Golden Valley Bank Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016
January 14, 2017 at 12:04 am IST
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Golden Valley Bank reported earnings results for the fourth quarter and full year ended December 31, 2016. Net income for the quarter ended December 31, 2016 was $218,512 or $0.11 per share compared to net income of $346,346 or $0.17 per share for the quarter ended December 31, 2015. Income was similarly affected by the one-time expense. Without that expense, income for the quarter would have been $444,308, a 28% increase over the same quarter last year.
Net income for the year was $1,521,752 or $0.74 per share compared to $1,539,330 or $0.77 per share for the year ended December 31, 2015. The fourth quarter and full year were effected by a one-time after-tax expense of $225,796 taken in the fourth quarter to voluntarily terminate an executive retirement plan. Without the one-time expense the Bank’s 2016 net income would have been $1,747,548, a 13.5% increase over 2015.
Golden Valley Bank (the Bank) provides products and services to customers who are predominately small to middle-market businesses, professionals, and not-for-profit organizations located in Butte, Shasta, and surrounding counties. The Bank offers checking and savings, certificates of deposit (CDs) and individual retirement accounts (IRAs), debit cards, and an education center. Its business solutions include ACH & Wire, eDeposit, Positive Pay, and Merchant Services. The Bankâs account services include online banking, mobile banking, bill pay and CardValet and Zelle. The Bankâs business lending services include commercial loans, SBA loans and credit cards. The Bankâs personal lending services include home loans and credit cards.