Mission Valley Bancorp recorded the strongest first quarter in the history of the 17-year-old bank, with year-to-date net income of $1.384 million for the period ending March 31.
Mission Valley’s per-share earnings increased to 43 cents, up 10 percent from a year ago, President and CEO Tamara Gurney reported in a Tuesday news release.
“In recognition of our company’s steady performance, the OTCQX named Mission Valley Bancorp among the ‘Best 50’ performing companies based on total return and growth in average daily dollar volume in 2017 and a direct reflection of the company’s commitment to increasing shareholder value and liquidity,” Gurney said. “I am equally pleased to share that, for the third consecutive year, Mission Valley also achieved the prestigious ranking as one of California’s 2017 ‘Super Premier Performing Banks’ by the Findley Reports.”
The OTCQX is the top tier of the three marketplaces for over-the-counter stock trading and is operated by the OTC Markets Group, while Findley Reports is a highly regarded consulting and reporting firm for the financial industry that has tracked the performance of California banking institutions for more than five decades.
Net Interest Income (after provision for loan losses) remained constant, closing the first quarter of 2018 at $3.5 million from the $3.4 million reported on March 31, 2017. Total other income also held steady, closing the first quarter at $1.47 million, compared to $1.48 million on last March 31.
- Reflective of the sale of $10.4 million of SBA Loans to the secondary market during the first quarter of 2018, net loans as of March 31 were reported at $222 million, an 8.6 percent decrease from the $242 million reported as of Dec. 31, 2017.
- Total assets closed the first quarter at $335 million, up from $330 million reported for Dec. 31, 2017.
- Total deposits closed the first quarter at $284 million, a 1.4 percnet increase from $280 million as of Dec. 31, 2017.
- Total liabilities closed the first quarter at $304 million as compared to $300 million on Dec. 31, 2017.
Mission Valley Bank is a full-service, independent, commercial bank specializing in the banking needs of small to medium businesses in the San Fernando and Santa Clarita valleys.