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CHICO, Calif.–(BUSINESS WIRE)–Golden Valley Bank (OTCBB: GVYB),
headquartered in Chico, California reported March 31, 2011 quarterly
earnings of $167,271, down slightly from the quarter ended March 31,
2010 due to the recognition of income taxes for the first time in the
Bank’s short history. This is the 12th consecutive quarterly profit for
Golden Valley which opened in May of 2006.
The Bank’s total assets were $103 million, up 9% from $94.5 million a
year earlier. Deposits were $86.7 million, up 9.6% from $79.1 million on
March 31, 2010. Loans ended the quarter up 5% at $68.2 million compared
to $64.9 million a year ago. The company has set aside $1.6 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.
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