Mission Valley Bancorp has announced net income of $4.8 million, or $1.45 per diluted share, for the year ended Dec. 31, compared to net income of $5 million, or $1.50 per diluted share, for the year ended Dec. 31, 2021. Net income for the fourth quarter of 2022 was $1.1 million, or $0.32 per diluted share, compared to net income of $0.9 million, or $0.26 per diluted share, for the fourth quarter of 2021.
Mission Valley’s board of directors declared a cash dividend of 15 cents per share on Jan. 24. The dividend will be payable on or about Feb. 28 to shareholders of record as of the close of business on Feb. 15.
“2022 was another banner year for Mission Valley,” President and Chief Executive Officer Tamara Gurney said in a prepared statement. “We achieved record loan growth of $122.4 million and generated net income of $4.8 million driven by core earnings, which was only $0.2 million lower than our record net income in 2021 that was boosted by $2.5 million, or $1.8 million net of tax, from the one-time CDFI Rapid Response Program grant and gain from the sale of our Round 2 PPP loans.
“The exceptional loan growth and strong financial results are a reflection of the quality of our current team of employees, our platform, and financial position,” Gurney added. “We believe that we are well positioned to withstand the potentially challenging and recessionary environment that 2023 may bring, based on the strength of our team, balance sheet, capital position, and prudent measures that we have taken, including the restructuring of our lending and credit teams with a focus on portfolio management, retention, and risk mitigation.”
Mission Valley Bancorp was founded in 2001 and is a full-service, independent, commercial bank specializing in the banking needs of small to medium businesses, with branches in the San Fernando and Santa Clarita Valleys.