Golden Valley Bancshares Reports Fourth Quarter 2022 Results (Unaudited)

Rhea-AI Summary

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.

Positive

• Fourth quarter profit increased by 6.7% to $1,160,168.
• Assets grew by $4.4 million to $478.1 million.
• Loans rose by $13.8 million to $241.5 million, or 6.1%.
• Deposits increased by $10.4 million to $443.2 million, or 2.4%.
• Excellent asset quality with no non-performing loans.

Negative

• Year-to-date net profit decreased by 11.2% to $4,579,956.
• Presence of unrealized losses in the securities portfolio due to volatility.

CHICO, CA / ACCESSWIRE / January 23, 2023 / Golden Valley Bancshares (OTC PINK:GVYB), with its wholly owned subsidiary, Golden Valley Bank headquartered in Chico, California today reported fourth quarter 2022 net profit of $1,160,168 compared to $1,087,756 for the quarter ended December 31, 2021, a 6.7% increase. Year to date net profit was $4,579,956 compared to $5,159,320 for the year ended December 31, 2021, an 11.2% decrease. In 2021 the Bank collected over $2 million in Paycheck Protection Plan (PPP) fees from the Federal government, increasing net income.

Fourth quarter 2022 financial highlights compared to the fourth quarter of 2021 include:

• Assets up $4.4 million to $478.1 million, or 0.9%
• Loans up $13.8 million to $241.5 million, or 6.1%, net of PPP
• Deposits up $10.4 million to $443.2 million, or 2.4%

The rapid rise in interest rates and the continued uncertainty in the economy brought some volatility to the balance sheet in the 4^th quarter, including unrealized losses in the securities portfolio and depositors changing their business and personal investment behaviors. "We continue to strengthen our relationships with the businesses in our communities and work with them to meet their financial needs," said Mark Francis, President and Chief Executive Officer. "We look forward to expanding our services in Oroville, CA which we anticipate opening by summer 2023," added Francis.

Asset quality continues to be excellent as there were no loans considered to be non-performing. By comparison, the average was 0.49% of total assets for the Bank's national peer group, based on data provided as of September 30, 2022 (the most recent data available). The company has set aside $3.96 million in loan loss reserves to protect it from future economic uncertainties. Golden Valley Bank 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.

Golden Valley Bancshares, a bank holding company with its wholly owned subsidiary, 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 at (530) 894-1000 or visit goldenvalley.bank.

Forward-Looking Statements

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, technological factors (including external fraud and cybersecurity threats), natural disasters, pandemics such as COVID-19 and financial policies of the United States government and general economic conditions. Golden Valley Bancshares disclaims any obligation to update any such factors.

Contact:

Mark Francis
President & CEO
530-894-4920
mfrancis@goldenvalley.bank

SOURCE: GOLDEN VY BANCSHARES INC.

View source version on accesswire.com:
https://www.accesswire.com/736424/Golden-Valley-Bancshares-Reports-Fourth-Quarter-2022-Results-Unaudited

FAQ

What were Golden Valley Bancshares' fourth quarter 2022 earnings?

Golden Valley Bancshares reported a fourth quarter 2022 net profit of $1,160,168.

How did the profits of Golden Valley Bancshares change year-over-year in Q4 2022?

In Q4 2022, profits increased by 6.7% compared to Q4 2021.

What was the year-to-date net profit for Golden Valley Bancshares for 2022?

The year-to-date net profit for Golden Valley Bancshares for 2022 was $4,579,956.

What are the key financial highlights for Golden Valley Bancshares in Q4 2022?

Key highlights include a 0.9% increase in assets, a 6.1% rise in loans, and a 2.4% growth in deposits.

How does Golden Valley Bancshares' asset quality compare to its peers?

Golden Valley Bancshares has no non-performing loans, while the average for its peer group was 0.49%.