Wed. Nov 13th, 2019

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MVLY: Mission Valley Bancorp (“Company”) (OTCQX: MVLY)

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Mission Valley Bancorp (“Company”) (OTCQX: MVLY) Stated recently net income of $2.971M, or $0.920 for each diluted share, through the 3rd-quarter of 2k19 contrast to net income of $2.189M, or $0.680 for each diluted share, through the 3rd-quarter of 2k18. The primary drivers of the year over year variance resulted from higher net interest income combined with the sale of the Bank’s sole Other Real Estate Owned during the 3rd-quarter.

September 30, 2k19 3rd-Quarter Highlights

  • Net interest income after provision for loan and lease losses rose $762.00k to $11.00M, a boost of 7.420 percent, contrast to the 1st-three quarters of 2k18.
  • Other Operating Income raised $206.00k to $516.00k, representing a 66.50 percent incline over a similar duration previous year.  The improvement was driven by the Bank’s continued focus on fee income products and services such as its merchant acquiring program.
  • Dividends from the Bank to the Holding Company totaled $10.00M year to date. The proceeds were mainly utilized to reduce debt to further strengthen the Company’s balance sheet position by deploying excess capital.
  • Assets totaled $341.10M on September 30, 2k19, a boost of $33.00M, or 10.710 percent, over September 30, 2k18, and a decline of $9.90M, or 2.810 percent from December 31, 2k18, due mainly to deposit and debt reductions.
  • Total gross loan outstandings, apart from loans held for sale, totaled $246.80M, a boost of $9.20M, or 3.870 percent, over September 30, 2k18 and a boost of $3.30M, or 1.350 percent, from December 31, 2k18.
  • Total deposits were $286.10M, a boost of $31.70M, or 12.50 percent over September 30, 2k18 and a decline of $10.60M, or 3.590 percent, from December 31, 2k18, mainly because of seasonal tax payments made by clients.
  • Capital ratios at the Bank remain strong at September 30, 2k19 as reflected by Total Leverage Ratio of 11.70 percent, Common Equity Tier 1 Capital Ratio of 14.50 percent, Tier 1 Capital ratio of 14.50 percent, and Total Risk Based Capital of 15.80 percent.

 

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