Mission Valley Bancorp reported earnings of just $18,000 for the third quarter, impacted by a $1 million loan write down, the company announced Friday.
The Sun Valley bank’s net income amounted 0 cents per share. During the same period a year ago, the bank had net income of nearly $1 million (30 cents a share).
The bank said it had a $1 million write down on a single loan and a $140,000 expense related to the recalculation of loan servicing asset valuation during the quarter.
“Mission Valley’s performance during the third quarter included growth in loans and increasing yields on interest bearing assets, resulting in higher net interest margins and strong capital ratios,” Chief Executive Tamara Gurney said in a statement. “We continue to strategically position ourselves in the face of the industry wide headwinds of elevated loan prepayments and deposit challenges.”
Shares of Mission Valley (MVLY) closed Friday unchanged at $16.15 on the over-the-counter market.