Mission Valley Bancorp Reports Strong Quarterly Results

By Patrick Mullen

Last update: Thursday, October 27th, 2016

missionvalleybancorpMission Valley Bancorp had its strongest third-quarter results in its 15-year history, earning net income of $2.1 million for the period ended Sept. 30. The Sun Valley-based company’s Mission Valley Bank serves small and medium businesses in the Santa Clarita and San Fernando Valleys.  Net income was up 25% from $1.75 million and the company experienced steady growth “across the board as assets, deposits, liabilities and capital all reflected an 11% increase over third quarter end 2015,” said Tamara Gurney, Mission Valley’s President and CEO.

Total assets grew to $310.8 million from $280.1 million; total deposits reached $264.4 million, up from $238.5 million in the third quarter of 2015; liabilities increased to $274.2 million from $247.1 million, while capital from $33.1 million to $36.6 million. Net loans in the third quarter were up more than 24%, to $240.4 million, versus the $193.4 million reported in 2015, Gurney said. Net interest income held steady over the 12-month period at $8.4 million for year to date Sept. 30, 2016 as compared to $8.42 million Sept. 30, 2015.

In the Santa Clarita Valley, Mission Valley Bank operates a branch on Carl Boyer Drive, having closed a second local branch on W. Avenue Stanford last year, reflecting a shift to electronic banking from use of paper checks and walk-in traffic at branches. Both Mission Valley Bancorp and Mission Valley Bank capital ratios continue to exceed regulatory requirements.

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Mission Valley Bancorp Reports Strong Quarterly Results

missionvalleybancorpMission Valley Bancorp had its strongest third-quarter results in its 15-year history, earning net income of $2.1 million for the period ended Sept. 30. The Sun Valley-based company’s Mission Valley Bank serves small and medium businesses in the Santa Clarita and San Fernando Valleys.  Net income was up 25% from $1.75 million and the company experienced steady growth “across the board as assets, deposits, liabilities and capital all reflected an 11% increase over third quarter end 2015,” said Tamara Gurney, Mission Valley’s President and CEO.

Total assets grew to $310.8 million from $280.1 million; total deposits reached $264.4 million, up from $238.5 million in the third quarter of 2015; liabilities increased to $274.2 million from $247.1 million, while capital from $33.1 million to $36.6 million. Net loans in the third quarter were up more than 24%, to $240.4 million, versus the $193.4 million reported in 2015, Gurney said. Net interest income held steady over the 12-month period at $8.4 million for year to date Sept. 30, 2016 as compared to $8.42 million Sept. 30, 2015.

In the Santa Clarita Valley, Mission Valley Bank operates a branch on Carl Boyer Drive, having closed a second local branch on W. Avenue Stanford last year, reflecting a shift to electronic banking from use of paper checks and walk-in traffic at branches. Both Mission Valley Bancorp and Mission Valley Bank capital ratios continue to exceed regulatory requirements.

About the author

Patrick Mullen

Patrick Mullen

Patrick Mullen grew up in Syracuse, N.Y., and moved to Santa Clarita from Cleveland in 2016. He covered the business side of health care for 15 years.

Patrick Mullen

Patrick Mullen

Patrick Mullen grew up in Syracuse, N.Y., and moved to Santa Clarita from Cleveland in 2016. He covered the business side of health care for 15 years.