Mission Valley Bancorp on Tuesday announced that its first quarter net income of $816,000, or 25 cents a diluted share, was up more than 16 percent from the same quarter last year when net income was $701,000 or 22 cents a share.
Tamara Gurney, Mission Valley’s chief executive, said the bank company is proud of its operating results in trying times. “I thank the entire Mission Valley Bank team who have worked tirelessly to serve the community in this time of need, while dramatically altering the way we serve our clients.”
She said the bank so far has provided 161 loans, totaling more than $42 million, under the federal government’s Paycheck Protection Program.
As of March 31, the end of the first quarter, Mission Valley’s total loans of $271 million were up 7.8 percent from a year earlier. Its total deposits of $297 million were up 2.5 percent but total assets of $355 million were down 1.3 percent. Net interest income before the provision for loan losses increased $186,000, or 5.3 percent, to $3.7 million compared to the first quarter of last year.
The bank company, based in Sun Valley, owns Mission Valley Bank, a full-service, independent, commercial bank specializing in small- to medium-sized businesses. It has full-service branches in the San Fernando and Santa Clarita valleys as well as a loan production office in the South Bay.
Mission Valley’s stock, traded on the over-the-counter market, closed down 11 cents, or 1.2 percent, to $9.49 a share on Tuesday, a day when the broader stock markets similarly decreased.