Mission Valley Bancorp reports second quarter results

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News release 

Mission Valley Bancorp announced net income of $1.3 million for the second quarter of 2023, or $0.38 per diluted share, compared to net income of $0.7 million, or $0.20 per diluted share, for the second quarter of 2022. Net income for the six months ended June 30 was $3.0 million, or $0.89 per diluted share, compared to $1.9 million, or $0.59 per diluted share for the six months ended June 30, 2022.  

“For the second quarter, we achieved net income of $1.3 million driven by core earnings and $52.7 million in loan production based on our prudent underwriting standards, while maintaining strong asset quality and capital position,” President and CEO Tamara Gurney said in a news release. “In addition, both on-balance sheet liquidity and off-balance sheet liquidity sources remain ample and healthy to serve our current and anticipated needs including contingencies.” 

Gurney continued, “Looking forward to the second half of the year, we will be able to determine the performance conditions and accounting treatment for the $5 million (Community Development Financial Institutions Fund Equitable Recovery Program) grant, awarded in the first quarter, upon receipt of the grant agreement which has been delayed and now expected in August 2023 with grant proceeds coming after the grant agreement is executed. These funds will provide a boost to the bank’s efforts to assist small businesses and our local communities.”  

Mission Valley Bancorp is a bank holding company headquartered in Sun Valley with two wholly owned subsidiaries, Mission Valley Bank and Mission SBA Loan Servicing LLC. The bank was founded in 2001 and has branches in the San Fernando and Santa Clarita valleys.   

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