Mission Valley Bancorp reported record high net earnings of $3.478 million for the year ended Dec. 31, 2016, up 11 percent from the previous year.
Total assets increased 13 percent to a record high of $326 million from $289 million at Dec. 31, 2015.
“2016 was an exceptional year for our organization during which we achieved strong though balanced growth across the board,” said president and CEO Tamara Gurney in a statement discussing the un-audited results.
Asset growth was primarily driven by a 20 percent increase in net loan growth funded by a 13 percent increase in total deposits, the company said. Net loans grew by more than $39 million to $239 million as of Dec. 31, 2016 as compared to $200 million at year end 2015.
“As we enter into 2017, our balance sheet is well positioned to benefit from a higher interest rate environment,” Gurney said. “We have a sound, diversified balance sheet, a solid capital base to carry us forward and a tremendous team dedicated to our success and to the success of our clients and shareholders. Mission Valley Bancorp is well positioned to maintain our course of steady and controlled growth throughout 2017 and beyond.”
Mission Valley Bank, founded in 2001, is a full-service, independent, commercial bank specializing in the banking needs of small to medium businesses in the San Fernando & Santa Clarita Valleys.