1. Mission Valley reports Q4 2024 net income of $1.1 million. 2. Annual net income for 2024 totals $6.2 million, slightly decreased from 2023. 3. Strong year driven by core earnings and strategic initiatives, despite wildfires. 4. Company remains focused on community support and expansion initiatives. 5. Participation in SBA loan securitization boosts future earnings prospects.
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Recent earnings may influence immediate investor confidence and stock movements.
SUN VALLEY, Calif., Feb. 3, 2025 /PRNewswire/ -- Mission Valley Bancorp (OTCQX: MVLY, "Mission Valley", or the "Company") announced today net income of $1.1 million, or $0.34 per share, for the fourth quarter of 2024, compared to a net loss of $0.2 million, or $0.07 per diluted share, for the fourth quarter of 2023. Net income for the year ended December 31, 2024 was $6.2 million, or $1.87 per diluted share, compared to net income of $7.4 million, or $2.22 per diluted share, for the year ended December 31, 2023. Net income for the year ended December 31, 2023 was bolstered by $3.5 million, net of tax, in grant income from the U.S. Treasury as part of the Community Development Financial Institutions ("CDFI") Equitable Recovery Program ("ERP").
Tamara Gurney, President and Chief Executive Officer, stated, "At Mission Valley, our commitment to community is resolute, especially during difficult times like the recent wildfires in Southern California. We stand with all of those affected and commend the first responders and volunteers who have worked tirelessly to protect and assist our communities. We are not aware of any material impact on our loan portfolio due to the recent wildfires at this time. Our focus remains on providing ongoing support to our clients, neighbors, and those that may have been affected."
Ms. Gurney continued, "2024 marked another strong year for Mission Valley largely driven by our core earnings and strategic initiatives. We closed 2024 with a solid fourth quarter, generating net income of $1.1 million for the quarter, which drove our net income to $6.2 million for the year. From a core earnings perspective, our 2024 results exceeded even our record breaking 2023 results that was bolstered by the one-time CDFI ERP grant income of $3.5 million, net of tax. The year was also highlighted by our participation in the first multi-lender securitization of an SBA unguaranteed loan principal pool that closed in June and the grand opening of our Burbank branch in October.
"As we enter 2025, we continue to gain momentum on our core deposit, digital transformation, and branch expansion initiatives. We believe we are well positioned, based on these initiatives, the strength of our team, and our solid foundation, to continue to build our core earnings and generate prudent growth."
Mission Valley Bancorp is a bank holding company headquartered in Sun Valley, California with two wholly owned subsidiaries Mission Valley Bank (the "Bank") and Mission SBA Loan Servicing LLC ("Mission SBA"). The Bank was founded in 2001 and is a full-service, independent, commercial bank specializing in the banking needs of small to medium businesses with full service branches in the San Fernando & Santa Clarita Valleys. Mission SBA is a de novo SBA lender service provider ("LSP") established in March 2021 that provides SBA lending services to other financial institutions.
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 the Company assumes no obligation to update this information.
www.MissionValleyBank.com.
SOURCE Mission Valley Bancorp