Mission Valley Bancorp reported net earnings of $3.55 million ($1.07 per share), the highest profits in the history of the Sun Valley bank.
As of Dec. 31, 2017, the bank had total assets of $330 million, an increase of $5 million for the year. Net loans increased in 2017 by $3 million to a total of $242 million.
“As we enter into 2018, we are well positioned to benefit from the anticipated higher interest rate environment,” Chief Executive Tamara Gurney said in a statement. “We have a sound, diversified balance sheet, a solid capital base to carry us forward and a tremendous team dedicated to our success and to the success of our clients and shareholders.”
Shares of Mission Valley Bancorp (MVLY) closed Tuesday unchanged at $14.45 on the over-the-counter market.