10 bagger
15 years ago
MVLY Bad Report..
Mission Valley Bancorp Restates 2009 Earnings; Reports Year-To-Date Results
PR Newswire - Oct 20 at 18:37 NONE
Company Symbols: NASDAQ-OTCBB:MVLY
SUN VALLEY, Calif., Oct. 20 /PRNewswire-FirstCall/ -- Mission Valley Bancorp - (parent company of Mission Valley Bank (OTC Bulletin Board: MVLY)), today announced it will restate its earnings for the first half of 2009 to show a smaller net income for the period ending June 2009. The Company will now report $45,000 in year-to-date after-tax income as of June 2009, rather than the $635,000 previously reported.
An internal review of the Bank's merchant bankcard processing records identified an accounting problem. It was determined that not all expenses related to transaction fees were properly reported, resulting in an overstatement of net income. Outside auditors deemed the accounting problem was solely linked to this one area.
"We take our responsibility to safeguard the accuracy and integrity of our financial reporting very seriously," said Tamara Gurney, Mission Valley Bank's president and CEO. "Upon discovery of this systems error, we immediately began working with an expert team of outside consultants and auditors. This team has confirmed this to be an isolated incident and have assisted us in implementing additional internal controls to further ensure accurate financial reporting."
Mission Valley Bancorp also will report its year-to-date results through September 30th showing a net loss of $564,000. This loss, which is the first in the past eight years, is the result of the Bank's need to increase reserves to cover possible loan losses. During the first nine months of 2009, the Bank increased its loan loss reserves by $3.66 million.
"In this economic climate, increasing reserves for possible loan losses is prudent. We sincerely believe that the majority of issues within the Bank's loan portfolio are well collateralized, short term and resolvable. As we work through these issues with our clients, we anticipate the need for additional provisions for possible loan losses may be reduced, and could result in increases to net income in 2010," Gurney said.
"It is important to note that despite these challenges Mission Valley remains well-capitalized with strong revenue generation, resulting in Net Operating Income of $2.2 million through September 2009 as compared to $946,000 for the same period last year (before extraordinary income and expenses, taxes and the provision for potential loan losses) representing a 133% increase over the previous year, further demonstrating the ongoing strength of the organization."
About Mission Valley Bank
Mission Valley Bank is a full-service, independent, commercial bank specializing in the banking needs of small to medium businesses in the San Fernando & Santa Clarita Valleys. The Bank was chartered in July 2001, with a vision of local ownership and a commitment to providing financial solutions to meet the needs of its clients.
Forward-looking statements:
Certain matters discussed in this news release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon current management expectations and, therefore, are subject to certain risks and uncertainties that could cause actual results, performance, or achievements to differ materially from those expressed, suggested, or implied by the forward-looking statements. Forward-looking statements are effective only as of the date that they are made and Mission Valley Bank assumes no obligation to update this information.
www.MissionValleyBank.com
SOURCE Mission Valley Bancorp
10 bagger
15 years ago
OPPS..MVLY DOWNWARD EPS EST..
It has been brought to my attention that my earnings Est.. can not hold up and I also after reading further info also believe the same.. I don't think the bank was trying to hide anything but,, thier reporting leaves a lot to be desired..
I used the info in the following portion of thier web site to mean second quarter results and not thru the second Qtr..
https://www.missionvalleybank.com/pdf/MVB_Q2_09.pdf
Because of this error I have to change my EPS projections to
$0.85 from $1.15 and that assumes that there will not be another extraordinary Fed fee made to all banks during the next six months.. The entire press release is as follows:
SUN VALLEY, Calif., Aug. 5 /PRNewswire-FirstCall/ -- Mission Valley Bancorp (the parent company of Mission Valley Bank (OTC Bulletin Board: MVLY - News)) today announced record year to date after tax income for 2009 of $635,000.
Related Quotes
Symbol Price Change
MVLY.OB 7.60 0.00
Tamara Gurney, President and CEO of the one bank holding company stated, "We are very pleased with the company's performance through the first half of 2009. Our commitment to 'sticking to the basics of banking' has enabled Mission Valley to achieve significant growth despite the current economic climate. Loans are up more than 19% to $196 million (an increase of $31 million over the $165 million reported at June 30, 2008). Deposits grew more than $49 million to slightly over $205 million, a 32% improvement from the year prior. As a result, total assets increased to more than $261 million - a 32% increase over the $198 million reported for the same period one year ago. Even more impressive, net income has grown more than 217% to $635,000 at June 30, 2009 from $200,000 reported at June 30, 2008."
Gurney continued, "During these turbulent times, Mission Valley's strong performance may seem extraordinary on the surface; however, as an organization we know that our continuing success is due to a number of strategic decisions made over the past 18 months in response to the changing financial landscape. Expansion of the Bank's Specialized Lending Division into accounts receivable and formula based lending has contributed, not only through increased loan growth and revenues, but also allowing the Bank to assist businesses that are struggling with cash flow and that may not otherwise qualify for financing. In addition, Mission Valley Bank received approval to become a 'settlement bank' for merchant bankcard processing. This designation allows the Bank to provide direct processing services for Independent Sales Organizations as well as our own clientele, thereby enhancing our operating and fee income."
Gurney concluded, "While we are pleased with our strong performance, we remain mindful of the current economic climate and the potential impact that further deterioration in commercial real estate could have on our Bank. Delinquencies within Mission Valley's loan portfolio remain relatively low (particularly as compared to the overall industry) however, in response to the on-going tough economy - as well as our own extensive analysis of our existing loan portfolio, we remain focused on preserving our allowance for credit losses and capital. Additionally, we are committed to maintaining open and frequent communication with our borrowers, working to understand their individual situations and partnering with them to define appropriate solutions to assist them through these difficult times."
Mission Valley Bank is a full-service, independent, commercial bank specializing in serving small and middle market businesses in the San Fernando & Santa Clarita Valleys. A full service, community based, business bank, the Bank was chartered in July 2001, with a vision of local ownership and a commitment to providing financial solutions to meet the needs of its clients.
www.MissionValleyBank.com
Forward-looking statements:
Certain matters discussed in this news release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon current management expectations and, therefore, are subject to certain risks and uncertainties that could cause actual results, performance, or achievements to differ materially from those expressed, suggested, or implied by the forward-looking statements. Forward-looking statements are effective only as of the date that they are made and Mission Valley Bank assumes no obligation to update this information.
10 bagger
15 years ago
MVLY.. $7.60..
The share count is 2,495,758..
I spoke to the bank yesterday and these are the main points..
They are a commerical bank and have make no mortage loans..
They make loans to small business type company's and the loans are either collateralized or SBA backed..
On building and land loans they are only made if the company can fullly collaterlize the loan..
They took tarp but have used it to leverage SBA loans..
The swing in earnings over the past 2 years have been because of interest spreads betwen cost and loan and not because of writeoffs that are extraordinary.. I believe that EPS this fiscal year will exceed $1.15..
I bought:
08/06/09 10:46 AM EDT Buy 588 MVLY Executed @ $7.6
08/06/09 10:05 AM EDT Buy 338 MVLY Executed @ $7.75
08/06/09 9:44 AM EDT Buy 950 MVLY Executed @ $7.75
Mission Valley Bancorp Announces Year to Date Earnings Up More Than 200% From 2008
PR Newswire - Aug 05 at 15:51 NONE
Company Symbols: NASDAQ-OTCBB:MVLY
SUN VALLEY, Calif., Aug. 5 /PRNewswire-FirstCall/ -- Mission Valley Bancorp (the parent company of Mission Valley Bank (OTC Bulletin Board: MVLY)) today announced record year to date after tax income for 2009 of $635,000.
Tamara Gurney, President and CEO of the one bank holding company stated, "We are very pleased with the company's performance through the first half of 2009. Our commitment to 'sticking to the basics of banking' has enabled Mission Valley to achieve significant growth despite the current economic climate. Loans are up more than 19% to $196 million (an increase of $31 million over the $165 million reported at June 30, 2008). Deposits grew more than $49 million to slightly over $205 million, a 32% improvement from the year prior. As a result, total assets increased to more than $261 million - a 32% increase over the $198 million reported for the same period one year ago. Even more impressive, net income has grown more than 217% to $635,000 at June 30, 2009 from $200,000 reported at June 30, 2008."
Gurney continued, "During these turbulent times, Mission Valley's strong performance may seem extraordinary on the surface; however, as an organization we know that our continuing success is due to a number of strategic decisions made over the past 18 months in response to the changing financial landscape. Expansion of the Bank's Specialized Lending Division into accounts receivable and formula based lending has contributed, not only through increased loan growth and revenues, but also allowing the Bank to assist businesses that are struggling with cash flow and that may not otherwise qualify for financing. In addition, Mission Valley Bank received approval to become a 'settlement bank' for merchant bankcard processing. This designation allows the Bank to provide direct processing services for Independent Sales Organizations as well as our own clientele, thereby enhancing our operating and fee income."
Gurney concluded, "While we are pleased with our strong performance, we remain mindful of the current economic climate and the potential impact that further deterioration in commercial real estate could have on our Bank. Delinquencies within Mission Valley's loan portfolio remain relatively low (particularly as compared to the overall industry) however, in response to the on-going tough economy - as well as our own extensive analysis of our existing loan portfolio, we remain focused on preserving our allowance for credit losses and capital. Additionally, we are committed to maintaining open and frequent communication with our borrowers, working to understand their individual situations and partnering with them to define appropriate solutions to assist them through these difficult times."
Mission Valley Bank is a full-service, independent, commercial bank specializing in serving small and middle market businesses in the San Fernando & Santa Clarita Valleys. A full service, community based, business bank, the Bank was chartered in July 2001, with a vision of local ownership and a commitment to providing financial solutions to meet the needs of its clients.
www.MissionValleyBank.com
10 bagger
15 years ago
MVLY $7.75
https://www.missionvalleybank.com
Third Qtr Earnings..
9/08 Vrs. 9/07
https://www.missionvalleybank.com/pdf/MVB-3rd%20quarter,%202008.pdf
Assets $220,312 Vrs. $204,787
Net Income $683,000 Vrs. $1,086,000
EPS $0.27 Vrs. $0.44
10 bagger
15 years ago
MVLY $7.75
https://www.missionvalleybank.com
Year End 2008
2008 Vrs. 2007
https://www.missionvalleybank.com/pdf/mvb_ar08.pdfAssets
$239,144 Vrs. $205,703
Net Income $1,061,000 Vrs. $1,365,000
EPS $0.43 Vrs. $0.55
di4
16 years ago
Mission Valley Bancorp Announces Record First Quarter Earnings - Up 490% From 2008
May 18, 2009 3:00:00 PM
Email Story Discuss on ZenoBank
View Additional ProfilesSUN VALLEY, Calif., May 18 /PRNewswire-FirstCall/ -- Mission Valley Bancorp - (the parent company of Mission Valley Bank (OTC Bulletin Board: MVLY)), today announced record first quarter after tax income for 2009 of $366,000.
Tamara Gurney, President and CEO of the one bank holding company commented, "We are very pleased with the company's performance during the first quarter of 2009. Hard work, coupled with our commitment to 'sticking to the basics of banking' has enabled Mission Valley to achieve significant growth despite these difficult economic times. Loans are up more than 17% to $189 million (an increase of $28 million over the $161 million reported at March 31, 2008). Deposits increased more than $38 million to slightly over $197 million, a 24.5% improvement from the year prior. As a result, total assets grew to more than $257 million - a 29% increase over the $200 million reported at the same time last year. Even more impressive, net income increased more than 490% to $366,000 at March 31, 2009 from $62,000 reported at March 31, 2008."
Gurney continued, "This significant increase in net income may seem extraordinary, particularly in light of the protracted downturn in the economy as well as the ongoing challenges facing the financial services industry. However, management believes it is the result of a number of strategic decisions made over the past 18 months in response to the changing financial landscape. Expansion of the Bank's Specialized Lending Division into accounts receivable and formula based lending has contributed, not only through increased loan growth and revenues, but also allowing the Bank to assist businesses that are struggling with cash flow and that may not otherwise qualify for financing. In addition, Mission Valley Bank received approval to become a 'settlement bank' for merchant bankcard processing. This designation allows the Bank to provide direct processing services for Independent Sales Organizations as well as our own clientele, thereby enhancing our operating and fee income."
Gurney concluded, "While we are pleased with our first quarter results, we remain mindful of the current economic climate and the potential impact that further deterioration in commercial real estate and continued growth in unemployment could have on the Bank. Delinquencies within our loan portfolio remain low, particularly as compared to the overall industry. However, as a result of the economic condition in which we operate as well as our own extensive analysis and stress testing of our loan portfolio, we believe it is prudent to reserve for (potential) loan losses at an accelerated rate, thereby allowing us an ample cushion in the event losses do occur. This coupled with our dedication to keeping in close contact with our borrowers, staying aware of their individual situations and working with them to provide appropriate solutions, will help to further insulate our Bank from significant losses due to the current state of our economy."
Mission Valley Bank is a full-service, independent, commercial bank specializing in serving small and middle market businesses in the San Fernando & Santa Clarita Valleys. A full service, community based, business bank, the Bank was chartered in July 2001, with a vision of local ownership and a commitment to providing financial solutions to meet the needs of its clients.
www.MissionValleyBank.com
Forward-looking statements:
Certain matters discussed in this news release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon current management expectations and, therefore, are subject to certain risks and uncertainties that could cause actual results, performance, or achievements to differ materially from those expressed, suggested, or implied by the forward-looking statements. Forward-looking statements are effective only as of the date that they are made and Mission Valley Bank assumes no obligation to update this information.
SOURCE Mission Valley Bancorp
----------------------------------------------
Tamara Gurney
CEO of Mission Valley Bancorp
+1-818-394-2300
News
Market Data
Register to chat with like-minded investors on our interactive forums.
Ask ADVFN Intelligence (AI)
bradford86
15 years ago
