CHICO, Calif.--(EON: Enhanced Online News)--Golden Valley Bank (OTCBB: GVYB), headquartered in Chico, California today reported September 30, 2013 financials. The company also announced their $.05 per share third quarter cash dividend.
“We are proud of the continuing success of Golden Valley Bank and are pleased to report another quarter of solid earnings, in the face of continued margin compression”
Third Quarter 2013 Financial Highlights:
- Year to date net profit $1,036,079 compared to $810,320 year to date in 2012
- Assets up $14.4 million to $140.3 million, or 11.4%, over the third quarter of 2012
- Loans up $11.2 million to $94.3 million, or 13.5%, over the third quarter of 2012
- Deposits up $13.9 million to $121.7 million, or 12.9%, over the third quarter of 2012
For the three months ended September 30, 2013, net income was $352,169, or $0.18 per common share. This compared to net income of $296,290, or $0.15 per common share for the same period a year ago. On a year to date basis, earnings per share was $0.52 compared to $0.40 for the first nine months of 2012.
"We are proud of the continuing success of Golden Valley Bank and are pleased to report another quarter of solid earnings, in the face of continued margin compression," commented President and CEO Mark Francis, he continued, “The three months ending September 30, 2013 was driven by growth in loans and deposits, both of which are at all time high levels. The Bank has remained disciplined in its control of operating expenses and the management of asset quality as well as the ongoing efforts of our people who have worked diligently to retain and strengthen existing relationships while building new ones."
Asset quality continues to be excellent as only two-tenths of one percent of total assets is considered to be non-performing. By comparison, the industry average was 2.10% of total assets for the Bank’s national peer group, based on data provided as of June 30, 2013 (the most recent data available). The company has set aside over $1.6 million in loan loss reserves to protect it from future economic uncertainties.
Further, the Bank’s Board of Directors declared a third quarter cash dividend of $0.05 per common share for stockholders of record as of October 8, 2013 payable on October 18, 2013.
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 at www.goldenvalleybank.com.
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.