Golden Valley Bancshares Reports Fourth Quarter 2023 Results (Unaudited); Opens Oroville Office [Yahoo! Finance]
GOLDEN VY BANCSHARES INC (GVYB)
NASDAQ:AMEX Investor Relations:
goldenvalley.bank/investor-relations.aspx
Company Research
Source: Yahoo! Finance
headquartered in Chico, California today reported fourth quarter 2023 net profit of $905,891, and year to date net profit of $3,750,4533 compared to $1,160.168 and $4,579,956 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 in 2023, a result of the increased interest rate environment. As of December 31, 2023, total assets were $488.6 million, a decrease of 3.8% from the prior quarter and an increase of 2.2% year over year. Total loans, net of unearned income remained relatively even at $240.1 million compared to the prior quarter and prior year. Asset quality continues to be excellent as there were no loans considered to be non-performing. By comparison, the average was 0.53% of total assets for the Bank's national peer group, based on data provided as of September 30,
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