CHICO, Calif.--(BUSINESS WIRE)-- Golden Valley Bank (OTCBB: GVYB) President and CEO Mark Francis today announced the Bank’s unaudited financial results for the fourth quarter and the year ended December 31, 2017 with all-time highs in total assets, deposits, loans and net income.
The Bank’s total assets grew to $225.1 million, or 7.4%, from the 2016 total of $209.6 million. Deposits were up $15.3 million (8.5%) to $194.6 million from December 31, 2016. Loans ended the year up 13.8% at $142.9 million compared to a year ago. Asset quality continues to be excellent as only .05% of total assets are considered to be non-performing. By comparison, the average was .93% of total assets for the Bank’s national peer group, based on data provided as of September 30, 2017 (the most recent data available). Golden Valley continues to be a well-capitalized bank and far exceeds minimum regulatory requirements.
Net income for the year was $1,985,307 ($0.95 per share) compared to $1,521,752 ($0.74 per share) for the year ended December 31, 2016 a 30.5% increase. Net income for the quarter ended December 31, 2017 was $583,838 ($0.28 per share) compared to net income of $218,514 ($0.11 per share) for the quarter ended December 31, 2016. Income from last year’s fourth quarter was affected by a one-time after-tax expense of $225,796 taken to voluntarily terminate an executive retirement plan. Without that expense, income for the fourth quarter of 2016 would have been $444,308 and $1,740,264 for the full year.
Further, the Bank’s Board of Directors declared a cash dividend for the fourth quarter of $0.05 per common share for stockholders of record as of January 5, 2018. The payment date for the dividend will be January 18, 2018.
Commenting on the Bank’s financial results, Francis stated, “Our fourth quarter performance set a new record for quarterly earnings and contributed to our record annual earnings. While we are proud of our accomplishments this past year, we will create and take advantage of additional opportunities and continue to live up to our vision of being the ‘Best Bank in Town’ by delivering Absolutely Outstanding Customer Service. We will take this attitude to Redding later this spring as we open a full service branch there staffed with local bankers who know the community.”
Francis went on to say, “It is the people side of our business, our exceptional team of bankers and the relationships they’ve built that make our strong performance possible. They are passionate about community banking and sharing with others is what differentiates Golden Valley Bank from the competition.”
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.goldenvalley.bank.
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.
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Golden Valley Bank
Mark Francis, 530-894-4920
Source: Golden Valley Bank