Mission Valley Bank Reports Record Q1

Mission Valley Bancorp reported record first-quarter profits late Wednesday. The Sun Valley financial institution reported net income of $626,000 for the first quarter ended March 31, an increase of 17.4 percent compared to the same quarter a year ago. Revenue for the quarter was $3.6 million. No analysts follow the company. “I am very pleased to report that Mission Valley Bancorp is off to a strong start for 2016, having achieved a record first quarter,” Chief Executive Tamara Gurney said in a statement. “Our ongoing efforts related to streamlining operations, enhancing service and revenue streams are paying dividends in record productivity and profitability.” Shares closed Thursday unchanged at $8 on the over-the-counter market.