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Local bank has record Q2

Mission Valley Bank reports earnings of $947,000

Posted: July 24, 2013 2:00 a.m.
Updated: July 24, 2013 2:00 a.m.
 

 

Mission Valley Bank announced Monday that its second quarter earnings of $947,000 were record earnings, up more than twenty-fold from a year ago on June 30, 2012.

“Net income of $947,000 after provision for income taxes represents the best June 30th close in the history of our company,” said Tamara Gurney, president and CEO for the bank.

Improved performance came about due to expense reductions and improved credit quality; in addition to the bank’s focus on closer oversight of it credit management and loan portfolio, which included being more proactive, Gurney said. As a result, the bank reported it did not need to place additional funds in reserve for the quarter. The bank’s reserve for loan losses as of June 30 was $5.2 million or 3 percent of total loans.

“Total deposits reached $216 million, up 8.5 percent from $199 million reported for the same period the previous year,” Gurney said.

The bank also reported that while loan production remained steady throughout the quarter, gross loans were down by 7.4 percent to $172 million from $185 million the year prior.  

An improving economy caused an increase in loan payoffs and pay-downs, Gurney said, however, the bank also continued working with customers to resolve problem credits.  

Net interest income grew slightly to $5.7 million at the end of the quarter, up from $5.6 million in the prior year.
Total assets reached more than $255 million, up from $247 million reported in June 2012, the bank said.

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