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Golden Valley Bank Posts Financial Results

January 24, 2014

Golden Valley Bank , Mark Francis , President and CEO of Golden Valley Bank reported that the company had its most profitable full year since the Bank's 2006 opening with net income of $1,346,564 ( $0.67 per share) for the year ended December 31, 2013 , up 25 percent from the $1,075,188 ( $0.53 per share) earned in 2012. Net income for the quarter ended December 31, 2013 was $310,484 , ( $0.15 per share) compared to net income of $264,868 , ( $0.13 per share) for the quarter ended December 31, 2012 . In a release on January 10 , the Bank noted that its total assets were $150.5 million , up 17 percent from a year earlier. Deposits were $131.8 million , up 19 percent from December 31, 2012 . Loans ended the year up 15 percent at $96.2 million compared to a year ago. Asset quality continues to be excellent as only .13 percent of total assets are considered to be non-performing. By comparison, the industry average was 1.98 percent of total assets for the Bank's national peer group, based on data provided as of September 30, 2013 (the most recent data available). Golden Valley continues to be a well capitalized bank and far exceeds minimum regulatory requirements. Additional financial information is available on the Bank's website. "Certainly another great year for Golden Valley Bank ," said Francis, "our support from the community has been tremendous and the dedication of our employees to provide absolutely outstanding customer service has been our driving force." More information: ((Comments on this story may be sent to ))

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Source: Professional Services Close - Up

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