Mission Valley Bancorp announced recently net income of $1.6 million for the second quarter of 2021, an increase in more than $1.2 million, or 291.46%, since last year’s second-quarter income reported at $398,000.
Net income for the six months ending June 30 was $2.4 million, or $0.73 per diluted share, compared to $1.2 million, or $0.38 per diluted share for the six months ending June 30, 2020.
“We are very pleased to report strong second-quarter results highlighted by the significant non-PPP loan growth and the execution of the sale of round two PPP loans, which frees up resources to support our continued loan growth,” Tamara Gurney, president and CEO of Mission Valley Bank, said in a prepared statement.
The bank was also among a select group of community development financial institutions awarded a $1.8 million grant to aid local-area communities and small businesses negatively impacted by the pandemic, with funds expected to be determined later this year, according to Gurney.
“Once received, these funds will further support the bank’s efforts to assist small businesses and our local communities to rebuild and rebound from the economic challenges they continue to face,” Gurney said. “2021 continues to be a very positive year for the company. Mission Valley’s primary focus continues to be leveraging our strong capital base and solid platform, while continuing to invest in the resources necessary to create long-term franchise value for our shareholders, team members, clients and community.”