Golden Vy Bancshares Stock Price, News & Analysis

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.