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Golden Valley Bank Reports Mid-Year Earnings

^{Published on 2010-07-30 11:00:45 - Market Wire}
 

CHICO, Calif.--([ BUSINESS WIRE ])--Golden Valley Bank (OTCBB: GVYB), headquartered in Chico, California, reported income for the first six months of 2010 of $357,036. The company earned $97,987 in the first six months of 2009.

"Our community recognizes that not only are we a well performing Bank, but a place where customers get absolutely outstanding service."

The Banka™s total assets were $92.5 million, up 7.2% from a year earlier. Deposits were $77 million, up 7.9% from June 30, 2009. Loans ended the quarter up 12.6% at $66.8 million compared to a year ago. The company has set aside over $1.4 million in loan loss reserves to protect it from future economic and credit uncertainties, including $473,000 in the first half of this year. Golden Valley continues to be a well capitalized bank and far exceeds minimum regulatory requirements.

aI continue to be happy with our progress, especially in these uncertain times,a said President and CEO Mark Francis. aWe are a safe, sound and secure Bank, qualities many businesses and individuals are seeking in their financial institutions today.a

aWe are very encouraged by the number of new customers our Bank is attracting,a stated Robert Harp, GVBa™s Chairman of the Board. aOur community recognizes that not only are we a well performing Bank, but a place where customers get absolutely outstanding service.a

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.

Forward-Looking Statements

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.