Golden Valley Bancshares Reports Second Quarter 2023 Results (Unaudited)

Rhea-AI Summary

Golden Valley Bancshares (OTC PINK:GVYB) reported a second quarter 2023 net profit of $863,758, and year to date net profit of $1,854,554. Loans increased by 3.2% to $238.3 million. Assets remained at $487 million, while deposits dipped by 0.9% to $447.1 million. The company has set aside $3.94 million in allowance for credit losses. The Oroville office construction is expected to open in August.

CHICO, CA / ACCESSWIRE / July 23, 2023 / Golden Valley Bancshares (OTC PINK:GVYB), with its wholly owned subsidiary, Golden Valley Bank headquartered in Chico, California today reported second quarter 2023 net profit of $863,758, and year to date net profit of $1,854,554 compared to $1,053,764 and $2,222,730 for the same periods last year, respectively. While earnings were down year over year, they were ahead of the Bank's forecast. The difference in earnings can be attributed to one-time fees received on PPP loans in 2022 and higher interest expense on deposit accounts, a result of the increased interest rate environment.

Loans increased $7.5 million or 3.2% to $238.3 million as of June 30, 2023, compared to $230.8 million as of June 30, 2022. Asset quality continues to be excellent as there were no loans considered to be non-performing. By comparison, the average was 0.47% of total assets for the Bank's national peer group, based on data provided as of March 31, 2023 (the most recent data available). The company has set aside $3.94 million in allowance for credit losses to protect it from future economic uncertainties.

Assets remained the same year over year at $487 million, while deposits dipped a bit by 0.9% to $447.1 million compared to the same period last year, however, the Bank has seen increasing activity since year end which we foresee continuing throughout the year.

"We are pleased with our second quarter results, especially with the continued uncertainty in the economy," said President and Chief Executive Officer Mark Francis, "we are doing better than we expected and are ready to respond to our customers' needs."

"Our Oroville office construction continues and we expect to open in August," added Francis.

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.

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/769808/Golden-Valley-Bancshares-Reports-Second-Quarter-2023-Results-Unaudited

FAQ

What is the net profit of Golden Valley Bancshares for the second quarter of 2023?

The net profit for the second quarter of 2023 is $863,758.

What is the year to date net profit of Golden Valley Bancshares?

The year to date net profit is $1,854,554.

How much did loans increase by?

Loans increased by $7.5 million or 3.2% to $238.3 million.

What is the total asset value of Golden Valley Bancshares?

The total assets remained at $487 million.

What happened to deposits compared to the same period last year?

Deposits dipped by 0.9% to $447.1 million.

How much has the company set aside for credit losses?

The company has set aside $3.94 million in allowance for credit losses.

When is the Oroville office construction expected to open?

The Oroville office construction is expected to open in August.