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Golden Valley Bank Reports Second Quarter Results, Dividend Payment |
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| 2013/7/8 |
Golden Valley Bank (OTCBB: GVYB), headquartered in Chico, California today reported June 30, 2013 financials. The company also announced their $.05 per share second quarter cash dividend.
“We are encouraged by signs of improvement in our local economy and will continue to seek out opportunities to assist our customers and neighbors”
Second Quarter 2013 Financial Highlights:
Year to date net profit $683,911 compared to $514,030 year to date in 2012
Assets up $14.9 million to $136.7 million, or 12.2%, over the second quarter of 2012
Loans up $6.2 million to $89.5 million, or 7.4%, over the second quarter of 2012
Deposits up $14.6 million to $118.6 million, or 14%, over the second quarter of 2012
The Bank’s year to date annualized return on average assets improved to 1.06% compared to 0.88% in 2012 and the annualized return on average equity improved to 8.01% year to date in 2013 from 6.15% in 2012.
Asset quality continues to be excellent as only two-tenths of one percent of total assets are considered to be non-performing. By comparison, the industry average was 2.29% of total assets for the Bank’s national peer group, based on data provided as of March 31, 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.
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.
Further, the Bank’s Board of Directors declared a second quarter cash dividend of $0.05 per common share for stockholders of record as of July 8, 2013 payable on July 18, 2013.
“We are encouraged by signs of improvement in our local economy and will continue to seek out opportunities to assist our customers and neighbors,” commented President and CEO Mark Francis. He continued, “As we look to the future, we are committed to delivering services of value and convenience, while also reinforcing the choice to bank local.”
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. |
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