CHICO, Calif.--(BUSINESS WIRE)--Golden Valley Bank (OTCBB: GVYB), headquartered in Chico, California today reported third quarter 2016 net profit of $478,885 and year to date net profit of $1,303,238. This compares with 2015 third quarter and year to date net profit of $443,362 and $1,192,982 respectively. The company also announced a $.05 per share third quarter cash dividend.
Third Quarter 2016 financial highlights include:
- Record quarterly earnings marking the 34th consecutive quarter of profitability
- Net year to date profit of $1.3 million is 9.2% greater than the same period in 2015
- Assets up $5.0 million to $187.9 million, or 2.7% over the third quarter of 2015
- Loans up $18.3 million to $122.6 million, or 17.6% over the third quarter of 2015
- Deposits up $3.4 million to $157.5 million, or 2.2% over the third quarter of 2015
Asset quality continues to be excellent, as less than one-tenth of one percent of total assets are considered to be non-performing. By comparison, the industry average was 1.05% of total assets for the Bank’s national peer group, based on data provided as of June 30, 2016 (the most recent data available). The company has set aside $1.8 million in loan loss reserves to protect it from future economic uncertainties.
Further, the Bank’s Board of Directors declared a cash dividend for the third quarter of $0.05 per common share for stockholders of record as of October 5, 2016. The payment date for the dividend will be October 19, 2016.
President and CEO Mark Francis commented, “We are proud of our continued ‘organic growth’ in both loans and core deposits, which is a testament to our strong foundation and infrastructure, and the relationships that we have built over the last ten years serving greater Chico area residents, small businesses and non-profit organizations. We invite those in the community who do not yet know us well, to visit us, and together we can continue to build an even more vibrant community.”
Golden Valley continues to be a well-capitalized bank and far exceeds minimum regulatory requirements. More complete financial information can be viewed on the Bank’s website at www.goldenvalleybank.com.
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 our website.
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.