Mission Valley Bancorp reported net income of $3.21 million for the quarter ended September 30, 2017 – the strongest third quarter results in the history of the company.
Net Interest Income (after provision for loan losses) increased more than 16 percent, closing the third quarter of 2017 at $10.03 million up from the $8.64 million reported on September 30, 2016. Gain on sale of SBA Loans in the secondary market has remained strong throughout year, closing September at $1.2 million, an increase of 42% over the $839,000 reported at September 30, 2016 supporting a 23% increase in Total other income over the same period, reporting $3.65 million, as compared to $2.96 million as of September 30, 2016.
“Throughout 2017, we have continued to see steady performance across all business units, resulting in an increase in earnings per share to $0.96 as of September 30, 2017, up 49 percent from the $0.64 reported at September 30, 2016,” said Tamara Gurney, the company’s president and CEO in a statement.
Net loans held steady through the close of the third quarter at $241.7 million as of September 30, 2017, compared to $239.4 million at year end, December 31, 2016. Total assets closed the third quarter 2017 at $317.5 million, down slightly (2.43 percent) from $325.4 million, reported December 31, 2016. Total deposits closed the third quarter of 2017 at $267.3 million, a 3.83 percent decrease from $278.0 million as of December 31, 2016. Total liabilities closed the third quarter of 2017 at $287.1 million as compared to $287.8 million at year end, December 31, 2016.
Both Mission Valley Bancorp and Mission Valley Bank capital ratios continue to exceed regulatory requirements.
“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, will continue to support our goal of steady and controlled growth throughout the remainder 2017 and beyond.”
Mission Valley Bank is a full-service, independent, commercial bank specializing in the banking needs of small to medium businesses in the San Fernando & Santa Clarita Valleys. The bank was chartered in July 2001, with a vision of local ownership and a commitment to providing financial solutions to meet the needs of its clients.