Mission Valley Bank reports strong figures

Mission Valley Bank reported its strongest six-month, first half of the year performance in the history of the company.

The bank reported a year-todate net income of $1.6 million for the period ending June 30. That figure is a 28.6 percent yearover-year increase, the bank said.

Total assets for the first half of the year were $299 million, compared to $270 million for the same period a year ago. That marked a 10.7 percent increase of $28.8 million. The bank said it was fueled by a growth in net loans to nearly $219 million, compared to $178.4 million for the same period last year.

“As Mission Valley marks our 15th year of operation, I am very pleased to report the strongest 2nd Quarter close in the history of the organization,” Tamara Gurney, president and CEO, said in a statement.

Total deposits grew to $253.6 million — an increase of some $30 million from the year before.

Net interest income declined 8.4 percent to allow for loan losses, the bank said. Net income for the first six months was $5.27 million compared to $5.76 million from last year.

Operating expenses of $5.2 million declined slightly by $71,000.