Golden Valley Bancshares (OTC:GVYB) Stock Gains Momentum: But Why?
This morning, most investors are going to look into those stocks that may have been in the news cycle this past Friday, and one of the companies that could be in play is Golden Valley Bancshares (OTC:GVYB). The company, along with its fully owned subsidiary, Golden Valley Bank, announced its financial results for the fourth fiscal quarter of 2023.
The company revealed that it generated a net profit of $905,871 for the fourth quarter, and the net profit in the year to date stood at $3,750,453. In the same periods in the prior year, the company recorded net profits of $1,160,168 and $4,579,956. Although Golden Valley Bancshares recorded a year-on-year decline in terms of net profits, the figures were higher than the company’s projections. In the press release, it was pointed out that the difference was primarily due to one-time fees that were received on PPP loans in the prior year. Additionally, Golden Valley Bancshares also had to pay higher interest on deposits in 2023 due to the rise in interest rates.
It was also revealed that as of December 31, 2023, the company had assets worth $488.6 million, which worked out to a drop of 3.8% from the previous quarter. However, on a year-on-year basis, it worked out to a 2.2% jump. Golden Valley Bancshares also announced that it had put aside a sum of $3.94 so as to offset the credit losses and thereby provide protection from future uncertainties in the economic climate.
At the end of that period, the company had total deposits of $445 million, and that reflected a sequential decline of 4.9%. On a year-over-year basis, it worked out to an increase of 0.4%. In light of the performance, it remains to be seen if the Golden Valley Bancshares stock gets any action today or not.
