Mission Valley Bancorp Reports 3rd Quarter 2022 Results.

SUN VALLEY, Calif: Mission Valley Bancorp (OTCQX: MVLY, "Mission Valley", or the "Company") announced today net income of $1.8 million, or $0.53 per diluted share, for the third quarter of 2022, compared to net income of $ 1.7 million, or $0.52 per diluted share, for the third quarter of 2021. Net income for the nine months ended September 30, 2022 was $3.7 million, or $1.13 per diluted share, compared to $4.1 million, or $1.25 per diluted share for the nine months ended September 30, 2021.

Third Quarter 2022 Highlights

Net Income of $1.8 million or $0.53 per diluted share.

Net Interest Income was $5.6 million for the third quarter of 2022, an increase of $1.6 million or 40.27% compared to the third quarter of 2021.

Net Interest Margin was 4.66% for the third quarter of 2022 compared to 3.84% for the third quarter of 2021.

Non-Interest Income, excluding grant income, was $2.4 million for the third quarter of 2022, an increase of $0.9 million or 54.06% compared to the third quarter of 2021. There was no grant income in the third quarter of 2022 compared to $1.8 million in the third quarter of 2021.

$31.9 million in Small Business Administration ("SBA") loans were sold, resulting in gain on sale of $1.2 million, in the third quarter of 2022, compared to $7.1 million in SBA loans sold and gain on sale of $0.7 million in the third quarter of 2021.

Efficiency Ratio (excludes grant income) was 67.33% for the third quarter of 2022 compared to 87.20% for the third quarter of 2021.

Provision for Loan Losses of $0.2 million in the third quarter of 2022 due to loan growth compared to no provision in the third quarter of 2021.

Loan Production of $71.0 million in the third quarter of 2022.

Gross Loans were $398.1 million as of September 30, 2022, an increase of $111.8 million or 39.06% compared to September...