Mission Valley Bancorp announce their third quarter results of 2020

Mission Valley Bancorp, yesterday announced the results for the third quarter of this year. The net income was $1.2 million or $0.38 per diluted share. There has been a drop in the net income when compared to the third quarter of 2019 that held a net income of $3 million or $0.92 per diluted share. Due to the financial impact of the COVID-19 pandemic and provision of a loan of $1.9 million and lease losses caused by $1.3 million net loan charge-offs, there is a variance in the results this year when compared to the same period in 2019.

The highlights of this year’s third-quarter financial results are as follow:

  • The gross loans outstanding have seen an increase of $72.9 million or 27.4% from December last year.
  • SBA paycheck protection program formed a total of $70.3 million
  • On September 30, 2020, the total deposits were $371.4 million which has an increase of about 23.3% from last year
  • With an increase of 31.2% from last year, the assets concluded to $469.5 million
  • The capital ratios: The total leverage ratio is at 8.6%, Capital Equity tier 2 ratio at 12.9%, and Total risk-based Capital is at 16.1%

The CEO of Mission Valley says, “In these unprecedented times, Mission Valley bank has taken proactive measures to strengthen our balance sheet by increasing liquidity, loan loss reserves and capital while investing in technology and equipment to keep our employees and clients safe. The impact of the pandemic has created numerous operational and financial challenges for all financial institutions, and its long-term impacts remain uncertain. That, coupled with the historically low-interest rates, will likely continue to adversely impact the Company’s business going forward. Our strong balance sheet, capital, and liquidity position will allow Mission Valley to be a source of strength and support for our clients and communities for a long time.”

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