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Bank reports big income spike

Mission Valley Bancorp saw a 490-percent spike in net income

Posted: May 19, 2009 3:00 p.m.
Updated: May 20, 2009 4:30 a.m.
 
Mission Valley Bancorp saw a 490-percent spike in net income in the first quarter of 2009, the commercial bank announced this week.

The bank reported net income of $366,000 at March 31, up from $62,000 at March 31, 2008, according to a Monday news release.

Loans were up 17 percent to $189 million, and deposits increased 24.5 percent to more than $197 million, the bank reported.

Mission Valley specializes in small- and middle-market businesses in the Santa Clarita and San Fernando valleys.

“Hard work, coupled with our commitment to ‘sticking to the basics of banking’ has enabled Mission Valley to achieve significant growth despite these difficult economic times,” said Tamara Gurney, president and chief executive officer of Mission Valley in a statement.

Gurney attributed the spike in net income to “strategic decisions” made by the bank over the last 18 months, including expansion of Mission Valley’s specialized lending division.

She said loan delinquencies remain low, especially compared to other banks.

“However, as a result of the economic condition in which we operate, as well as our own extensive analysis and stress-testing of our loan portfolio, we believe it is prudent to reserve for (potential) loan losses at an accelerated rate, thereby allowing us an ample cushion in the event losses do occur,” she said in the statement.

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