Mission Valley Bancorp : June 30, 2022 - Mission Valley Bancorp

Mission Valley Bancorp

Unaudited

FINANCIAL STATEMENTS

Period Ended June 30, 2022

Statement of Condition	Statement of Operations
In Thousands - Unaudited	In Thousands, Except Per Share Data - Unaudited

	JUNE 30, 2022	DECEMBER 31, 2021
ASSETS
Cash and Due from Banks	$	25,778	$	189,756
Interest Bearing Deposits in Other Banks			2,820		2,820
Securities			66,533		53,465
Loans, net			368,161		310,207
Bank Premises and Equipment			420		466
Other Assets			21,088		19,797
TOTAL ASSETS	$	484,800	$	576,511
LIABILITIES
Deposits
Interest Bearing	$	204,984	$	267,558
Non-Interest Bearing			210,647		245,551
Total Deposits	$	415,631	$	513,109
Long-Term Debt			7,832		9,979
FHLB Advances & FRB Borrowings			10,000		--
Other Liabilities			7,596		9,184
Total Liabilities	$	441,059	$	532,272
CAPITAL
Common Stock	$	12,747	$	12,747
Additional Paid in Capital			2,902		2,523
Retained Earnings			29,807		25,339
Current Earnings			1,946		4,957
Accumulative Other
Comprehensive Loss			(3,661)		(1,327)
Total Capital	$	43,741	$	44,239
TOTAL LIABILITIES AND CAPITAL $	484,800	$	576,511

MissionValleyBank.com

			THREE MONTHS ENDED						SIX MONTHS ENDED
		JUNE 30, 2022	JUNE 30, 2021				JUNE 30, 2022	JUNE 30, 2021
INTEREST INCOME
Interest and Fees on Loans	$	4,318	$	3,993	$	8,102	$	8,073
Interest on Securities			289		167					520		328
Other Interest Income			201		61					336		132
Total Interest Income	$	4,808	$	4,221	$	8,958	$	8,533
INTEREST EXPENSE
Deposits	$	109	$	51	$	211	$	99
Other Interest Expense			96		119					208		261
Total Interest Expense	$	205	$	170		$	419	$	360
Net Interest Income	$	4,603	$	4,051	$	8,539	$	8,173
Provision for Loan Losses			400		--					400		--
Net Interest Income	$	4,203	$	4,051	$	8,139	$	8,173
After Provision
NON-INTEREST INCOME
Service Charges on Deposits	$	265	$	252	$	515	$	598
Fees and Other			722		629					1,494		1,144
Grant Income			171		--					171		--
Gain on Sale of Loans			804		1,410					2,555		1,418
Total Non-Interest Income
$	1,962	$	2,291	$	4,735	$	3,160
NON-INTEREST EXPENSE
Personnel Expense	$	3,553	$	2,565	$	6,980	$	4,851
Occupancy and Equipment			493		423					1,001		845
Data Processing			213		195					438		395
Other Operating Expenses			900		956					1,684		1,888
Total Non-Interest Expense
	$	5,159	$	4,139			$	10,103	$	7,979
Income Before Income Tax	$	1,006	$	2,203	$	2,771	$	3,354
Income Tax Expense			334		645					825		974
NET INCOME
$	672	$	1,558		$	1,946	$	2,380
EARNINGS PER SHARE
$	0.21	$	0.48	$	0.59	$	0.73
Basic
Diluted	$	0.20	$	0.48	$	0.59	$	0.73