Mission Valley Bancorp had strong earnings in the first quarter, which was partially attributed to the sale of small business loans on the secondary market.
The Sun Valley financial institution reported on Monday net income of $1.3 million (39 cents a share) for the quarter ending March 31 compared with net income of $626,000 (18 cents) in the same period a year earlier.
Bank Chief Executive Tamara Gurney attributed the increase to a strong performance with the merchant bankcard portfolio and the sale of $10.7 million in Small Business Administration loans on the secondary market.
“The outstanding results achieved in these business units, combined with the continued steady performance throughout the company, resulted in an increase in earnings per share,” Gurney said in a prepared statement.
Total assets for the first quarter were $324 million, a slight decrease from the $325 million reported in the fourth quarter of last year. Total deposits were $274 million.
Shares closed up 15 cents, or 1.4 percent, to $11 on the over-the-counter market.