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Tuesday, May 17, 2022

Mission Valley Bank Carries ‘Momentum’ in Quarterly Results

Mission Valley Bancorp reported first-quarter results that included a nearly 31% increase in deposits.

The Sun Valley bank reported net income of $1.3 million (39 cents a share) for the quarter ended March 31, compared to $822,000 (25 cents a share) for the same quarter a year ago.

Total Deposits at the quarter’s end were $497 million, an increase of nearly $117 million, or 30.6%, which was “primarily driven by one large customer relationship,” the bank said in a statement.

“We were able to carry the momentum from a stellar 2021 into the first quarter of 2022 and we are proud to report strong operating results for the quarter,” Chief Executive Officer Tamara Gurney said in a statement.

Shares of Mission Valley Bank (MVLY) closed unchanged Monday at $14.80 on the over-the-counter market.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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