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Mission Valley Bank reports Q2 earnings

Posted: August 13, 2014 2:00 a.m.
Updated: August 13, 2014 2:00 a.m.

Mission Valley Bank reported a net income of $610,000 for the year to date, in the release of its second quarter earnings on Tuesday.

The earnings, however, are down from the net earnings of $947,000 reported for the same period in 2013.
“Net income of $610,000 represents consistent earnings throughout the first half of the year,” said Tamara Gurney, president and CEO. “While net income remains steady, earnings continue to be impacted by the extended period of low interest rates.

The bank reported that the re-pricing of higher yielding assets to lower rates and early loan payoffs contributed to the difference. Likewise, interest expense continued a steady decline, a spokesperson said.

Total operating expenses increased in 2014 as well - $5.7 million through the first six months of 2014 compared to $5.5 million for the same period last year.

“Business owners continue to demonstrate increasing confidence in the economic recovery as they begin to make capital investments in new equipment, facilities and commercial real estate, which is reflected in the growth of our loan portfolio to $175 million through June 2014 as compared to $167 million for the same period last year,” Gurney said. “We closed the second quarter of 2014 with total deposits of $213 million and total assets of $254 million.”

Capital ratios were very healthy, exceeding regulatory requirements, according to the percentages reported by the bank.

“Mission Valley has weathered the Great Recession, addressing its credit challenges while also maintaining a strong foundation with a solid balance sheet and steady earnings,” Gurney said.

The bank is also focusing on improving efficiencies to reduce operating costs while enhancing revenue sources through diversified product offerings including accounts receivable financing, merchant acquisition and processing and SBA lending program, she said.

“Mission Valley is well positioned to take advantage of the improving economic conditions by continuing to serve our local communities as trusted advisors with value added products and services,” Gurney said.


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