Mission Bancorp announced unaudited second quarter 2015 financial information today.
Mission Bancorp reported net income of $780 thousand for the second quarter of 2015, an increase of
$66 thousand (9%) from last year’s comparable quarter.
Factors that contributed to the increase in earnings include the increase in net interest income of $140
thousand (4%) and a decrease in non-interest expense of $42 thousand (1%). The increase in earnings
was partially offset by a decrease in non-interest income of $54 thousand (5%).
We are pleased to report that our loan portfolio continues to grow. Outstanding loans between the
second quarter 2015 and 2014 increased $26 million (11%). In accordance with the increase in
outstanding loans, the allowance for loan losses increased by $567 thousand to $3.4 million.
Management consistently monitors the current credit market and continues to believe that the loan loss
provision is both prudent and sufficient.
Shareholder equity between the second quarter 2015 and 2014 increased $3.3 million (9%). The
increase in equity is due to strong earnings throughout 2014 and 2015 attributable to the growth in our
loan portfolio and net interest income while decreasing our non-interest expense. Book value per share
increased $2.07 (8%) to $26.70 at June 30, 2015 as compared to $24.63 at June 30, 2014.
Earnings per share and book value per share reflect the 5% stock dividend paid in March 2015.
Mission Bancorp is the parent holding company of two wholly owned subsidiaries, Mission Bank and
Mission Bank 1031 Exchange, LLC, and a 50% owner of Double W, LLC, an entity that owns commercial
property including the Bank’s Shafter Business Banking Center. Mission Bancorp is headquartered in
Bakersfield, California and has seven Business Banking Centers, serving the greater areas of Bakersfield,
Lancaster, Mojave, and Ridgecrest.
For more information, please call A.J Antongiovanni, President and CEO at 661-859-2500.
https://www.missionbank.com/files/2015-Q2.pdf |
