Mission Valley Bancorp announced earnings for the first half of 2018 of $2.17 million, a slight decrease from the $2.21 million posted last year.
Chief Executive Tamara Gurney said the Sun Valley bank “deemed it prudent” last year to move some of its capital to lower-interest private debt instruments, accounting for the decrease in net income. Also, gains from the sale of SBA loans in the secondary market dipped slightly during the first half of the year.
“Mission Valley is a relationship driven, community-based business bank dedicated to maintaining our high touch, personal service culture,” Gurney said in a statement. “The combination of a sound, diversified balance sheet, solid capital base and strong team continue to steer our course of steady and controlled growth throughout the remainder 2018 and beyond.”
Shares of Mission Valley Bancorp (MVLY) gained 50 cents, or 3 percent, to close Tuesday at $17 on the over-the-counter market.