Mission Valley Bancorp announced net income of $1.6 million, or $0.48 per diluted share, for the second quarter of 2021, compared to net income of $398 thousand, or $0.12 per diluted share, for the second quarter of 2020.
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Net income for the six months ended June 30, 2021 was $2.4 million, or $0.73 per diluted share, compared to $1.2 million, or $0.38 per diluted share for the six months ended June 30, 2020.
Net income for the second quarter of 2021 was $1.6 million, an increase of $1.2 million, or 291.46%, compared to net income of $398 thousand for the second quarter of 2020. Diluted earnings per share was $0.48 per share for the second quarter of 2021 compared to $0.12 per share for the second quarter of 2020.
$38.9 million of SBA Paycheck Protection Program ("PPP") loans, that comprised all of the 2021 PPP loan originations, were sold in June 2021 resulting in gain on sale of $747 thousand.
$7.0 million in SBA loans were sold in the second quarter of 2021 resulting in gain on sale of $662 thousand.
Gross loans, excluding PPP loans, were $286.3 million as of June 30, 2021, an increase of $15.4 million, or 6.09%, and $10.2 million, or 3.96%, compared to March 31, 2021 and December 31, 2020, respectively.
Net interest income increased $398 thousand, or 10.90%, to $4.1 million, compared to the second quarter of 2020.
PPP loan principal forgiveness totaled $23.3 million in the second quarter of 2021 resulting in $273 thousand in additional net deferred fees recognized into interest income during the quarter. As of June 30, 2021, $18.6 million in PPP loans remain outstanding.
No provision for loan losses in the second quarter of 2021 compared to $800 thousand in the second quarter of 2020.
$138 thousand in net recoveries from previously charged-off loans during the second quarter of 2021, compared to net charge-offs of $351 thousand in the second quarter of 2020.
Capital ratios remain strong at June 30, 2021 as reflected by Total Leverage Ratio of 11.05%, Common Equity Tier 1 Capital Ratio of 13.64%, Tier 1 Capital Ratio of 15.55%, and Total Risk Based Capital of 16.81%. ■