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Golden Valley Bancshares Inc. (GVYB) is the parent company of Golden Valley Bank, a locally owned and operated commercial bank headquartered in Chico, California. The bank serves the financial needs of individuals and businesses across northern California, boasting full-service offices in Chico, Redding, and the newly opened Oroville location.
As of December 31, 2023, Golden Valley Bancshares reported a net profit of $3,750,453 for the year, despite earnings being down year over year. The reduction in profits can be attributed to elevated interest expenses on deposit accounts and the absence of one-time fees from PPP loans that were present in 2022. However, the company’s performance exceeded their forecasted expectations.
Total assets stood at $488.6 million, with total loans recorded at $240.1 million. Notably, the company's asset quality remains exceptional, with no non-performing loans, a stark contrast to the 0.53% average of total assets for the bank's national peer group. To safeguard against economic uncertainties, the company has allocated $3.94 million for credit losses.
Despite a slight decrease in deposits to $445 million due to changes in depositor behavior and the extended tax deadline, the company has experienced significant growth in deposits over the past year. Golden Valley Bank continues to be well-capitalized, far exceeding minimum regulatory requirements. Its financial stability and customer trust were demonstrated further by the $31.7 million surge in deposits over a five-month span in 2023, even amidst the backdrop of regional bank failures.
Golden Valley Bank is focused on expanding its footprint and strengthening community ties, evidenced by the recent establishment of the Oroville office. The bank's commitment to providing robust financial services and addressing the needs of its customers remains unwavering, as highlighted by President and CEO Mark Francis.
For more detailed financial information and updates, visit Golden Valley Bank's official website or contact them directly at (530) 894-1000.
Golden Valley Bancshares (GVYB) reported a net profit of $990,796 for Q1 2023, down from $1,168,966 in Q1 2022. Higher interest expenses on deposit accounts, primarily due to rising interest rates, contributed to this decline. Despite the decrease in earnings, performance exceeded the Bank's forecasts. Loans grew by 8.1% to $241.3 million, while asset quality remained strong with no non-performing loans. The allowance for credit losses stands at $3.94 million, indicating preparedness for potential economic challenges. Although deposits fell by 1.3% to $436.5 million, activity has increased post-quarter. The Bank continues to be well-capitalized and is on track with its Oroville office construction, expected to open this summer.
Golden Valley Bancshares (OTC PINK:GVYB) reported a 6.7% increase in fourth quarter 2022 net profit, totaling $1,160,168, compared to $1,087,756 in Q4 2021. However, year-to-date net profit saw an 11.2% decrease to $4,579,956 from $5,159,320 in 2021, largely due to significant PPP fees collected in 2021. Key highlights include a 0.9% increase in assets to $478.1 million, a 6.1% rise in loans to $241.5 million, and a 2.4% growth in deposits to $443.2 million. Despite economic uncertainties, the bank maintains excellent asset quality with no non-performing loans.
Golden Valley Bancshares (OTC: GVYB) reported a third quarter 2022 net profit of $1,197,058, a 9.9% decrease year-over-year. Year-to-date net profit stands at $3,419,788, reflecting a 16.0% decline. The reductions stem from a significant drop in non-recurring income from the forgiveness of PPP loans, down to $11.5 million in 2022 from $78.8 million in 2021. However, assets rose 8.3% to $504.0 million, with loans increasing 12.97% to $237.8 million and deposits climbing 10.8% to $470.9 million.
Golden Valley Bancshares (OTC Markets: GVYB) reported a second quarter 2022 net profit of $1,053,764, marking a 20% decrease from 2021. Year-to-date profit also fell 19% to $2,222,730, largely due to lower non-recurring income from PPP loans, which dropped from $54.2 million in 2021 to $11.5 million in 2022. However, assets grew 10% to $487.2 million, loans increased 12.4% to $229.6 million, and deposits rose 11.7% to $451.4 million. The bank has also set aside $4.58 million in loan loss reserves, and plans to construct a new office in Oroville, CA.
Golden Valley Bancshares (OTC PINK:GVYB) reported a net profit of $1,168,966 for Q1 2022, down from $1,426,439 in Q1 2021. Financial highlights include a 10.3% increase in assets to $485.3 million, 10.8% growth in loans to $223.3 million, and 12.1% rise in deposits to $445.2 million. Despite the profit decline, results exceeded internal projections. The bank maintains excellent asset quality with no non-performing loans and has set aside $4.58 million in loan loss reserves. A new office will open in Oroville, CA by late 2022.
Golden Valley Bancshares, Inc. (OTC PINK: GVYB) has appointed Thomas Hughes to its Board of Directors, expanding the board to twelve members. Hughes, a 32-year veteran from Interwest Insurance Services, brings extensive experience and community involvement to the position. He is an original shareholder of the bank and has held leadership roles in various local organizations. According to CEO Mark Francis, Hughes will enhance the board's skills and community commitment, supporting the bank's mission in Northern California.
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