GOLDEN VY BANCSHARES INC.
20.7.2021 00:26:47 CEST | ACCESS Newswire | Press release
CHICO, CA / ACCESSWIRE / July 19, 2021 / Golden Valley Bancshares (OTC PINK:GVYB), with its wholly owned subsidiary, Golden Valley Bank headquartered in Chico, California today reported second quarter 2021 net profit of $1,317,255, and year to date net profit of $2,743,694, 33.3% and 27.8% increases from the same period last year. On a pre-tax bases, earnings were $1,899,255 for the quarter ending June 30, 2021 compared to $1,414,245 for the same period in 2020, a 34.3% increase. For the first six months of 2021, pre-tax earnings were $3,923,694 compared to $3,062,201 for the same period in 2020, a 28.1% increase.
Second quarter 2021 financial highlights compared to the second quarter of 2020 include:
- Assets up $26.5 million to $442.8 million, or 6.4%
- Loans down -$33.4 million to $247.2 million, or -11.9%
- Deposits up $48.7 million to $404.1 million, or 13.7%
During the second quarter, the Bank continued to support local businesses by processing the forgiveness of 98 Paycheck Protection Program (PPP) loans through the Small Business Administration (SBA) totaling $26.9 million. The bank funded 782 PPP loans totaling $127.1 million and has received $83.2 million or 65.43% in forgiveness from PPP round 1 and round 2 loans combined. "We are working diligently to assist small businesses throughout this economic challenge," said Mark Francis, President and Chief Executive Officer.
Asset quality continues to be excellent as there were no loans considered to be non-performing. By comparison, the average was 0.76% of total assets for the Bank's national peer group, based on data provided as of March 31, 2021 (the most recent data available). The company has set aside $4.5 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.
In May, American Banker recognized Golden Valley Bank as one of the Top 200 Publically Traded Community Banks ranked by three-year average Return on Average Equity.
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 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, technological factors (including external fraud and cybersecurity threats), natural disasters, pandemics such as COVID-19 and financial policies of the United States government and general economic conditions. Golden Valley Bancshares disclaims any obligation to update any such factors.
CONTACT:
Mark Francis
President & CEO
530-894-4920
mfrancis@goldenvalley.bank
SOURCE: Golden Valley Bancshares
View source version on accesswire.com:
https://www.accesswire.com/656192/Golden-Valley-Bancshares-Reports-Second-Quarter-Results-Unaudited
To view this piece of content from www.accesswire.com, please give your consent at the top of this page.
About ACCESS Newswire
Subscribe to releases from ACCESS Newswire
Subscribe to all the latest releases from ACCESS Newswire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from ACCESS Newswire
Wellgistics Health Accelerates Digital Health Expansion of its Newly Announced RPM, RTM and CCM Pilot with Planned Acquisition of WellCare Today and its Proprietary Samsung Galaxy Watch Care Monitoring Program14.5.2026 21:05:00 CEST | Press release
Highlights: WellCare Today brings established RPM, RTM and CCM infrastructure with wearable technology integrations and connected monitoring solutions Combination expected to integrate Wellgistics Health recently announced MSO initiative with Kare Clinicals and its network of 6,500+ independent pharmacies Proposed platform designed to enhance patient engagement, medication adherence, remote monitoring and longitudinal care coordination Proposed transaction valued at approximately $15 million Strategic initiative intended to create additional clinical revenue opportunities for participating pharmacies and providers TAMPA, FL / ACCESS Newswire / May 14, 2026 / Wellgistics Health, Inc. (NASDAQ:WGRX) ("Wellgistics" or the "Company"), a leading healthcare technology and pharmaceutical distribution company, today announced that it has executed a non-binding letter of intent ("LOI") to acquire WellCare Today. The proposed transaction structure includes a structured cash payment of $3 million,
Karbon-X Explores Clean Cooking and Fish Smoking Climate Initiative Concept in Senegal14.5.2026 15:00:00 CEST | Press release
Concept contemplates future integration of digital monitoring technologies and community-focused climate infrastructure solutions. CALGARY, AB / ACCESS Newswire / May 14, 2026 / Karbon-X Corp. (OTCQB:KARX) ("Karbon-X" or the "Company"), a vertically integrated climate solutions company operating across compliance and voluntary carbon markets, today announced the exploration of a clean cooking and fish smoking climate initiative concept in Senegal focused on evaluating potential pathways for emissions reductions, improved fuel efficiency, and community-based climate infrastructure solutions. The initiative is currently at an early exploratory stage and is intended to assess opportunities associated with cleaner cooking technologies and, in later phases, more efficient fish smoking activities in rural communities. Traditional cooking and fish smoking practices continue to contribute to deforestation, indoor air pollution, and high fuel consumption across many regions. The concept contemp
Wellgistics Health Announces Pilot MSO Collaboration with Kare PharmTech Targeting $14 Billion U.S. Market for CCM and RPM Services13.5.2026 15:05:00 CEST | Press release
Highlights: According to third-party industry reports, the U.S. RPM market is currently $14 Billion alone and expected to reach approximately $29 Billion by 2030, representing a 12.6% CAGR, as healthcare providers continue shifting toward value-based and home-based care models¹ Pilot initiative launched across multiple provider offices focused on chronic care management (CCM) and remote patient monitoring (RPM) through it's MSO infrastructure Approximately 1,500+ claims generated to date through the pilot infrastructure with expansion roadmap targeting additional providers Wellgistics Pharmacy Network of 6,500+ independent pharmacies positioned to support patient engagement and care coordination initiatives Participating pharmacists expected to gain access to new clinical service revenue opportunities TAMPA, FL / ACCESS Newswire / May 13, 2026 / Wellgistics Health, Inc. (NASDAQ:WGRX) ("Wellgistics" or the "Company"), a leading healthcare technology and pharmaceutical distribution compa
The White House Names Peter Arnell as U.S. Chief Brand Architect within the National Design Studio13.5.2026 13:00:00 CEST | Press release
The White House today announced Peter Arnell as the first-ever Chief Brand Architect of the United States, a founding role within the National Design Studio. WASHINGTON, D.C. / ACCESS Newswire / May 13, 2026 / The White House today announced Peter Arnell as the first-ever Chief Brand Architect of the United States, a founding role within the National Design Studio. Arnell will serve as Chief Brand Architect to Joe Gebbia, U.S. Chief Design Officer, working in direct partnership to accelerate the President's Executive Order 14338: "Improving Our Nation Through Better Design". Widely regarded as one of the world's foremost brand architects, Arnell brings 45 years of experience creating and transforming global brands, corporations, and institutions across technology, automotive, healthcare, consumer products, fashion, and sports, as well as major public and nonprofit organizations including the Special Olympics and the FDNY Foundation. As Chief Brand Architect for the nation, Arnell will
Agnete Kirk Kristiansen Appointed Chair of the LEGO Foundation13.5.2026 07:35:00 CEST | Press release
BILLUND, DK / ACCESS Newswire / May 13, 2026 / At the LEGO Foundation's annual meeting, the Board of Directors elected Agnete Kirk Kristiansen as Chair of the Board. As fourth generation member of the Kirk Kristiansen family, owners of the LEGO Group, she becomes only the fifth Chair of the Foundation since it was founded in 1986. Agnete Kirk Kristiansen has served as Deputy Chair of the LEGO Foundation since 2023 and replaces her brother Thomas Kirk Kristiansen who steps down to assume the position of Deputy Chair. In addition to her role at the LEGO Foundation, Agnete Kirk Kristiansen also serves as Deputy Chair of KIRKBI A/S, the family-owned holding and investment company that owns 75% of the LEGO Group. As ascending Chair, Agnete Kirk Kristiansen highlighted the role of the LEGO Foundation in building a brighter tomorrow for children around the world: I am truly honored to step into the role as Chair of the LEGO Foundation and to continue our important work for children. The found
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom