87.5 F
San Fernando
Tuesday, Mar 5, 2024

Mission Valley Reports Good Quarter, Dividends for Year

Mission Valley Bancorp on Monday announced net income that was up for the fourth quarter but down for the year.

The company, which owns Mission Valley Bank, the only bank headquartered in the San Fernando Valley, said full-year net income was $4.8 million, or $1.45 a diluted share, down from 2021’s net income of $5 million, or $1.50 a diluted share.

For the fourth quarter, which ended Dec. 31, net income was $1.1 million, or 32 cents a diluted share, up from about $900,000, or 26 cents.

Directors of Mission Valley declared a cash dividend of 15 cents a share payable on or about Feb. 28 to shareholders of record on Feb. 15. It is the second consecutive year and sixth in the 22-year history of the company for dividends.

The company’s president and chief executive, Tamara Gurney, said “2022 was another banner year for Mission Valley” and was off only slightly from 2021’s record results which were boosted by such pandemic-related items as the sale of Paycheck Protection Program loans.

“We believe that we are well positioned to withstand the potentially challenging and recessionary environment that 2023 may bring, based on the strength of our team, balance sheet, capital position, and prudent measures that we have taken, including the restructuring of our lending and credit teams with a focus on portfolio management, retention, and risk mitigation,” Gurney said.

For the year, Mission Valley’s gross loans increased $122 million, or nearly 39%, to $437 million as of Dec. 31, and the total risk-based capital ratio was 13.02%.

Hannah Madans Welk
Hannah Madans Welk
Hannah Madans Welk is Interim Editor at the Los Angeles Business Journal and the Inside The Valley. She previously covered real estate for the Los Angeles Business Journal. She has done work with publications including The Orange County Register, The Real Deal and doityourself.com.

Featured Articles

Related Articles