Mission Valley Bancorp reports the year-to-date net income of $2,190,000, revealing its strongest third quarter in the history of the company, for the ending period of Sept. 30, 2016.
Sponsored Articles
“I am pleased to share that Mission Valley Bancorp has once again achieved a benchmark quarter close, reaching net income of $2,190,000 at Sept. 30, 2016, a 25 percent increase over the $1,753,000 reported at Sept. 30, 2015,” said President and CEO Tamara Gurney. “Steady growth was experienced across the board as assets, deposits, liabilities and capital all reflected an 11 percent increase over the third quarter end of 2015.”
Total assets grew by $30.7 million as of Sept. 30, 2016, reaching a total of $310.8 million as compared to $280.1 million in Sept. 30, 2015. Total deposits reached $264.4 million, an increase of $25.9 million over the $238.5 million reported from last year. Liabilities increased to $274.2 million from $274.1 million reported in 2015 while capital grew more than $3.5 million, reaching $36.6 million at Sept. 30 of 2016 compared to $33.1 million at Sept. 30 of 2015.
Net loans increased more than 24 percent, reaching $240.4 million as of Sept. of this year from the $193.4 million reported at Sept. 30, 2015. Net interest income held steady over the 12-month period at $8.40 million for year to date Sept. 30, 2016 as compared to $8.42 million Sept. 30, 2015. Total other income year to date increased by more than 56 percent to $3.45 million as of this year from $2.20 million at Sept. 30, 2015. This increase is reflective of continuing growth Mission Valley has experienced in both SBA Lending and Merchant Bankcard.
Get live news updates about Santa Clarita by following KHTS on Facebook and KHTS on TwitterMission 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 10.3 percent, tier 1 capital ratio of 16.7 percent, and a total capital ratio of 18.0 percent.
Mission Valley Bank reported a total leverage of 13.5 percent, common equity tier 1 capital ratio of 16.4 percent, tier 1 capital ratio of 16.4 percent, and a total capital ratio of 17.6 percent. Regulatory requirements for a “well-capitalized bank” are 5 percent, 6.5 percent, 8 percent, and 10 percent, respectively.
“Since opening our doors 15 years ago, we have worked hard to develop a team and a culture that is dedicated to ensuring we do what is right for our clients, our shareholders and the communities we serve,” said Gurney. “This philosophy has enabled us to build the lasting client relationships we enjoy today that serve as the foundation for our continues success.”
Do you have a news tip? Call us at (661) 298-1220, or drop us a line at community@hometownstation.com.