“Deposit acquisition has been extraordinary and has funded the exceptional growth in our loan portfolio. This growth in our core business, while maintaining the Bank’s excellent asset quality, is the key to our ongoing momentum.”
First Quarter 2017 financial highlights compared to the first quarter of 2016 included:
- Assets up $34.2 million to $216.3 million, or 18.8%
- Loans up $13.5 million to $128.7 million, or 11.7%
- Deposits up $32.8 million to $185.5 million, or 21.5%
- First quarter dividend of $0.05 declared, payable April 19, 2017 to shareholders of record as of April 5, 2017
“The first three months of 2017 have been very busy and our operating results are a reflection of our investment in building successful relationships and expanding our business,” said Mark Francis, President and Chief Executive Officer. “Deposit acquisition has been extraordinary and has funded the exceptional growth in our loan portfolio. This growth in our core business, while maintaining the Bank’s excellent asset quality, is the key to our ongoing momentum.”
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 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 or visit www.goldenvalleybank.com.
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.