NewsCovering Kern County

Actions

Mission Bancorp announces first quarter 2020 net income growth

KERO-Default-Image_1280x720.png
Posted at 3:16 PM, Apr 24, 2020
and last updated 2020-04-24 18:16:55-04

BAKERSFIELD, Calif. — Mission Bancorp announces first quarter 2020 net income growth of 12.15% to $3.5 million, while supporting its communities during the COVID-19 crisis.

Recognizing another year of strong earnings, balance sheet growth and shareholder returns, the Company has declared a 5.00% stock dividend, which will be issued on June 8 to shareholders of record as of May 26.

“Mission continues to produce industry leading returns even during this challenging economic environment” said A.J. Antongiovanni, Mission’s president and CEO. Mr. Antongiovanni continued, “Mission has also been able to fulfill its core purpose, to fuel and grow vibrant and prosperous communities, by being one of the first banks nationwide to process the SBA’s Paycheck Protection Program loans.”

Many banks have chosen not to participate in the SBA’s Payment Protection Program, citing regulatory concerns.

“Our board of directors approved the program because it’s the right thing to do for our community,” said Antongiovanni. “We are proud that we created a program that mitigates risk to the borrower and the bank, while speeding up the process. This will allow Mission Bank to bring approximately $100 million in stimulus funds to our local community.”

As of April 16, Mission has provided the following to its communities, customers and team members:

-Received SBA approval for $95 million in PPP loans to 416 businesses, positively impacting an estimated 9,500 jobs throughout our local communities.

-Offering a 90-day grace period for loan payments or 6-months interest only payment options for borrowers.

-All locations remain open for business, despite 75% of our staff working remotely.

-Premium pay to frontline staff supporting customers and awarded staff additional days off to spend with their families.

-Allowed sick-time pay in excess of the legal mandate and created weekly wellness activities such as guided meditation and visualization exercises.

Mission remains committed to supporting local businesses, its customers, and team members during this pandemic crisis.