Golden Valley Bank Has Record Profits - Increase 19%

CHICO, Calif.--(BUSINESS WIRE)-- Golden Valley Bank (OTCBB: GVYB), headquartered in Chico, California reported its most profitable full year since the Bank's 2006 opening. The company earned $1,075,188 or $0.53 per share for the year ended December 31, 2012, up 19% from the $906,311 ($0.44 per share) earned in 2011. Even more significant, on a pre tax basis the Bank increased earnings by 46.9% despite the fact that earnings were fully taxable in 2012 and only partially taxed in 2011.

The Bank's total assets were $128.3 million, up 16% from a year earlier. Deposits were $110.2 million, up 18% from December 31, 2011. Loans ended the year up 15% at $83.7 million compared to a year ago. Asset quality continues to be excellent as only .38% of total assets are considered to be non-performing. By comparison, the industry average was 2.61% of total assets for the Bank's national peer group, based on data provided as of September 30, 2012 (the most recent data available). Mortgage banking income at the Bank increased 88.5%. The company has set aside over $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.


Mark Francis, President and Chief Executive Officer of Golden Valley Bank, said, "We had a very good year across the Board in 2012. We remain committed to the fundamentals of community banking. Our business model of asset quality, low cost funding sources and efficient operations will continue to serve us well as we move through 2013."

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 or visit www.goldenvalleybank.com.

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.



Golden Valley Bank
Mark Francis, 530-894-4920
mfrancis@goldenvalleybank.com

KEYWORDS:   United States  North America  California

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