Mission Valley Bancorp announced net income of $0.7 million, or $0.20 per diluted share, for the second quarter of 2022, compared to net income of $1.6 million, or $0.48 per diluted share, for the second quarter of 2021.
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Net income for the six months ended June 30, 2022 was $1.9 million, or $0.59 per diluted share, compared to $2.4 million, or $0.73 per diluted share for the six months ended June 30, 2021.
Second quarter 2022 highlights
Net Income of $0.7 million or $0.20 per diluted share.
Net Interest Income was $4.6 million for the second quarter of 2022, an increase of $0.6 million or 13.63%, compared to the second of 2021.
Non-Interest Income was $2.0 million for the second quarter of 2022, a decrease of $0.3 million or 14.34%, compared to the second quarter of 2021.
$14.2 million in Small Business Administration ("SBA") loans were sold in the second quarter of 2022 resulting in gain on sale of $0.8 million.
Provision for Loan Losses of $0.4 million in the second quarter of 2022 due to loan growth compared to no provision in the second quarter of 2021.
Loan Production of $75.5 million in the second quarter of 2022 with a majority of the loan production funding late in the quarter.
Gross Loans, excluding SBA Paycheck Protection Program ("PPP") loans, were $372.7 million as of June 30, 2022, an increase of $104.4 million or 38.93% compared to June 30, 2021, and an increase of $58.8 million or 18.72%, compared to December 31, 2021. PPP loans outstanding were $0.1 million, $0.2 million, and $18.7 million as of June 30, 2022, December 31, 2021, and June 30, 2021, respectively.
Total Deposits were $415.6 million as of June 30, 2022, an increase of $49.6 million or 13.55%, compared to June 30, 2021.
$18 thousand in net recoveries from previously charged-off loans in the second quarter of 2022.
No Non-Accrual Loans as of June 30, 2022 compared to $0.2 million as of June 30, 2021.
Classified Loans were $0.1 million as of June 30, 2022, a decrease of $4.5 million or -98.29%, compared to June 30, 2021, and a decrease of $0.6 million or -88.37%, compared to December 31, 2021.
Strong capital position, which is reflected by Total Leverage Ratio of 10.13%, Common Equity Tier 1 Capital Ratio of 11.90%, Tier 1 Capital Ratio of 13.41%, and Total Risk Based Capital of 14.66% as of June 30, 2022. ■