Mission Valley Bancorp reported net income of $2.2 million for the first half of 2017, which the company said is its strongest-ever mid-year results.
“I am pleased to share that Mission Valley Bancorp has once again achieved a record high for the first half of the year, reaching net income of $2,213,000, a 38.05% increase over the $1,603,000 reported at June 30, 2016,” president & CEO Tamara Gurney said in a statement. “Our continued steady earnings reflect our ongoing dedication to maintaining our course of controlled growth and profitability.”
The Sun Valley-based bank holding company reported solid results across all business units, Gurney said, resulting in an increase in earnings per share to $0.67 as of June 30, 2017, up 40.0 percent from the $0.48 reported at June 30, 2016.
“Mission Valley is a relationship driven, community based business bank,” Gurney said. “We have built an extraordinary team and culture, dedicated to ensuring that we do what is right for our clients, our shareholders and the communities we serve. The combination of a sound, diversified balance sheet, solid capital base, and strong team, steer our course of steady and controlled growth throughout 2017 and beyond.”
Net Interest Income (after provision for loan losses) increased more than 17.1 percent, closing the first half of 2017 at $6.66 million up from the $5.69 million reported on June 30, 2016. Gain on sale of SBA Loans in the secondary market remained strong for the first half of the year, closing June with $781,000. Total other income grew more than 12.9 percent as of June 30, 2017, reaching $2.40 million, from $2.13 million reported as of June 30, 2016.