier 1 Capital Ratio of 17.3 percent, Tier 1 Capital Ratio of 17.3 percent, and a Total Capital Ratio of 18.5 percent. Regulatory requirements for a “well-capitalized bank” are 5 percent, 6.5 percent, 8 percent and 10 percent, respectively.

Gurney continued, “We are proud that our ongoing efforts related to streamlining operations, enhancing service and revenue streams are paying dividends in record productivity and profitability.  We have a sound, diversified balance sheet, a solid capital base to carry us forward and a tremendous team dedicated to our success as well as the success of our clients and shareholders.  Mission Valley is well positioned to maintain our course of steady and controlled growth throughout 2016 and beyond.”

About Mission Valley Bank

Mission Valley Bank is a full-service, independent, commercial bank specializing in the banking needs of small to medium businesses 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.

Do you have a news tip? Call us at (661) 298-1220, or drop us a line at community@hometownstation.com.

KHTS AM 1220 - Santa Clarita Radio

Mission Valley Bancorp Announces Record Earnings For First Quarter 2016

Leave a Reply

Your email address will not be published. Required fields are marked *

*

This site uses Akismet to reduce spam. Learn how your comment data is processed.

About Kimberly Beers

Kimberly Beers is a Santa Clarita native. She received her Bachelor's Degree in Journalism from California State University, Northridge in 2013. While attending the university, she focused her attention on news writing and worked as a primary news writer for the campus' award winning radio station and televised news program. She began writing news stories for KHTS in 2014 and hopes to have a lifetime career dedicated to writing and sharing the news