SUN VALLEY, Calif.,
Feb. 7, 2011 /PRNewswire/ --
President & CEO Tamara Gurney of
Mission Valley Bancorp (parent company of Mission Valley Bank (OTC
Bulletin Board: MVLY)) stated today, "We are pleased to report that
the company closed the year with earnings of $859,000, representing a 229% increase from
year-end 2009."
"In light of the economic challenges faced during the year, we
are particularly pleased to report these improved earnings for
2010. As a community based business bank, Mission Valley is a
direct reflection of the communities we serve. We have not
waivered from our commitment to stand by our clients, and we
continue to work with them through these difficult days.
Unfortunately, this dedication to our clients and our
community comes at a significant cost – placing an additional
$2.4 million toward provision for
loan losses during the course of the year. Net income
(including the $2.4 million in
pre-tax provision expense) closed the year at $859,000 bearing a strong testament to the fact
that our 'earning engine' remains solid and well positioned to see
us through the impending economic recovery".
During 2010, Mission Valley experienced steady decreases in
non-performing loan ratios with classified loans down by 30% and
non performing loans reduced by more than 15%. Additionally,
Mission Valley continues to maintain its Well Capitalized position,
with a Tier 1 Risk-Based Asset ratio of 18.4% (far exceeding the
federal guideline of 10% to maintain Well Capitalized status).
Gurney continued, "As Mission Valley enters our 10th year of
operation, we continue to see positive indicators throughout the
business communities we serve. The slight increases being
seen in activity, sales and employment are all very encouraging and
while we remain cautious (continuing to carefully monitor our
portfolio) we are also looking forward with anticipation to the
year ahead. These economic 'upturns' allow us to refocus a
bit more toward growth and financial performance. During the
coming year, our team is dedicated to deepening existing
relationships, growing our client base and providing innovative
financing solutions to an even greater number of businesses
throughout the markets we serve."
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.
www.MissionValleyBank.com
SOURCE Mission Valley Bancorp
