Laser Focus World is an industry bedrock—first published in 1965 and still going strong. We publish original articles about cutting-edge advances in lasers, optics, photonics, sensors, and quantum technologies, as well as test and measurement, and the shift currently underway to usher in the photonic integrated circuits, optical interconnects, and copackaged electronics and photonics to deliver the speed and efficiency essential for data centers of the future.

Our 80,000 qualified print subscribers—and 130,000 12-month engaged online audience—trust us to dive in and provide original journalism you won’t find elsewhere covering key emerging areas such as laser-driven inertial confinement fusion, lasers in space, integrated photonics, chipscale lasers, LiDAR, metasurfaces, high-energy laser weaponry, photonic crystals, and quantum computing/sensors/communications. We cover the innovations driving these markets.

Laser Focus World is part of Endeavor Business Media, a division of EndeavorB2B.

Laser Focus World Membership

Never miss any articles, videos, podcasts, or webinars by signing up for membership access to Laser Focus World online. You can manage your preferences all in one place—and provide our editorial team with your valued feedback.

Magazine Subscription

Can you subscribe to receive our print issue for free? Yes, you sure can!

Newsletter Subscription

Laser Focus World newsletter subscription is free to qualified professionals:

The Daily Beam

Showcases the newest content from Laser Focus World, including photonics- and optics-based applications, components, research, and trends. (Daily)

Product Watch

The latest in products within the photonics industry. (9x per year)

Bio & Life Sciences Product Watch

The latest in products within the biophotonics industry. (4x per year)

Laser Processing Product Watch

The latest in products within the laser processing industry. (3x per year)

Get Published!

If you’d like to write an article for us, reach out with a short pitch to Sally Cole Johnson: [email protected]. We love to hear from you.

Photonics Hot List

Laser Focus World produces a video newscast that gives a peek into what’s happening in the world of photonics.

Following the Photons: A Photonics Podcast

Following the Photons: A Photonics Podcast dives deep into the fascinating world of photonics. Our weekly episodes feature interviews and discussions with industry and research experts, providing valuable perspectives on the issues, technologies, and trends shaping the photonics community.

Editorial Advisory Board

  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
  • James Butler, Ph.D., Hamamatsu
  • Natalie Fardian-Melamed, Ph.D., Columbia University
  • Justin Sigley, Ph.D., AmeriCOM
  • Professor Birgit Stiller, Max Planck Institute for the Science of Light, and Leibniz University of Hannover
  • Professor Stephen Sweeney, University of Glasgow
  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

Golden Valley Bancshares Reports First Quarter 2023 Results (Unaudited)

CHICO, CA / ACCESSWIRE / April 24, 2023 / Golden Valley Bancshares (OTC Markets:GVYB), with its wholly owned subsidiary, Golden Valley Bank headquartered in Chico, California today reported first quarter 2023 net profit of $990,796 compared to $1,168,966 for the quarter ended March 31, 2022. While earnings were down year over year, they were ahead of the Bank's forecast for the first three months. The difference in earnings is primarily attributed to higher interest expense on deposit accounts, a result of the increased interest rate environment.

OTC Markets Group, Inc., Monday, April 24, 2023, Press release picture

Loans increased $18.0 million or 8.1% to $241.3 million as of March 31, 2023, compared to $223.3 million as of March 31, 2022, net of the Paycheck Protection Program. Asset quality continues to be excellent as there were no loans considered to be non-performing. By comparison, the average was 0.47% of total assets for the Bank's national peer group, based on data provided as of December 31, 2022 (the most recent data available). The company has set aside $3.94 million in allowance for credit losses to protect it from future economic uncertainties.

"We are happy with our first quarter results, especially with the uncertainty in the banking industry that occurred at the end of the quarter," said President and Chief Executive Officer Mark Francis, "we are doing better than we expected and are ready to respond to our customers needs."

While deposits were down slightly in the quarter, 1.3% to $436.5 million compared to the same period last year, the Bank has seen increasing activity since quarter end. The Bank has experienced extraordinary deposit growth since 2018 due to natural disasters and the pandemic stimulus.

"We continue to be a safe and secure bank for our customers and the community," said Francis. "Our Oroville office construction continues and we expect to open this summer."

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.

Golden Valley Bancshares, a bank holding company with its wholly owned subsidiary, Golden Valley Bank is a locally owned and operated commercial bank serving the needs of individuals and businesses in northern California. The Bank has full service offices in Chico and Redding, California. For more information regarding the bank please call at (530) 894-1000 or visit goldenvalley.bank.

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, technological factors (including external fraud and cybersecurity threats), natural disasters, pandemics such as COVID-19 and financial policies of the United States government and general economic conditions. Golden Valley Bancshares disclaims any obligation to update any such factors.

Contact:

Mark Francis
President & CEO
530-894-4920
mfrancis@goldenvalley.bank

SOURCE: GOLDEN VY BANCSHARES INC.



View source version on accesswire.com:
https://www.accesswire.com/750939/Golden-Valley-Bancshares-Reports-First-Quarter-2023-Results-Unaudited

Stock Quote API & Stock News API supplied by www.cloudquote.io
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms Of Service.