Mission Valley Bancorp Reports Third Quarter Results
Key Highlights
- ➤Q3 net income $1.2M, or $0.36 per diluted share, down from $2.1M
- ➤Net interest income $8.4M, up 7.01% year over year
- ➤Non-accrual loans rose to $13.0M from $9.2M at year-end 2025
- ➤Classified loans increased to $33.1M from $16.7M at year-end 2025
- ➤Brian Carlson appointed Mission Valley Bank president and CEO
Expert Statements
Tamara Gurney, Chief Executive Officer of Mission Valley Bancorp
“We are pleased with the year-to-date growth of $15.2 million, or 10.1% annualized, in our non-interest bearing core deposits, particularly during a very challenging time to attract and retain core deposits for the industry as a whole.”
Tamara Gurney, Chief Executive Officer of Mission Valley Bancorp
“This supported gross loan growth of $6.4 million, after selling $13.4 million in SBA loan principal, for the current quarter.”
Tamara Gurney, Chief Executive Officer of Mission Valley Bancorp
“However, the most significant highlight of the quarter was the leadership transition at Mission Valley Bank with Brian Carlson being appointed President and Chief Executive Officer of Mission Valley Bank as I stepped in to the role of Executive Chair and CEO of Mission Valley Bancorp.”
Tamara Gurney, Chief Executive Officer of Mission Valley Bancorp
“Brian will be instrumental in shaping the path forward for the Company and the Bank.”
Brian Carlson, President and Chief Executive Officer of Mission Valley Bank and President of Mission Valley Bancorp
“We were able to produce solid net income of $1.2 million, or $0.36 per diluted share, for the quarter despite the impact from the industry-wide headwinds on SBA lending volume and the increase in our provision for credit losses primarily due to one charged-off commercial loan.”
Brian Carlson, President and Chief Executive Officer of Mission Valley Bank and President of Mission Valley Bancorp
“The quality of our SBA loan portfolio remains strong with low levels of past due, non-accrual, classified loans, and overall default rates that continue to outperform industry averages.”
Brian Carlson, President and Chief Executive Officer of Mission Valley Bank and President of Mission Valley Bancorp
“In addition, secondary market premiums on SBA loans remain at favorable levels as we continue to grow the SBA loan portfolio, while maintaining our asset quality.”
Brian Carlson, President and Chief Executive Officer of Mission Valley Bank and President of Mission Valley Bancorp
“As we look ahead to the fourth quarter and closing out 2026, we look forward to the full launch of one of our digital transformation initiatives and we will be focused on executing certain strategic and proactive measures with respect to our loan and investment portfolios to reposition and strengthen our balance sheet for 2027 and beyond.”
Mission Valley Bancorp (OTCQX: MVLY, “Mission Valley”, or the “Company”) announced today net income of $1.2 million, or $0.36 per diluted share, for the third quarter of 2026, compared to net income of $2.1 million, or $0.62 per diluted share, for the third quarter of 2025. Net income for the nine months ended September 30, 2026 was $3.8 million, or $1.11 per diluted share, compared to net income of $4.9 million, or $1.45 per diluted share, for the nine months ended September 30, 2025.
Tamara Gurney, Chief Executive Officer of Mission Valley Bancorp, commented, “We are pleased with the year-to-date growth of $15.2 million, or 10.1% annualized, in our non-interest bearing core deposits, particularly during a very challenging time to attract and retain core deposits for the industry as a whole. This supported gross loan growth of $6.4 million, after selling $13.4 million in SBA loan principal, for the current quarter. However, the most significant highlight of the quarter was the leadership transition at Mission Valley Bank with Brian Carlson being appointed President and Chief Executive Officer of Mission Valley Bank as I stepped in to the role of Executive Chair and CEO of Mission Valley Bancorp. Brian will be instrumental in shaping the path forward for the Company and the Bank.”
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