Mission 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.