Golden Valley Bank (OTCBB: GVYB), headquartered in Chico, California today reported second quarter 2019 net profit of $810,075, and year to date net profit of $1,490,960, 37% and 34% increases from the same period last year. On a pre-tax basis, earnings were $1,112,075 for the quarter ending June 30, 2019 compared to $816,012 for the same period in 2018, a 36% increase. For the first six months of 2019 pre-tax earnings were $2,046,960 compared to $1,566,734 for the same period in 2018, a 31% increase.
Second Quarter 2019 financial highlights included:
- Net year to date profit of $1.5 million is 30% greater than the same period in 2018
- Assets up $111 million to $346.6 million, or 47.1% over the second quarter of 2018
- Loans up $8.2 million to $163.3 million, or 5.3% over the second quarter of 2018
- Deposits up $104.4 million to $308.7 million, or 51.1% over the second quarter of 2018
Asset quality continues to be excellent as only 0.03% total assets are considered to be non-performing. By comparison, the industry average was 0.83% of total assets for the Banks national peer group, based on data provided as of March 31, 2018 (the most recent data available). The company has set aside $2.1 million in loan loss reserves to protect it from future economic uncertainties. Loan production continues at a high level in 2019 and is 21% above the same period last year. Loan outstandings have suffered from payoffs resulting from insurance proceeds and other sources related to the Camp Fire that destroyed most of a neighboring community, Paradise, California, in November of 2018.
Golden Valley continues to be a well capitalized bank and far exceeds minimum regulatory requirements. More complete financial information can be viewed on the Banks website at www.goldenvalley.bank.
We had another excellent quarter and the first half of the year has certainly exceeded our expectations, said Mark Francis, President and CEO of the Bank. Our growth has been tremendous, our Community Foundation is doing great things in the area, especially related to the Camp Fire, and we have assembled an outstanding staff to drive our business for years to come.
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 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.