CHICO, Calif.--(BUSINESS WIRE)--Golden Valley Bank (OTCBB: GVYB), headquartered in Chico, California today reported third quarter 2014 net profit of $378,460, and year to date net profit of $1,086,406. This compares with 2013 third quarter and year to date net profit of $352,169 and $1,036,079 respectively. The company also announced a $.05 per share third quarter cash dividend.
Third Quarter 2014 financial highlights included:
- Assets up $24.6 million to $164.9 million, or 17.5%, over the third quarter of 2013
- Loans up $6.1 million to $100.4 million, or 6.4%, over the third quarter of 2013
- Deposits up $16.1 million to $137.8 million, or 13.3%, over the third quarter of 2013
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 1.61% of total assets for the Bank’s national peer group, based on data provided as of June 30, 2014 (the most recent data available). The company has set aside $1.8 million in loan loss reserves to protect it from future economic uncertainties.
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.
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 7, 2014. The payment date for the dividend will be October 17, 2014.
President and CEO Mark Francis commented, “We are very pleased with our third quarter results.” The Bank recorded its 26th consecutive quarterly profit which was driven by growth in loans funded by low cost core deposits. Surpassing $100 million in loans was a goal at the beginning of the year and now that we have achieved this milestone, we will strive to maintain our momentum going forward. We remain optimistic about the potential for further organic growth as we build franchise value in our local markets by growing core relationships as evidenced by the 13.3% year-over-year growth in deposits. More and more businesses and professionals in Chico and the surrounding areas of Butte County are choosing to work with our team of professional bankers and are enjoying the Golden Valley superior brand of community banking,” he added.
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.
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.