Stop High Speed Rail – Banner
Home and Garden – Banner
It is forecast to be Chance of Rain at 7:00 PM PDT on April 24, 2015
Chance of Rain
Home » Santa Clarita News » Business » Mission Valley Bancorp Reports Second Quarter 2014 Earnings
Mission Valley Bancorp Reports Second Quarter 2014 Earnings

Mission Valley Bancorp Reports Second Quarter 2014 Earnings

Bank officials and Mission Valley Bancorp President and CEO Tamara Gurney announced the company’s year to date net income of $610,000 for the period ended June 30, 2014.

Don’t miss a thing. Get breaking Santa Clarita news alerts delivered right to your inbox.

President and CEO Tamara Gurney stated, “Net income of $610,000 represents consistent earnings throughout the first half of the year. While net income remains steady, earnings continue to be impacted by the extended period of low interest rates.

A direct result of this lower rate environment is the continued re-pricing of higher yielding assets to lower rates coupled with early loan payoffs, reflected in net interest income of $5.2 million at quarter end as compared to $5.7 million reported June, 30, 2013.

Likewise, interest expense continued a steady decline from $539,000 through June of 2013 to $341,000 for the same period in 2014. Non-interest income remained solid at $1.27 million at June 30, 2014 as compared to $1.24 million for the same period in 2013. Total operating expenses were $5.7 million through the first six months of 2014 compared to $5.5 million for the same period last year.

Gurney continued, “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. We closed the 2nd quarter of 2014 with total deposits of $213 million and total assets of $254 million.”

Do you have a news tip? Call us at (661) 298-1220, or drop us a line at

Mission Valley capital ratios continue to far exceed regulatory requirements with Tier 1 Leverage, Tier 1 Risk-based Capital and Total Risk-based Capital Ratios of 14.6%, 18.5%, and 19.8%, respectively, as of June 30, 2014. Regulatory requirements for a “well-capitalized bank” are 5%, 6%, and 10%, respectively.

Gurney continued, “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. We continue to focus on improving efficiencies to reduce operating costs while enhancing revenue sources through our diversified product offerings including accounts receivable financing, merchant acquisition and processing and SBA lending programs. 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.”  

KHTS AM 1220 - Santa Clarita News - Santa Clarita Radio

Source: Santa Clarita News

Mission Valley Bancorp Reports Second Quarter 2014 Earnings

Leave a Reply

Your email address will not be published. Required fields are marked *


You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

About KHTS AM 1220

High Speed Rail – News Banner
AV Party Rental – News Banner
Academy Swim Club – News Banner
Hugo Naturals – News Banner
All American Bail Bonds – News Banner
Action Family Counseling – News Banner
College Of The Canyons – News Banner
Beyond Harmony – News Banner
IHOP – Tile
Simply Taylored – Tile
Manzanillo Restaurant – Tile
Academy Swim Club – Tile
Little Caesars – Tile
Storer Employment – Tile