CHICO, Calif.--(BUSINESS WIRE)--Golden Valley Bank (OTCBB: GVYB), headquartered in Chico, California today reported third quarter 2017 net profit of $567,571 and year to date net profit of $1,401,469. This compares with 2016 third quarter and year to date net profit of $478,885 and $1,303,238 respectively. The company also announced a $.05 per share third quarter cash dividend.
Third Quarter 2017 financial highlights include:
- All time record quarterly earnings marking the 38th consecutive quarter of profitability
- Net year to date profit of $1.4 million is 7.5% greater than the same period in 2016
- Assets up $37.6 million to $225.4 million, or 20% over the third quarter of 2016
- Loans up $15.6 million to $138.2 million, or 12.7% over the third quarter of 2016
- Deposits up $36 million to $193.6 million, or 22.9% over the third quarter of 2016
Asset quality continues to be excellent even as the loan portfolio continues to grow, as less than one-tenth of one percent of total assets are considered to be non-performing. By comparison, the industry average was .94% of total assets for the Bank’s national peer group, based on data provided as of June 30, 2017 (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 6, 2017. The payment date for the dividend will be October 19, 2017.
President and CEO Mark Francis commented, “Our third quarter results demonstrate an upward trend of loan growth supported by tremendous deposit growth year over year. Additionally, net earnings for the third quarter were the most of any quarterly period in the Bank’s history.”
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.goldenvalley.bank.
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.