SUN VALLEY, Calif.,
July 18, 2011 /PRNewswire/ -- Mission
Valley Bancorp (parent company of Mission Valley Bank (OTCBB:
MVLY.OB)), today announced the company's June 30, 2011 year to date earnings of
$490,000 (unaudited) – representing
an $819,000 increase over the same
period in 2010.
"As Mission Valley celebrates its 10th year serving the
financial needs of the San
Fernando and Santa Clarita Valleys, we are pleased to report
these improved earnings for the second quarter of 2011 as they
continue to support Mission Valley's outlook that our organization
has returned to a steady course of performance and profitability."
President and CEO, Tamara Gurney
stated, "While assets have dipped slightly (1.07%), our earning
engine is strong and continues to provide us the necessary
flexibility to address any developing credit issues swiftly and in
the best interest of both the Bank and our clients. It should be
noted that the change in net income overall was positively impacted
by the reduced need in provision for loan loss for the comparable
periods - $637,000 for YTD
June 30, 2011 compared to
$2,122,000 for YTD June 30, 2010."
Gurney continued, "Our credit portfolio continues to improve, as
demonstrated by the fact that non-performing loans to total loans
have decreased to 2.32% (from 4.84% at June
30, 2010) and non-performing assets to total assets are
currently at 1.66% (from 3.43% for the same period last year). Both
are strong indicators that MVB has turned a very positive
corner."
Mission Valley continues to far exceed all requirements as a
well-capitalized institution with a Tier 1 Risk Based Capital to
Assets Ratio of 18.2%, providing significant insulation to assist
in managing whatever asset quality issues that may arise as our
community continues to rebuild.
Gurney concluded, "Although we remain cautious, we continue to
see the early signs of steady improvement in the economy and we
trust that 2011 will maintain its course as a much improved year
for our Bank and our clients. We look forward to seeing the
positive impact of this continued steady improvement of our 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
Member FDIC
SOURCE Mission Valley Bancorp