MVLY Mission Valley Bancorp featured news, full reports, and detailed charts
Mission Valley Bancorp (MVLY/MVLY.OB) Wrap Up:
Mission Valley Bancorp operates as the bank holding company for Mission Valley Bank, which provides banking services to individual and corporate customers in California. The company accepts business and personal checking accounts, certificates of deposits, time deposits, savings accounts, money market accounts, individual retirement accounts, and health savings accounts. It offers construction loans, business financing, personal financing, auto and truck financing, lines of credit, equipment financing, apartment financing, real estate loans, commercial loans, consumer loans, small business administration loans, leasing, advanced restaurant finance, overdrafts, home equity loans, and letters ...Mission Valley Bancorp (MVLY:OTC Bulletin Board Market)
Snapshot of Mission Valley Bancorp (MVLY)
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OPEN
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PREVIOUS CLOSE
$7.20
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DAY HIGH
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DAY LOW
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52 WEEK HIGH
12/3/08 - $10.05
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52 WEEK LOW
11/5/09 - $5.75
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MARKET CAP
17.6M
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AVERAGE VOLUME 3 mo
1.7K
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DILUTED EPS TTM
--
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SHARES OUTSTANDING
2.5M
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MVLY Does Not Pay Dividends
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P/E TTM
NM
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MVLY Top Compensated Officers
Executives, Board Directors
Key developments for Mission Valley Bancorp (MVLY)
Mission Valley Bancorp announced that 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. The company 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. The company 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.
Mission Valley Bancorp reported earnings results for the half year ended June 30, 2009. For the period, the company reported net income has grown more than 217% to $635,000 from $200,000 reported at June 30, 2008.
Mission Valley Bancorp reported earnings results for the first quarter ended March 31, 2009. For the quarter, the company's net income increased more than 490% to $366,000 from $62,000 for the same period a year ago.
MVLY Competitors
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Industry Analysis
| Valuation | MVLY | Industry Range |
| Price/Earnings | -- | Not Meaningful |
| Price/Sales | -- | Not Meaningful |
| Price/Book | -- | Not Meaningful |
| Price/Cash Flow | 11.8x |
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| TEV/Sales | NM | Not Meaningful |
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MVLY transactions
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More Recent News About Mission Valley Bancorp
More news for MVLY
Mission Valley Bancorp Restates 2009 Earnings; Reports Year-To-Date Results
SUN VALLEY, Calif., Oct. 20 /PRNewswire-FirstCall/ -- Mission Valley Bancorp - (parent company of Mission Valley Bank (OTC Bulletin Board: MVLY - News)), 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...Click here to read the whole Article (external link)