Mission Valley Bancorp Reports Full Year and Fourth Quarter 2023 Results
SUN VALLEY, Calif., Feb. 7, 2024 /PRNewswire/ — Mission Valley Bancorp (OTCQX: MVLY, “Mission Valley”, or the “Company”) announced today net income of $7.4 million, or $2.22 per diluted share, for the year ended December 31, 2023, compared to net income of $4.8 million, or $1.45 per diluted share, for the year ended December 31, 2022. Net loss for the fourth quarter of 2023 was $0.2 million, or $0.07 per share, compared to net income of $1.1 million, or $0.32 per diluted share, for the fourth quarter of 2022. The net loss in the fourth quarter of 2023 was attributable to the $0.6 million net after-tax loss from the sale of available-for-sale investment securities to reposition the investment portfolio.