Business & Finance
Business and Finance
Business and Finance
Mon, November 1, 2010
Fri, October 29, 2010 
CHICO, Calif.--([ BUSINESS WIRE ])--Golden Valley Bank (OTCBB: GVYB), headquartered in Chico, California reported its 10th straight and largest quarterly profit in the Banka™s four and one half year history. Income for the third quarter of 2010 was $218,396 versus $108,321 for the same quarter last year. For the first nine months of 2010 net income was $575,432, up 178% from the $206,197 earned in the same period last year.
"Our Directors are pleased that we continue to make money in this tough economy"
The Banka™s total assets were $96 million, up an annualized 4.8% from year end 2009. Deposits were $80.1 million, also up 4.8% from December 31, 2009. Loans ended the quarter up 6% at $66.3 million compared to year end. The company has over $1.5 million, 2.29% of total loans, in loan loss reserves to protect it from future economic and credit uncertainties. Golden Valley continues to be a well capitalized bank and far exceeds minimum regulatory requirements. During the quarter, the company received word that it had received BauerFinanciala™s highest Five Star rating for safety and soundness.
aIta™s more of the same for us, plowing through these uncertain times and continuing to increase the bottom line,a said President and CEO Mark Francis. aWe are proud to be a real, local, safe, sound and secure community bank, serving our customers with local knowledge and local decision making, qualities more and more bank customers are seeking.a
aOur Directors are pleased that we continue to make money in this tough economy,a said Robert Harp, GVB Chairman of the Board. aWe sincerely appreciate the hard work of our staff and the support of our customers and the community.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.
