Mission Valley Bancorp on Monday announced net income of $5 million for the full year last year, more than doubling net income of $2.3 million for the previous year.
On a diluted per-share basis, earnings last year were $1.50, up from 71 cents in 2020.
The holding company owns the Sun Valley-based Mission Valley Bank, the only independent community bank headquartered in the San Fernando Valley. It specializes in serving small- and medium-sized businesses.
For the quarter ended Dec. 31, earnings were $900,000, or 26 cents per diluted share, down from $1.1 million, or 33 cents, in the fourth quarter of the previous year.
“We achieved record net income, strong core loan growth and deposit growth continued to exceed expectations,” said Chief Executive Tamara Gurney. “In addition, we expanded our SBA lending platform and launched an SBA lender service provider subsidiary, which is operating under the brand name Total SBA and continues to gain traction as we begin 2022.”
She also announced that directors declared the fifth cash dividend in the bank company’s 21-year history. The 15 cent per-share dividend is payable Feb. 28 to shareholders of record on Feb. 15.
The bank company announced that for the year, net interest income increased 6.9 percent to $16.1; total assets increased 21 percent to $577 million; gross loans, excluding the Small Business Administration’s Paycheck Protection Program loans, increased 22 percent to $315 million; and total deposits increased 33 percent to $513 million, which was primarily driven by one large customer relationship.
Mission Valley sold $38.9 million in PPP loans, comprising all 2021 PPP loan originations, resulting in a gain of $747,000, and it sold $24.2 million in non-PPP SBA loans resulting in a gain of $2.3 million.
Mission Valley also said that there was no provision for loan losses in 2021 compared to $1.9 million in 2020. There were $271,000 in net recoveries from previously charged-off loans compared to net charge-offs of $1.1 million in 2020. Classified loans, or those in some state of decay, decreased by 89 percent to $670,000 at Dec. 31.
What’s more, there were no non-accrual loans or past-due loans at Dec. 31.
Shares of Mission Valley (MVLY) closed Monday at $14.75 on the over-the-counter market.