Golden Valley Bank Again Posts Record Profits

CHICO, Calif.--()--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.

Contacts

Golden Valley Bank
Mark Francis, 530-894-4920
mfrancis@goldenvalleybank.com

Sharing

Contacts

Golden Valley Bank
Mark Francis, 530-894-4920
mfrancis@goldenvalleybank.com