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Mission Valley Bank reports record earnings

Posted: November 22, 2013 7:01 p.m.
Updated: November 22, 2013 7:01 p.m.

Mission Valley Bancorp reported record year-to-date net earnings of $1.195 million for the period ended Sept. 30, the bank announced this week. The three quarter-earning total is up more than 240 percent from the same period in 2012, said the bank’s president and CEO.

The three-quarter earnings represent the best close in the history of the company and marks the bank’s second consecutive record quarter for the year, Tamara Gurney said.

“I am pleased to report that 2013 continues to be a strong year for Mission Valley Bancorp,” Gurney said.
Total deposits of $230 million are up more than 13 percent from the prior year and lending remained steady, she said.

Mission Valley also reported a 22 percent decrease in interest expense as well as a $477,000 reduction in operating expenses from a prior year.

The bank reported continued improvement in economic activity, sales and employment as encouraging indicators, but said it remains cautious.

“We continue to see positive indicators throughout the business communities we serve.” Gurney said.



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