SUN VALLEY, Calif.,
May 12, 2011 /PRNewswire/ -- Mission
Valley Bancorp – (parent company of Mission Valley Bank (OTCBB:
MVLY)), today announced the company's March
31, 2011 (unaudited) earnings of $150,000 – representing more than a 400%
improvement from the same period in 2010.
"We are pleased to report these improved (yet modest) earnings
for the first quarter of 2011, as they support our view that
despite the languishing economy, Mission Valley has returned to a
steady course of performance and profitability." President and CEO,
Tamara Gurney stated, "Despite the
slight drop in Total Assets, our earning engine remains robust and
allows us the flexibility to address any developing credit issues
swiftly and in the best interest of both the Bank and our clients.
For example, as a result of the continuing decline of
commercial real estate valuations throughout the region, Mission
Valley found it necessary to place an additional $641,000 toward loan loss reserves during the 1st
Quarter. Our company's solid core earnings enabled us to do
so and still report respectable earnings for the quarter."
Mission Valley continues to far exceed all requirements as a
well-capitalized institution with a Tier 1 Capital to Assets Ratio
of 17.8% which provides significant insulation to assist in
managing whatever asset quality issues that may arise as the
economy continues to rebuild.
Gurney concluded, "Although we remain cautious, we are beginning
to see signs of steady improvement in the economy and believe that
2011 should prove to be a better year for both our Bank and our
clients. We look forward to seeing the positive impact of
this continued steady improvement of the economy on the financial
performance of our clients, our company and our community."
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
