Mission Valley Bancorp : December 31, 2021 - Mission Valley Bancorp

Mission Valley Bancorp

Unaudited

FINANCIAL STATEMENTS

Period Ended December 31, 2021

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

			DEC. 31 2021	DEC. 31, 2020
ASSETS
Cash and Due from Banks	$	189,756	$	90,681
Interest Bearing Deposits in Other Banks			2,820		2,915
Securities			53,465		49,307
Loans, net			310,207		314,012
Bank Premises and Equipment			466		419
Other Assets			19,797		19,483
TOTAL ASSETS	$	576,511	$	476,817
LIABILITIES
Deposits
Interest Bearing	$	267,558	$	119,455
Non-Interest Bearing			245,551		266,138
Total Deposits	$	513,109	$	385,593
Long-Term Debt			9,979		12,019
FHLB Advances & FRB Borrowings			--		31,570
Other Liabilities			9,184		8,555
Total Liabilities	$	532,272	$	437,737
CAPITAL
Common Stock	$	12,747	$	12,747
Additional Paid in Capital			2,523		2,070
Retained Earnings			25,339		23,036
Current Earnings			4,957		2,303
Accumulative Other
Comprehensive Loss			(1,327)		(1,076)
Total Capital	$	44,239	$	39,080
TOTAL LIABILITIES AND CAPITAL $	576,511	$	476,817

MissionValleyBank.com

		THREE MONTHS ENDED					TWELVE MONTHS ENDED
	DEC. 31, 2021	DEC. 31, 2020	DEC. 31, 2021	DEC. 31, 2020
INTEREST INCOME
Interest and Fees on Loans	$	3,837	$	3,997			$	15,789	$	15,210
Income on Federal Funds Sold		--		--				--		90
Interest on Securities		194		143				691		528
Other Interest Income		83		52				294		203
Total Interest Income	$	4,114	$	4,192			$	16,774	$	16,031
INTEREST EXPENSE
Deposits	$	73	$	58			$	222	$	293
Other Interest Expense		120		178				499		715
Total Interest Expense	$	193	$	236			$	721	$	1,008
Net Interest Income	$	3,921	$	3,956			$	16,053	$	15,023
Provision for (Reversal of) Loan Losses		--		(50)		--		1,850
Net Interest Income	$	3,921	$	4,006			$	16,053	$	13,173
After Provision
Service Charges on Deposits	$	201	$	341			$	1,037	$	1,368
Fees and Other Operating Income		492		435				2,267		2,033
Grant Income		--		--				1,826		203
Gain on Sale of Loans		957		495				3,093		496
Gain on Sale of OREO		6		12				6		12
Total Other Income	$	1,656	$	1,283			$	8,229	$	4,112
OPERATING EXPENSE
Personnel Expense	$	2,782	$	2,263			$	10,917	$	8,254
Occupancy and Equipment		511		405				1,838		1,662
Data Processing		203		192				799		758
Other Operating Expenses		803		891				3,559		3,435
Total Operating Expense	$	4,299	$	3,751			$	17,113	$	14,109
Income (Loss) Before Income Tax	$	1,278	$	1,538			$	7,169	$	3,176
Income Tax Expense		416		451				2,212		873
NET INCOME
$	862	$	1,087			$	4,957	$	2,303
EARNINGS PER SHARE
$	0.26	$	0.33			$	1.52	$	0.71
Basic
Diluted	$	0.26	$	0.33			$	1.50	$	0.71