Mission Valley Bancorp reported October 30 that third-quarter net income fell to $1.2 million, or 36 cents per diluted share, from $2.1 million, or 62 cents a share, a year earlier.
Net interest income rose to $8.4 million, an increase of about $500,000. Noninterest income declined by approximately $500,000 to $2.3 million.
The company recorded a $500,000 provision for credit losses, compared with $100,000 in the third quarter of 2025. It attributed that provision primarily to the charge-off of one commercial loan. Quarterly net charge-offs totaled $397,000.
At September 30, assets stood at $790.2 million and gross loans at $637.1 million. Deposits totaled $648.4 million, up $12.9 million from the end of 2025, driven by growth in noninterest-bearing accounts.
Nonaccrual loans increased to $13 million from $9.2 million at year-end. Classified loans rose to $33.1 million from $16.7 million, while past-due loans declined to $10.5 million from $15.6 million.
The release also highlighted a leadership transition: Brian Carlson became president and chief executive of Mission Valley Bank, while Tamara Gurney serves as executive chair and chief executive of the holding company.
Sources Mission Valley Bancorp — October 30 quarterly results: https://www.businesswire.com/news/home/20261030775618/en/Mission-Valley-Bancorp-Reports-Third-Quarter-Results/