RED BLUFF, Calif. - March 26, 2018 - MVB has announced that income for the fourth quarter of 2018 was up sharply from the same period in 2018. Net Income for the period totaled $317,700 versus a loss of $648,600 in the prior year when the bank increased provisions to its reserves to mitigate non-performing loans centered in its agricultural loan portfolio.
Net Interest Income for the fourth quarter was up 24% versus the prior year and Non-Interest Income grew 43%. Non-Interest Expense was 24% higher than the same period in 2018, reflecting the bank's collection efforts on non-performing loans and other expenses associated with loan administration activities. Diluted Earnings Per Share for the fourth quarter of 2018 totaled $.27 and represented a significant improvement over the loss of $.55 per share in the fourth quarter of 2018.
"We are pleased to see the improved financial performance in the fourth quarter of 2018 and expect continued improvement in 2018," stated bank chairman John Dickerson. "Although the general economic climate remains challenging, our core business sector, residential construction lending, continues to be strong."
At December 31, 2018, MVB had Total Assets of $178 million, an increase of 3.0% over the prior yearend. Net Loans stood at $113 million, down slightly from $115 million in 2018 and Total Deposits grew to $165 million, a $3.6% increase for the year.
The bank's good fourth quarter performance narrowed its overall operating loss for the year to $595,700 versus a profit of $362,800 in 2018. During 2018 the bank added $3.8 million to its Provision for Loan Losses, down from $4.1 million in 2018. Diluted Earnings Per Share were $(.50) for the full year versus $.31 for the prior year. MVB continues to exceed the Well Capitalized benchmarks for risk-based and leverage capital ratios established by banking industry regulators.
MVB is a locally owned, community bank serving upstate California from five full service offices in Red Bluff, Redding, Corning and Chico. The bank focuses on real estate construction lending and commercial lending to the business and professional communities. Consumer financial services, as well as various investment and insurance products are also available. More information about the bank is available at www.midvalleybank.com.
This news release includes forward-looking statements about MVB's financial condition, results of operations, plans, objectives and future performance. A number of factors, many of which are beyond the control of MVB, could cause actual results to differ materially from those in the forward-looking statements.the control of MVB, could cause actual results to differ materially from those in the forward-looking statements.
Please click here for Complete Summary in MS Word