Golden Valley Bank Again Posts Record Profits
January 10 2014 - 11:19AM
Business Wire
Golden Valley Bank (OTCBB: GVYB),
Mark Francis, President and CEO of Golden Valley Bank today
reported that the company had its most profitable full year since
the Bank’s 2006 opening with net income of $1,346,564 ($0.67 per
share) for the year ended December 31, 2013, up 25% from the
$1,075,188 ($0.53 per share) earned in 2012. Net income for the
quarter ended December 31, 2013 was $310,484, ($0.15 per share)
compared to net income of $264,868, ($0.13 per share) for the
quarter ended December 31, 2012.
The Bank’s total assets were $150.5 million, up 17% from a year
earlier. Deposits were $131.8 million, up 19% from December 31,
2012. Loans ended the year up 15% at $96.2 million compared to a
year ago. Asset quality continues to be excellent as only
.13% of total assets are considered to be non-performing. By
comparison, the industry average was 1.98% of total assets
for the Bank’s national peer group, based on data provided as of
September 30, 2013 (the most recent data available). Golden Valley
continues to be a well capitalized bank and far exceeds minimum
regulatory requirements. Additional financial information is
available on the Bank’s website.
“Certainly another great year for Golden Valley Bank,” said
Francis, “our support from the community has been tremendous and
the dedication of our employees to provide absolutely outstanding
customer service has been our driving force.”
Golden Valley Bank is a locally owned and operated commercial
bank serving the needs of individuals and businesses in northern
California. The Bank has a full service office in Chico, California
and a Loan Production Office in Redding, California. For more
information regarding the bank please call at (530) 894-1000 or
visit www.goldenvalleybank.com.
Forward-Looking Statements
Statements concerning future performance, developments or
events, expectations for growth and income forecasts, and any other
guidance on future periods, constitute forward-looking statements
that are subject to a number of risks and uncertainties. Actual
results are pre-fiscal year-end audit and may differ materially
from stated expectations. Specific factors include, but are not
limited to, loan production, balance sheet management, expanded net
interest margin, the ability to control costs and expenses,
interest rate changes and financial policies of the United States
government and general economic conditions. The Bank disclaims any
obligation to update any such factors.
Golden Valley BankMark Francis,
530-894-4920mfrancis@goldenvalleybank.com
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