Golden Valley Bank Has Record Quarter
Golden Valley Bank (OTCBB: GVYB), headquartered in Chico, California, reported its 14th straight and largest quarterly profit in the Bank’s five and one half year history. Income for the third quarter of 2011 was $264,234, or ($0.13) per share, up 21% versus $218,396, or ($0.11) per share, for the same quarter last year. For the first nine months of 2011 net income was $592,621, or ($0.29) per share, up 3% from the $575,432, or ($0.28) per share, earned in the same period last year.
In 2011 the Bank is recognizing income taxes for the first time and did not incur expenses for taxes in 2010. Year to date pre-tax income is $747,621, up 30% from the pre-tax figure for the same period in 2010.
The Bank’s total assets were $109 million, up 6.7% from year end 2010. Deposits were $91.7 million, up 7.0% from December 31, 2010. Loans ended the quarter up 4.8% at $70.7 million compared to year end 2010. The company has over $1.5 million, 2.17% of total loans, in loan loss reserves to protect it from future economic and credit uncertainties. Golden Valley continues to be a well capitalized bank and far exceeds minimum regulatory requirements.
“We are pleased with the most recent quarter end and year to date results,” said President and CEO Mark Francis. “We have put into action our strategy of providing first-rate banking products and convenience to the businesses and residents of Chico along with local decision making capabilities.”
“Our Directors are pleased that we continue to make money in a tough environment,” said Robert Harp, GVB Chairman of the Board. “The hard work of our staff and the support of our customers and the community really make the difference.”
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.
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.
October 19, 2011
Source: Business Wire (October 19, 2011 - 1:11 PM EDT)
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