CHICO, Calif.--(BUSINESS WIRE)--Golden Valley Bank (OTC Markets: GVYB), headquartered in Chico, California today reported third quarter 2019 net profit of $1,697,177, and year to date net profit of $3,188,137, a 168.8% and 79.5% increase from the same period last year.
Third Quarter 2019 financial highlights compared to the same quarter in 2018 included:
- Assets up $97.7 million to $344 million, or 39.6%
- Loans up $19.6 million to $171.2 million, or 13%
- Deposits up $90 million to $304.6 million, or 41.9%
“We have seen a tremendous inflow of deposits since the Camp Fire from insurance payments and contributions to our Community Foundation, as well as an overall increase in economic activity in the area and the opening of our full service office in Redding,” said Mark Francis, President and CEO of the Bank. “While we expect much of the fire related deposits to flow back out as fire victims use their insurance proceeds and the Foundation continues to fund recovery efforts, we also anticipate deposits to remain at high levels going forward.”
“During the third quarter, we took advantage of conditions in the market and sold a bundle of securities for a $933,379 after tax gain which contributed to an already profitable quarter leading to our strong earnings,” added Francis.
“Our Redding Business Banking Office celebrated its one year anniversary in October and we are thrilled with the impact we’ve had in that community,” Francis continued. “Our knowledgeable and experienced staff is proud to bring real community banking to support the area and provide absolutely outstanding customer service.”
Asset quality continues to be excellent even as the loan portfolio continues to grow at a high level, as only 0.03% of total assets are considered to be non-performing. By comparison, the industry average was 0.82% of total assets for the Bank’s national peer group, based on data provided as of June 30, 2019 (the most recent data available). The company has set aside $2.2 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.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 full service offices in Chico and Redding, California. For more information regarding the bank please call (530) 894-1000 or visit www.goldenvalley.bank.
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.