Golden Valley Bank Reports Strong Earnings, Growth and Dividend

Golden Valley Bank (OTCBB: GVYB), headquartered in Chico, California, today reported first quarter 2015 net profit of $357,026, a 12.0% increase over the first quarter of 2014. The company also announced a $.05 per share first quarter cash dividend.

As of March 31, 2015 loans, deposits and total assets all hit record levels. First Quarter 2015 financial highlights included:

Assets up $18.9 million to $170 million, or 12.5%, over the first quarter of 2014
Loans up $10.3 million to $106.2 million, or 10.8%, over the first quarter of 2014
Deposits up $10.1 million to $142.2 million, or 7.6%, over the first quarter of 2014

The Bank’s first quarter annualized return on average assets was 0.88% compared to 0.87% in 2014 and the annualized return on average equity improved to 7.50% in the first quarter of 2015 from 7.25% in 2014.

Asset quality continues to be excellent as less than one-tenth of one percent of total assets are considered to be non-performing. By comparison, the industry average was 1.35% of total assets for the Bank’s national peer group, based on data provided as of December 31, 2014 (the most recent data available). The company has set aside $1.8 million in loan loss reserves to protect it from future economic uncertainties.

Further, the Bank’s Board of Directors declared a cash dividend for the first quarter of $0.05 per common share for stockholders of record as of April 6, 2015. The payment date for the dividend will be April 17, 2015.

Golden Valley Bank is rated by Bauer Financial as Five-Star "Superior" for strong financial performance, the top rating given by the independent bank rating firm, and recently the Bank was designated as a "Super Premier" performing bank by Findley and Associates based on the 2014 operating results. This is the second consecutive year the Bank has received this highest ranking given by Findley.

President and CEO Mark Francis commented, “Strong local loan demand across all sectors resulted in excellent loan growth at Golden Valley Bank. This performance reflects a strong and growing local economy. Our reputation of processing and closing loans in a responsive and reliable manner has allowed us to excel in a competitive local banking environment." Francis went on to say, “Our seasoned bankers are dedicated to providing ABSOLUTELY OUTSTANDING CUSTOMER SERVICE and maintaining access to decision makers who are always close at hand. All decisions are made with the purpose of contributing to the long-term success of our customers, employees, shareholders and the communities we serve.”

Golden Valley continues to be a well capitalized bank and far exceeds minimum regulatory requirements. More complete financial information can be viewed on the Bank’s website at www.goldenvalleybank.com.

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 BankMark Francis, 530-894-4920mfrancis@goldenvalleybank.com

Golden Valley Bancshares (PK) (USOTC:GVYB)
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