Mission Valley Bancorp reported first-quarter results that included a nearly 31% increase in deposits.
The Sun Valley bank reported net income of $1.3 million (39 cents a share) for the quarter ended March 31, compared to $822,000 (25 cents a share) for the same quarter a year ago.
Total Deposits at the quarter’s end were $497 million, an increase of nearly $117 million, or 30.6%, which was “primarily driven by one large customer relationship,” the bank said in a statement.
“We were able to carry the momentum from a stellar 2021 into the first quarter of 2022 and we are proud to report strong operating results for the quarter,” Chief Executive Officer Tamara Gurney said in a statement.
Shares of Mission Valley Bank (MVLY) closed unchanged Monday at $14.80 on the over-the-counter market.