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Tuesday, Nov 5, 2024

Mission Valley Bank Earnings Dip in 2018

Mission Valley Bancorp announced earnings for the first half of 2018 of $2.17 million, a slight decrease from the $2.21 million posted last year. Chief Executive Tamara Gurney said the Sun Valley bank “deemed it prudent” last year to move some of its capital to lower-interest private debt instruments, accounting for the decrease in net income. Also, gains from the sale of SBA loans in the secondary market dipped slightly during the first half of the year. “Mission Valley is a relationship driven, community-based business bank dedicated to maintaining our high touch, personal service culture,” Gurney said in a statement. “The combination of a sound, diversified balance sheet, solid capital base and strong team continue to steer our course of steady and controlled growth throughout the remainder 2018 and beyond.” Shares of Mission Valley Bancorp (MVLY) gained 50 cents, or 3 percent, to close Tuesday at $17 on the over-the-counter market.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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