Mission Valley Bancorp Reports Third Quarter 2024 Results

SUN VALLEY, Calif., Oct. 30, 2024 /PRNewswire/ -- Mission Valley Bancorp (OTCQX:MVLY, ", Mission Valley", , or the ", Company", )) announced today net income for the third quarter of 2024 was $1.4 million, or $0.42 per diluted share, compared to net income of $4.6 million, or $1.40 per diluted share, for the third quarter of 2023. Net income for the nine months ended September 30, 2024 was $5.1 million, or $1.53 per diluted share, compared to net income of $7.6 million, or $2.29 per diluted share for the nine months ended September 30, 2023. Net income for the third quarter 2023 was bolstered by $3.5 million, net of tax, in grant income from the U.S. Treasury as part of the Community Development Financial Institutions ("CDFI") Equitable Recovery Program ("ERP").

Third Quarter 2024 Highlights

Net Income of $1.4 million, or $0.42 per diluted share, for the third quarter of 2024.

Net Interest Income was $6.9 million for the third quarter of 2024, an increase of $0.6 million, or 9.89%, compared to the third quarter of 2023.

Net Interest Margin was 4.49% for third quarter of ...