Business
Golden Valley Bancshares Reports Second Quarter 2023 Results (Unaudited)
Golden Valley Bancshares Reports Second Quarter 2023 Results (Unaudited).
About this update from Golden Valley Bancshares, Inc.
[{"type":"text","content":"CHICO, CA / ACCESSWIRE / July 23, 2023 / Golden Valley Bancshares (OTC PINK:GVYB), with its wholly owned subsidiary, Golden Valley Bank headquartered in Chico, California today reported second quarter 2023 net profit of $863,758, and year to date net profit of $1,854,554 compared to $1,053,764 and $2,222,730 for the same periods last year, respectively. While earnings were down year over year, they were ahead of the Bank's forecast. The difference in earnings can be attributed to one-time fees received on PPP loans in 2022 and higher interest expense on deposit accounts, a result of the increased interest rate environment.Loans increased $7.5 million or 3.2% to $238.3 million as of June 30, 2023, compared to $230.8 million as of June 30, 2022. Asset quality continues to be excellent as there were no loans considered to be non-performing. By comparison, the average was 0.47% of total assets for the Bank's national peer group, based on data provided as of March 31, 2023 (the most recent data available). The company has set aside $3.94 million in allowance for credit losses to protect it from future economic uncertainties.Assets remained the same year over year at $487 million, while deposits dipped a bit by 0.9% to $447.1 million compared to the same period last year, however, the Bank has seen increasing activity since year end which we foresee continuing throughout the year."We are pleased with our second quarter results, especially with the continued uncertainty in the economy," said President and Chief Executive Officer Mark Francis, "we are doing better than we expected and are ready to respond to our customers' needs.""Our Oroville office construction continues and we expect to open in August," added Francis.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 Bancshares, a bank holding company with its wholly owned subsidiary, Golden Valley Bank is a locally owned and operated commercial bank serving the needs of individuals and businesses in northern California. The Bank has full service offices in Chico and Redding, California. For more information regarding the bank please call at (530) 894-1000 or visit goldenvalley.bank.Forward-Looking StatementsStatements...