Mission Valley Bancorp announced net income of $1.8 million, or $0.53 per diluted share, for the third quarter of 2022, compared to net income of $ 1.7 million, or $0.52 per diluted share, for the third quarter of 2021.
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Net income for the nine months ended September 30, 2022 was $3.7 million, or $1.13 per diluted share, compared to $4.1 million, or $1.25 per diluted share for the nine months ended September 30, 2021.
Third quarter 2022 highlights
Net Income of $1.8 million or $0.53 per diluted share.
Net Interest Income was $5.6 million for the third quarter of 2022, an increase of $1.6 million or 40.27% compared to the third quarter of 2021.
Net Interest Margin was 4.66% for the third quarter of 2022 compared to 3.84% for the third quarter of 2021.
Non-Interest Income, excluding grant income, was $2.4 million for the third quarter of 2022, an increase of $0.9 million or 54.06% compared to the third quarter of 2021. There was no grant income in the third quarter of 2022 compared to $1.8 million in the third quarter of 2021.
$31.9 million in Small Business Administration ("SBA") loans were sold, resulting in gain on sale of $1.2 million, in the third quarter of 2022, compared to $7.1 million in SBA loans sold and gain on sale of $0.7 million in the third quarter of 2021.
Efficiency Ratio (excludes grant income) was 67.33% for the third quarter of 2022 compared to 87.20% for the third quarter of 2021.
Provision for Loan Losses of $0.2 million in the third quarter of 2022 due to loan growth compared to no provision in the third quarter of 2021.
Loan Production of $71.0 million in the third quarter of 2022.
Gross Loans were $398.1 million as of September 30, 2022, an increase of $111.8 million or 39.06% compared to September 30, 2021, and an increase of $84.0 million or 26.75% compared to December 31, 2021.
Total Deposits were $426.6 million as of September 30, 2022, an increase of $74.4 million or 31.11%, compared to September 30, 2021, and a decrease of $86.5 million or 16.85% compared to December 31, 2021.
$29 thousand in net recoveries from previously charged-off loans in the third quarter of 2022.
Non-Accrual Loans were $0.2 million as of September 30, 2022, which was comprised of one loan.
Classified Loans were $1.7 million as of September 30, 2022, an increase of $0.2 million or 9.88% compared to September 30, 2021, and an increase of $1.1 million or 157.9% compared to December 31, 2021.
Capital remains strong, which is reflected by Total Leverage Ratio of 10.88%, Common Equity Tier 1 Capital Ratio of 11.22%, Tier 1 Capital Ratio of 12.59%, and Total Risk Based Capital of 13.82% as of September 30, 2022. ■