Mission Bancorp Reports First Quarter Earnings of $7.2 Million.

BAKERSFIELD, Calif. , April 21, 2025 /PRNewswire/ -- Mission Bancorp ("Mission" or the "Company") (OTC Pink: MSBC), a bank holding company and parent of Mission Bank (the "Bank"), reported unaudited net income available to common shareholders of $7.2 million , or $2.

66 per diluted common share, for the first quarter of 2025, compared to net income available to common shareholders of $7.3 million , or $2.77 per diluted common share, for the first quarter of 2024, and net income available to common shareholders of $7.



7 million , or $2.85 per diluted common share, for the linked quarter. "The Company achieved strong results with year-over-year loan and deposit growth of 6% and 17%, respectively.

Net income of $7.2 million is flat year over year; due to our asset sensitive balance sheet we saw a shrinking net interest margin, which offset the growth in loans and deposits," said Mission Bank President and CEO AJ Antongiovanni. Antongiovanni continued, "Historically we see limited deposit and loan growth in Q1 which is true of this year, but if we look back to Q1 2024 our loan growth and deposit growth is incredibly strong and that's the true indication of Mission's healthy trajectory.

Looking forward, the unknown impacts of tariffs and the resulting uncertainty in the markets could impact our industry and the industries of our customers, but Mission Bank is ready. We have strong capital levels and reserves compared to our peers and are prepared to navigate the economic instability that could arise. I want to thank our customers for continuing this journey with us, the strength of our partnerships and your integrity set Mission Bank apart from the rest.

" First Quarter 2025 Financial Highlights Net Income Available to Common Shareholders Net income available to common shareholders for the first quarter of 2025 was $7.2 million , or $2.66 per diluted common share, compared with $7.

7 million , or $2.85 per diluted common share, for the linked quarter ended December 31, 2024 . Net income available to common shareholders was $7.

3 million , or $2.77 per diluted common share, for the first quarter of 2024. Net income available to common shareholders decreased $0.

5 million , or 6.7%, compared to the linked quarter, and decreased $0.2 million , or 2.

7%, compared to the same prior year period. Notable variances compared to the linked quarter include an increase in non-interest expense, partially offset by a decrease in the provision for credit losses. Compared to the first quarter of 2024, an increase in non-interest expense was partially offset by a decrease in the provision for credit losses and an increase in net interest income.

Net Interest Income Net interest income was $17.8 million , or 4.06%, of average earning assets ("net interest margin"), for the first quarter of 2025, compared with $17.

7 million , or a net interest margin of 4.55%, for the same period a year earlier, and $17.7 million , or a net interest margin of 3.

96%, for the quarter ended December 31, 2024 . Net interest income increased nominally by $0.1 million , or 0.

7%, compared to the same prior year period, due primarily to an increase in interest income, which was partially offset by an increase in interest expense. Loan interest income and fee accretion increased by $1.2 million compared to the same prior year, due primarily to growth in the loan portfolio coupled with a relatively stable yield on loans.

Additionally, interest income from interest earning deposits in other banks increased by $1.1 million , due primarily to growth in interest earning cash balances, partially offset by a decline in yields. Interest expense increased $1.

9 million compared to the first quarter of 2024, due to average balance growth and increased costs on interest-bearing deposits, net of decreased costs associated with other borrowings. Net interest income increased nominally by $0.1 million , or 0.

5%, for the quarter ended March 2025 , compared to the linked quarter, due primarily to a decrease in interest expense on deposits which more than offset a decrease in interest income. Interest expense on deposits decreased $0.6 million , for the current quarter, compared to the linked quarter, due to decreased costs on interest bearing deposits and marginally higher average balances.

Interest income decreased $0.5 million for the current quarter, compared to the linked quarter, due primarily to lower average balances and yields on interest earning deposits in other banks, partially offset by higher average balances and yields on loans. The net interest margin was 4.

06% for the quarter ended March 31, 2025 , compared to 4.55% for the same prior year period, and 3.96% for the linked quarter ended December 31, 2024 .

During the past year, asset yields have declined 24 basis points while the cost of interest-bearing liabilities has risen 28 basis points, contributing to the 49 basis point decline in the quarterly net interest margin. The Federal Reserve began lowering rates in the latter half of 2024, impacting the shorter end of the yield curve, which lowered the yield on interest bearing deposits in other banks and the Company's variable rate loans. Additionally, the average balances of interest-bearing liabilities increased 21.

8%, outpacing the growth in interest-earning assets of 14.0% over the last year, thereby lowering the Company's net interest margin. The 10 basis point increase in the net interest margin for the first quarter of 2025, compared to the linked quarter, was primarily driven by a 19 basis point decline in the Company's cost of interest-bearing liabilities, while earning asset yields remained relatively stable, resulting in net interest margin expansion.

The reduction in funding costs was in response to the recent decline in short term capital markets interest rates. The yield on loans, interest earning deposits in other banks, and investment securities, decreased by 3 basis points to 6.41%, 91 basis points to 4.

40%, and by 44 basis points to 3.92%, respectively, compared to the same prior year period. Additionally, average balances on loans increased $92.

5 million , or 7.66%, average balances on interest earning deposits in other banks increased $122.9 million , or 112.

6%, and average balances on investment securities increased $3.1 million , or 1.28%, compared to the same prior year period.

The cost of interest-bearing deposits increased 35 basis points to 3.00%, while the average balances of interest-bearing deposits increased $203.9 million , or 25.

4%, compared to the same period last year. The yield on loans increased by 3 basis points to 6.41%, while the yield on interest earning deposits in other banks decreased by 37 basis points to 4.

40%, and the yield on investment securities was unchanged, for the quarter ended March 31, 2025 , compared to the linked quarter. Additionally, average balances on loans increased $38.0 million , or 3.

01%, average balances on interest earning deposits in other banks decreased $38.6 million , or 14.3%, and average balances on investment securities increased $1.

0 million , or 0.41%, compared to the linked quarter. The cost of interest-bearing deposits decreased 20 basis points to 3.

00%, while the average balances on interest-bearing deposits increased $6.5 million , or 0.65%, compared to the linked quarter.

The cost of funds was 1.89% for the quarter ended March 31, 2025 , an increase of 30 basis points compared to 1.59%, for the same prior year period, and a decrease of 10 basis points compared to 1.

99%, for the linked quarter ended December 31, 2024 . The increase in the Company's cost of funds is generally attributable to the higher short term rate environment and increased competition for deposits. The Bank has continued to grow its total deposit accounts through both new customer acquisition and expansion of existing relationships over the past year.

At the same time, our clients have continued to optimize the proportion of their operating account balances versus interest-bearing account balances. More recently, Federal Reserve rate cutting has helped alleviate some of the pressure on the cost of interest-bearing balances, providing modest relief in the competitive deposit environment. However, Mission continues to outperform peers by achieving lower deposit costs than peer averages.

Compared to a peer group consisting of all California Commercial Banks from S&P Capital IQ as of December 31, 2024 , Mission's cost of funds for the fourth quarter of 2024, was 20 basis points lower than the 2.19% peer average. The Company holds two pay-fixed, receive floating, interest rate swap contracts with notional balances totaling $108 million , executed in the third quarter of 2023 to hedge against rising rates on a portion of its fixed rate loan and investment securities portfolios.

Combined, for the first quarter of 2025, the linked quarter, and the first quarter of 2024, the interest rate swap contracts generated an additional $0.1 million , $0.2 million , and $0.

4 million in interest income, respectively. Provision for Credit Losses A $0.2 million provision for credit losses was recorded for the quarter ended March 31, 2025 , compared to $0.

4 million for the linked quarter, and $0.7 million for the same period a year ago. The Company's quarterly credit loss provisions over the past year have been recorded primarily to account for growth in the loan portfolio and changes in macro-economic conditions which impact the calculated ACL under the current expected credit loss ("CECL") model, rather than in response to changing conditions in the Company's loan portfolio, which have remained stable, demonstrating a low credit risk profile during the past twelve months.

Non-Interest Income Non-interest income remained consistent at $1.6 million for the quarter ended March 31, 2025 , compared to the linked quarter, and the same period a year earlier. Compared to the linked quarter, notable variances include a decrease in Farmer Mac referral and servicing fees and an increase in SBA servicing fees and gain on sale.

When compared to the same prior year period, notable variances include a decrease in SBA servicing fees and gain on sale of loans and an increase on service charges, fees, and other income. Non-Interest Expense Non-interest expense increased by $1.1 million , or 13.

5%, to $9.2 million for the quarter ended March 31, 2025 , compared to $8.1 million for the linked quarter, and increased by $0.

7 million , or 8.6%, compared to $8.5 million for the quarter ended March 31, 2024 .

The increase in non-interest expense for the first quarter of 2025, compared to the linked quarter, was primarily due to a $0.9 million increase in salaries and benefits expense, associated with increases in employee incentive compensation accruals, payroll taxes attributable to the resumption of accruals at the beginning of the year, deferred salary loan origination costs, and equity compensation expense. The increase in non-interest expense for the first quarter of 2025 compared to the same period a year ago, was primarily due to a $0.

5 million increase in salaries and benefits expense, primarily driven by higher employee compensation, including higher base compensation expense and associated payroll taxes, incentive compensation accruals, and employee 401(k) matching contributions, partially offset by lower temporary labor costs. Operating Efficiency The Company's operating efficiency ratio increased to 47.5% for the first quarter of 2025, compared to 44.

0% for the first quarter of 2024, and 42.0% for the linked quarter. Total non-interest expense as a percentage of average assets, another measure of the Company's efficiency, was 2.

01% for the first quarter of 2025, compared to 2.08% for the first quarter of 2024, and 1.74% for the quarter ended December 31, 2024 .

Income Taxes Income tax expense was $2.9 million for the first quarter of 2025, compared to $2.8 million for the quarter ended March 31, 2024 , and $3.

2 million for the linked quarter ended December 31, 2024 . The Company's effective tax rate for the first quarter of 2025 was 28.8%, compared to 27.

5% for the same period a year ago, and 29.1% for the quarter ended December 31 , 2024. Asset and Equity Returns The return on average equity for the first quarter of 2025 was 15.

0%, down from 18.4% for the same prior year period, and down from 16.3% for the linked quarter.

The quarterly return on average assets for the first quarter of 2025 was 1.56%, down from 1.80% for the same prior year period, and down from 1.

64% for the linked quarter. The decline in the quarterly returns on both average equity and average assets for the quarter ended March 31, 2025 , compared to the first quarter of 2024, is primarily attributable to the 20.2% growth in average equity and the 13.

3% growth in average assets. The decline in the quarterly returns on both average equity and average assets for the first quarter of 2025, compared to the linked quarter, is primarily attributable to the growth in quarterly average equity and quarterly average assets coupled with a decline in quarterly net income. Balance Sheet Total assets increased by $247.

1 million , or 15.1%, to $1.89 billion as of March 31, 2025 , compared to March 31, 2024 , and increased by $11.

4 million , or 0.6%, compared to December 31, 2024 . Cash and cash equivalents increased by $181.

6 million , or 152.6%, to $300.5 million as of March 31, 2025 , compared to the same prior year period, and increased by $7.

1 million , or 2.4%, compared to December 31, 2024 . The significant increase in the Company's cash position over the last year is primarily the result of robust deposit growth, net of the Federal Reserve Bank borrowing facility repayment upon maturity, and earnings, which outpaced loan portfolio growth.

The increase in the Company's cash position over the past quarter is primarily due to continued strong earnings and deposit growth supported by the repayment and amortization of the investment portfolio, which outpaced loan portfolio growth. Investment securities increased by $1.5 million or 0.

6%, to $241.9 million as of March 31, 2025 , compared to $240.4 million as of March 31, 2024 , and decreased by $3.

0 million , or 1.2%, compared to $244.9 million on December 31, 2024 .

The increase in the investment securities portfolio over the past year was primarily due to the purchase of new securities at higher yields to supplement lending demand and a decrease in unrealized losses on the investment securities portfolio attributable to market rate changes during the year, net of the repayment and amortization of the bond portfolio. The decrease in the investment portfolio during the first quarter of 2025, compared to the linked quarter, is generally attributable to the repayment and amortization of the bond portfolio, net of decreased unrealized losses on the investment securities portfolio attributable to market rate changes during the quarter. Loans increased by $69.

0 million , or 5.6%, to $1.30 billion as of March 31, 2025 , compared to March 31, 2024 , and increased by $8.

0 million , or 0.6%, compared to December 31 , 2024. Loan growth during the last year has been concentrated in non-owner occupied commercial real estate, multi-family, residential 1 to 4 units, and construction and land development segments of the loan portfolio, which were partially offset by the contraction in owner occupied commercial real estate and loans secured by farmland.

Loan growth during the last quarter has been concentrated in non-owner occupied commercial real estate and multi-family loan segments of the loan portfolio, which were partially offset by the contraction in owner occupied commercial real estate and agricultural production loans. Total deposits increased by $235.3 million , or 16.

6%, to $1.65 billion as of March 31, 2025 , from $1.42 billion as of March 31, 2024 , and was relatively unchanged from December 31, 2024 .

Noninterest-bearing deposits increased by $13.8 million , or 2.3%, during the last year, and decreased by $19.

4 million , or 3.0%, since December 31 , 2024. The increase in non-interest-bearing deposits experienced over the last year is attributable to an increase in new account openings and the stabilization of deposit costs.

However, non-interest-bearing accounts decreased during the last quarter, primarily due to cash utilization and cyclical fluctuations such as tax planning activities. Noninterest-bearing deposits represented 37.9% of total deposits on March 31, 2025 .

Total shareholders' equity was $197.7 million as of March 31, 2025 , an increase of $32.7 million , or 19.

8%, compared to March 31, 2024 , and an increase of $8.2 million , or 4.3%, compared to December 31, 2024 , due primarily to quarterly earnings, net of changes in accumulated other comprehensive loss.

The accumulated other comprehensive loss component of equity decreased $1.1 million during the past year resulting from a $1.7 million decrease in the accumulated other comprehensive loss on the investment securities portfolio, partially offset by a $0.

6 million increase in the accumulated other comprehensive loss associated with the interest rate swap contract. The accumulated other comprehensive loss component of equity decreased $0.8 million during the quarter attributable to a $1.

3 million decrease in the accumulated other comprehensive loss on the investment securities portfolio, partially offset by a $0.5 million increase in the accumulated other comprehensive loss associated with the swap contract. The decline in accumulated other comprehensive loss is primarily the result of an increase in the fair market value of our investment securities portfolio attributable to a decline in interest rates and not related to credit quality.

Allowance for Credit Losses and Credit Quality The allowance for credit losses ("ACL") as a percentage of gross loans increased to 1.51% as of March 31, 2025 , from 1.50% as of December 31, 2024 , and declined from 1.

54% as of March 31, 2024 . The nominal decline in the ACL as a percentage of gross loans over the last twelve months reflects the continued stable credit profile of the loan portfolio and the relative stability of the factors that are inputs for the ACL model. Nonperforming assets were $0.

9 million on March 31, 2025 , down from $1.1 million on December 31, 2024 , and up from $0.7 million on March 31, 2024 .

Nonperforming assets as a percentage of total assets were 0.05% as of March 31, 2025 , down from 0.06% as of December 31, 2024 , and up from 0.

04% as of March 31, 2024 . Regulatory Capital The Bank's reported regulatory capital ratio exceeded the ratio generally required to be considered a "well capitalized" financial institution for regulatory purposes. The Community Bank Leverage Ratio for the Bank was 11.

47%, as of March 31, 2025 , compared with the requirement of 9.00% to generally be considered a "well capitalized" financial institution for regulatory purposes. The Bank's Community Bank Leverage ratio has decreased by 12 basis points from 11.

59%, and increased by 40 basis points from 11.07%, as of the periods ended March 31, 2024 , and December 31, 2024 , respectively. Earnings have remained strong over the past year, however, the growth in average assets, coupled with dividends paid to the Company during 2024, have resulted in a decrease in the Bank's Community Bank Leverage ratio compared to the prior year.

Stock Repurchase Program The Company announced on October 28, 2024 , the extension of its plan Rule 10b5-1 (the "2022 10b5-1 Plan") to facilitate the repurchase of its common stock. Pursuant to the 2022 10b5-1 Plan, a maximum of $1.0 million of the Company's common stock may be repurchased by the Company.

The previous extension under the Plan expired on October 25, 2024 , and the Company extended the Plan for an additional six months, through April 24, 2025 . The Company may suspend or discontinue the Plan at any time. Hilltop Securities, Inc.

is acting as the Company's agent to purchase its shares on pre-arranged terms pursuant to the 2022 10b5-1 Plan. During the first quarter of 2025 the Company repurchased 4,728 shares under the 2022 10b5-1 Plan at an average price of $96.16 .

Since Plan inception the Company has repurchased 12,499 shares at an average price of $89.18 . About Mission Bancorp and Mission Bank With $1.

9 billion in assets, Mission Bancorp is headquartered in Bakersfield, California and is the holding company of four wholly owned subsidiaries, Mission Bank, Mission 1031 Exchange, LLC, Mission Community Development, LLC, and Nosbig 88, Inc. Mission Bank has eight Business Banking Centers, serving the greater areas of Bakersfield , Lancaster , San Luis Obispo , Stockton , Ventura , and Visalia, California . Visit Mission Bank online at www.

missionbank.bank. By including the foregoing website address, Mission Bancorp does not intend to and shall not be deemed to incorporate by reference any material contained therein.

Forward Looking Statements This press release may contain forward-looking statements that are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, rapid and/or unanticipated deposit withdrawals, the unavailability of sources of liquidity, additional regulatory requirements that may be imposed on community banks or banks in general, general and industry-specific changes in market conditions, investor reaction to industry developments, government regulations and general economic conditions, and competition within the business areas in which the bank is conducting its operations, including the real estate market in California and other factors beyond the bank's control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated.

Readers should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances. MISSION BANCORP CONSOLIDATED BALANCE SHEETS (Unaudited) (Dollars in thousands) Variance March 31, 2025 December 31, 2024 September 30, 2024 March 31, 2024 03/25 - 12/24 03/25 - 03/24 Assets Cash and due from banks $ 50,339 $ 46,596 $ 53,048 $ 38,183 $ 3,743 $ 12,156 Interest earning deposits in other banks 250,205 246,872 252,204 80,805 3,333 169,400 Total cash and cash equivalents 300,544 293,468 305,252 118,988 7,076 181,556 Interest earning deposits maturing over ninety days 490 490 490 490 - - Investment securities available-for-sale, at fair value 241,925 244,922 234,146 240,382 (2,997) 1,543 Loans 1,298,780 1,290,802 1,244,803 1,229,803 7,978 68,977 Allowance for credit losses (19,580) (19,423) (19,022) (18,931) (157) (649) Loans, net 1,279,200 1,271,379 1,225,781 1,210,872 7,821 68,328 Premises and equipment, net 2,855 2,785 2,873 3,133 70 (278) Bank owned life insurance 22,054 21,899 21,743 21,435 155 619 Deferred tax asset, net 16,046 16,364 13,909 15,501 (318) 545 Interest receivable and other assets 24,119 24,549 26,566 29,320 (430) (5,201) Total Assets $ 1,887,233 $ 1,875,856 $ 1,830,760 $ 1,640,121 $ 11,377 $ 247,112 Liabilities and Shareholders' Equity Deposits Noninterest-bearing demand $ 626,723 $ 646,129 $ 627,404 $ 612,876 $ (19,406) $ 13,847 Interest bearing 1,025,549 1,003,196 980,406 804,088 22,353 221,461 Total deposits 1,652,272 1,649,325 1,607,810 1,416,964 2,947 235,308 Other borrowings - - - 20,000 - (20,000) Subordinated debentures, net of issuance costs 21,952 21,934 21,916 21,881 18 71 Interest payable and other liabilities 15,282 15,111 16,249 16,215 171 (933) Total Liabilities 1,689,506 1,686,370 1,645,975 1,475,060 3,136 214,446 Shareholders' Equity Common stock 89,829 89,496 89,182 77,743 333 12,086 Retained earnings 125,400 118,248 110,583 105,953 7,152 19,447 Accumulated other comprehensive loss (17,502) (18,258) (14,980) (18,635) 756 1,133 Total shareholders' equity 197,727 189,486 184,785 165,061 8,241 32,666 Total Liabilities and Shareholders' Equity $ 1,887,233 $ 1,875,856 $ 1,830,760 $ 1,640,121 $ 11,377 $ 247,112 SBA Paycheck Protection Program Loans 414 452 501 597 (38) (183) MISSION BANCORP CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (Dollars in thousands) Three Months Ended Variance March 31, 2025 December 31, 2024 March 31, 2024 03/25 - 12/24 03/25 - 03/24 Interest and Dividend Income Loans $ 20,533 $ 20,233 $ 19,319 $ 300 $ 1,214 Investment securities 2,334 2,374 2,584 (40) (250) Other 2,673 3,433 1,597 (760) 1,076 Total interest and dividend income 25,540 26,040 23,500 (500) 2,040 Interest Expense Other deposits 6,587 7,044 4,622 (457) 1,965 Time deposits 859 991 675 (132) 184 Total interest expense on deposits 7,446 8,035 5,297 (589) 2,149 Other borrowings - - 234 - (234) Subordinated debentures 268 268 268 - - Total interest expense 7,714 8,303 5,799 (589) 1,915 Net Interest Income 17,826 17,737 17,701 89 125 Provision for Credit Losses 155 400 675 (245) (520) Net Interest Income After Provision for Credit Losses 17,671 17,337 17,026 334 645 Non-Interest Income Gain on sale of premises and equipment 2 - - 2 2 Service charges, fees and other income 1,065 1,078 942 (13) 123 Farmer Mac referral and servicing fees 287 363 293 (76) (6) SBA servicing fees and gain on sale of loans 240 168 375 72 (135) Loss on sale of securities - - (11) - 11 Total non-interest income 1,594 1,609 1,599 (15) (5) Non-Interest Expense Salaries and benefits 5,935 5,047 5,402 888 533 Professional services 1,039 1,018 975 21 64 Occupancy and equipment 576 571 572 5 4 Data processing and communication 367 402 397 (35) (30) Other 1,310 1,093 1,148 217 162 Total non-interest expense 9,227 8,131 8,494 1,096 733 Net Income Before Provision for Income Taxes 10,038 10,815 10,131 (777) (93) Provision for Income Taxes 2,886 3,150 2,783 (264) 103 Net Income $ 7,152 $ 7,665 $ 7,348 $ (513) $ (196) MISSION BANCORP FINANCIAL HIGHLIGHTS (Unaudited) (Dollars in thousands, except per share data) As of or for the Three Months Ended March 31, 2025 December 31, 2024 September 30, 2024 March 31, 2024 Ratio of total loans to total deposits 78.

61 % 78.26 % 77.42 % 86.

79 % Return on average assets 1.56 % 1.64 % 1.

77 % 1.80 % Return on average equity 14.99 % 16.

27 % 17.43 % 18.36 % Net interest margin 4.

06 % 3.96 % 4.31 % 4.

55 % Efficiency ratio 47.51 % 42.03 % 44.

66 % 44.01 % Non-interest expense as a percent of average assets 2.01 % 1.

74 % 2.08 % 2.08 % Non-interest income as a percent of average assets 0.

35 % 0.34 % 0.56 % 0.

39 % Community Bank Leverage Ratio 11.47 % 11.07 % 11.

41 % 11.59 % Weighted average shares outstanding - basic* 2,644,296 2,635,572 2,633,827 2,611,832 Weighted average shares outstanding - diluted* 2,689,996 2,687,327 2,678,045 2,656,774 Shares outstanding at period end - basic* 2,653,857 2,636,608 2,633,627 2,622,649 Earnings per share - basic $ 2.70 $ 2.

91 $ 2.98 $ 2.81 Earnings per share - diluted $ 2.

66 $ 2.85 $ 2.93 $ 2.

77 Total assets $ 1,887,233 $ 1,875,856 $ 1,830,760 $ 1,640,121 Loans and leases net of deferred fees $ 1,298,780 $ 1,290,802 $ 1,244,803 $ 1,229,803 Noninterest-bearing demand deposits $ 626,723 $ 646,129 $ 627,404 $ 612,876 Total deposits $ 1,652,272 $ 1,649,325 $ 1,607,810 $ 1,416,964 Noninterest-bearing deposits as a percentage total deposits 37.93 % 39.18 % 39.

02 % 43.25 % Average total assets $ 1,864,899 $ 1,863,633 $ 1,763,476 $ 1,645,777 Average total equity $ 193,498 $ 187,377 $ 179,068 $ 160,998 Shareholders' equity / total assets 10.48 % 10.

10 % 10.09 % 10.06 % Book value per share $ 74.

51 $ 71.87 $ 70.16 $ 62.

94 *Outstanding shares adjusted for 5% dividend declared on April 25, 2024. MISSION BANCORP AVERAGE BALANCES AND RATES (Unaudited) (Dollars in thousands) For the Quarter Ended For the Quarter Ended For the Quarter Ended March 31, 2025 December 31, 2024 March 31, 2024 Average Income / Yield / Average Income / Yield / Average Income / Yield / Balance Expense Rate Balance Expense Rate Balance Expense Rate Assets Interest earning deposits in other banks $ 232,078 $ 2,519 4.40 % $ 270,702 $ 3,246 4.

77 % $ 109,152 $ 1,442 5.31 % Investment securities 241,737 2,334 3.92 % 240,752 2,374 3.

92 % 238,677 2,584 4.36 % Loans 1,298,947 20,533 6.41 % 1,260,935 20,233 6.

38 % 1,206,486 19,319 6.44 % Other earning assets 9,026 154 6.92 % 9,014 187 8.

24 % 8,971 155 6.92 % Total Earning Assets 1,781,788 25,540 5.81 % 1,781,403 26,040 5.

82 % 1,563,286 23,500 6.05 % Non-interest earning assets 83,111 82,230 82,491 Total Assets $ 1,864,899 $ 1,863,633 $ 1,645,777 Liabilities and Capital Interest-bearing deposits Interest-bearing transaction accounts $ 878,043 $ 6,541 3.02 % $ 848,398 $ 6,922 3.

25 % $ 684,759 $ 4,498 2.64 % Time deposits 92,409 859 3.77 % 96,336 991 4.

09 % 73,280 675 3.70 % 1031 Exchange deposits 36,369 46 0.51 % 55,580 122 0.

88 % 44,932 124 1.11 % Total interest-bearing deposits 1,006,821 7,446 3.00 % 1,000,314 8,035 3.

20 % 802,971 5,297 2.65 % Borrowed funds Other borrowings - - 0.00 % - - 0.

00 % 20,000 234 4.71 % Subordinated debt 21,941 268 4.95 % 21,923 268 4.

86 % 21,870 268 4.92 % Total interest-bearing liabilities 1,028,762 7,714 3.04 % 1,022,237 8,303 3.

23 % 844,841 5,799 2.76 % Noninterest-bearing deposits 625,981 636,043 622,225 Total Funding 1,654,743 7,714 1.89 % 1,658,280 8,303 1.

99 % 1,467,066 5,799 1.59 % Other noninterest-bearing liabilities 16,658 17,976 17,713 Total Liabilities 1,671,401 1,676,256 1,484,779 Total Capital 193,498 187,377 160,998 Total Liabilities and Capital $ 1,864,899 $ 1,863,633 $ 1,645,777 Net Interest Margin 4.06 % 3.

96 % 4.55 % Net Interest Spread 3.92 % 3.

82 % 4.46 % MISSION BANCORP LOAN DETAIL (Unaudited) (Dollars in thousands) Variance March 31, 2025 December 31, 2024 September 30, 2024 March 31, 2024 03/25 - 12/24 03/25 - 03/24 Loans Construction and land development $ 64,330 $ 59,474 $ 56,554 $ 50,727 $ 4,856 $ 13,603 Secured by farmland 138,903 137,376 133,597 141,391 1,527 (2,488) Residential 1 to 4 units 60,385 61,596 51,834 49,902 (1,211) 10,483 Multi-family 57,367 47,050 40,770 35,857 10,317 21,510 Owner occupied commercial real estate 498,524 525,745 524,860 503,491 (27,221) (4,967) Non-owner occupied commercial real estate 217,358 195,339 190,642 188,085 22,019 29,273 Commercial and industrial 172,577 170,433 160,887 173,185 2,144 (608) Agricultural production 91,585 95,669 88,060 89,406 (4,084) 2,179 Other loans 328 684 129 165 (356) 163 Net Deferred Fees-Costs (2,577) (2,564) (2,530) (2,406) (13) (171) Total Loans $ 1,298,780 # $ 1,290,802 $ 1,244,803 $ 1,229,803 $ 7,978 $ 68,977 MISSION BANCORP Credit Quality (Unaudited) (Dollars in thousands) March 31, 2025 December 31, 2024 September 30, 2024 March 31, 2024 Asset quality Loans past due 90 days or more and accruing interest $ - $ - $ - $ - Nonaccrual loans $ 871 $ 1,062 $ 399 $ 714 Restructured loans Nonperforming restructured loans $ - $ - $ - $ - Performing restructured loans $ - $ - $ - $ - Other real estate owned $ - $ - $ - $ - Total nonperforming assets $ 871 $ 1,062 $ 399 $ 714 Allowance for credit losses to total loans 1.51 % 1.

50 % 1.53 % 1.54 % Allowance for credit losses to nonperforming loans 2247.

99 % 1828.91 % 4767.42 % 2651.

40 % Nonaccrual loans to total loans 0.07 % 0.08 % 0.

03 % 0.06 % Nonperforming assets to total assets 0.05 % 0.

06 % 0.02 % 0.04 % View original content to download multimedia: https://www.

prnewswire.com/news-releases/mission-bancorp-reports-first-quarter-earnings-of-7-2-million-302433593.html SOURCE Mission Bank.