Golden Valley Bancshares : 1Q 2023 Financials

Actual

Actual

Mar 2023

Mar 2022

$ Change

% Change

Assets

Cash and due from banks

7,566,381

8,306,215

(739,834)

(8.9)

Fed funds sold & repos

16,865,000

35,910,000

(19,045,000)

(53.0)

Interest bearing deposits with banks

14,543,033

4,366,570

10,176,463

233.1

Investment Securities - Taxable

176,908,403

192,837,788

(15,929,385)

(8.3)

Investment Securities - Tax-exempt

8,800,637

9,983,151

(1,182,515)

(11.8)

Loans, net of unearned income

241,711,752

228,335,308

13,376,444

5.9

Less: Allowance for Credit Losses

(3,935,485)

(4,577,563)

642,078

14.0

Lease ROU Asset

1,671,456

983,122

688,334

70.0

Premises and equipment, net

2,236,282

1,874,329

361,954

19.3

Accrued interest receivable

1,703,682

1,536,939

166,743

10.8

Other assets

7,924,490

5,745,857

2,178,633

37.9

Total Assets

475,995,631

485,301,715

(9,306,084)

(1.9)

Liabilities

Non-Interest Bearing Deposits

160,534,822

172,874,445

(12,339,623)

(7.1)

Interest bearing demand deposits

61,333,092

66,840,135

(5,507,043)

(8.2)

Savings and Money Market Deposits

184,679,097

186,030,875

(1,351,778)

(0.7)

Time Deposits - Retail

26,495,028

16,428,777

10,066,251

61.3

Time Deposits - Wholesale

3,451,101

-

3,451,101

-

Total Deposits

436,493,140

442,174,232

(5,681,092)

(1.3)

Accrued expenses and other liabilities

2,991,741

1,899,144

1,092,597

57.5

FHLB Advances and other borrowings

-

190,996

(190,996)

(100.0)

Borrowings

5,806,739

5,786,184

20,556

0.4

Total Liabilities

445,291,620

450,050,555

(4,758,935)

(1.1)

Equity

Common stock

18,545,001

18,705,551

(160,550)

(0.9)

Capital surplus

571,431

3,388,561

(2,817,130)

(83.1)

Retained earnings

23,384,041

18,990,085

4,393,956

23.1

Accumulated other comprehensive

(12,787,257)

(7,002,002)

(5,785,255)

(82.6)

income (loss)

Net Income

990,796

1,168,966

(178,170)

(15.2)

Total Equity

30,704,011

35,251,160

(4,547,149)

(12.9)

Total Liabilities & Equity

475,995,631

485,301,715

(9,306,084)

(1.9)

QTD

QTD

Actual

Actual

Mar 2023

Mar 2022

$ Change

% Change

Interest Income

Interest on Loans

3,031,693

2,680,619

351,074

13.1

Fees on Loans

(52,417)

228,999

(281,416)

(122.9)

Interest on federal funds sold

223,165

13,799

209,366

1517.3

Interest on deposits with banks

166,879

44,643

122,236

273.8

Investment Securities - Taxable

1,082,296

793,362

288,935

36.4

Investment Securities - Tax-exempt

45,904

47,805

(1,901)

(4.0)

Total Interest Income

4,497,521

3,809,226

688,294

18.1

Interest Expense

Interest bearing demand deposits

24,994

8,453

16,540

195.7

Savings and Money Market Deposits

460,243

68,861

391,382

568.4

Time Deposits - Retail

77,454

12,007

65,447

545.1

Time Deposits - Wholesale

826

-

826

-

Total Interest Expense on Deposits

563,516

89,321

474,195

530.9

FHLB Advances and other borrowings

17

1,882

(1,865)

(99.1)

Interest on other borrowings

75,829

13,480

62,349

462.5

Total Interest Expense

639,362

104,683

534,679

510.8

Net Interest Income

3,858,158

3,704,543

153,615

4.1

Net In. Inc. After Prov. for Loan Losses

3,858,158

3,704,543

153,615

4.1

Non Interest Income

Service charges and fees

72,934

49,993

22,941

45.9

Other noninterest income

149,305

305,380

(156,075)

(51.1)

Total Non Interest Income

222,240

355,373

(133,133)

(37.5)

Non Interest Expense

Salaries and employee benefits

1,605,215

1,450,366

154,849

10.7

Occupancy

198,843

198,211

631

0.3

Other noninterest expense

882,545

759,373

123,172

16.2

Total Non Interest Expense

2,686,602

2,407,950

278,652

11.6

Income Before Taxes

1,393,796

1,651,966

(258,170)

(15.6)

Income taxes

403,000

483,000

(80,000)

(16.6)

Net Income

990,796

1,168,966

(178,170)

(15.2)