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Oak Valley Bancorp Reports 3rd Quarter Results

/EIN News/ -- OAKDALE, Calif., Oct. 18, 2017 (GLOBE NEWSWIRE) -- Oak Valley Bancorp (NASDAQ:OVLY), the bank holding company for Oak Valley Community Bank and Eastern Sierra Community Bank, recently reported consolidated financial results. For the three months ended September 30, 2017, consolidated net income was $2,468,000, or $0.31 per diluted common share, compared to $2,830,000, or $0.35 per diluted common share, for the prior quarter and $1,930,000, or $0.24 per diluted common share for the same period of 2016. The earnings decrease compared to the prior period is primarily due to one-time merger-related settlement payments that were recorded in the second quarter. The increase compared to the same period last year was primarily due to loan growth and the positive impact of recent FOMC rate hikes on our cash balances, both resulting in an increase in net interest income.

Oak Valley Bancorp Logo
Oak Valley Bancorp Logo


Net interest income increased to $8,620,000 for the three months ended September 30, 2017, compared to $8,455,000 for the prior quarter and $7,829,000 for the same period of 2016, due to loan growth and increased yields on cash balances as described above.  Net interest margin for the three months ended September 30, 2017 was 3.78%, compared to 3.74% for the prior quarter, and 3.73% for the same period of 2016. The net interest margin expanded slightly compared to the prior periods as the Bank continues to deploy low-yielding cash balances into higher yielding loans and investment securities.

Non-interest income for the three months ended September 30, 2017 totaled $1,276,000, compared to $2,036,000 during the prior quarter, and $1,077,000 for the same period of 2016. The decrease compared to the prior quarter is due to the previously mentioned merger-related settlement payments which were recorded in the second quarter. The increase compared to the third quarter of 2016 is due to a $211,000 gain on the sale of an OREO property.

Non-interest expense for the three months ended September 30, 2017 totaled $6,060,000, compared to $6,076,000 during the prior quarter, and $5,924,000 for the same period of 2016.  The increase compared to last year corresponds to staffing increases and general operating costs related to servicing the growing loan and deposit portfolios.

Total assets were $996.7 million as of September 30, 2017, a decrease of $23.8 million from June 30, 2017 and an increase of $49.7 million over September 30, 2016. Gross loans were $636.6 million as of September 30, 2017, an increase of $12.8 million over June 30, 2017, and an increase of $34.0 million over September 30, 2016. The Company’s total deposits were $901.7 million as of September 30, 2017, a decrease of $24.1 million over June 30, 2017, and an increase of $42.0 million over September 30, 2016.

“We are pleased to report another solid quarter. Our vision remains steadfast - to build loyalty and lifelong relationships, based on trust and the needs of our clients.  In turn, they will share their satisfaction with friends and business partners, allowing us to reach new customers and grow the bank,” stated Chris Courtney, President and CEO. 

Non-performing assets as of September 30, 2017 were $1,564,000, or 0.16% of total assets, compared to $3,242,000, or 0.32% of total assets, as of June 30, 2017, and $4,099,000, or 0.43%, at September 30, 2016.  The decrease during the quarter is due to the sale of one OREO property and a significant pay-down on one impaired loan relationship.  Provisions for loan loss of $70,000 were recorded during the third quarter of 2017, mainly due to loan growth, as credit quality has continued to improve, thus decreasing the allowance for loan losses to 1.24% of gross loans at September 30, 2017 compared to 1.26% at June 30, 2017 and 1.29% at September 30, 2016.

Oak Valley Bancorp operates Oak Valley Community Bank & Eastern Sierra Community Bank, through which it offers a variety of loan and deposit products to individuals and small businesses. They currently operate through 16 conveniently located branches: Oakdale, Turlock, Stockton, Patterson, Ripon, Escalon, Manteca, Tracy, two branches in Sonora, three branches in Modesto, and three branches in their Eastern Sierra Division, which includes Bridgeport, Mammoth Lakes and Bishop.

For more information, call 1-866-844-7500 or visit www.ovcb.com.

This press release includes forward-looking statements about the corporation for which the corporation claims the protection of safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995.

Forward-looking statements are based on management's knowledge and belief as of today and include information concerning the corporation's possible or assumed future financial condition, and its results of operations and business. Forward-looking statements are subject to risks and uncertainties. A number of important factors could cause actual results to differ materially from those in the forward-looking statements. Those factors include fluctuations in interest rates, government policies and regulations (including monetary and fiscal policies), legislation, economic conditions, including increased energy costs in California, credit quality of borrowers, operational factors and competition in the geographic and business areas in which the company conducts its operations. All forward-looking statements included in this press release are based on information available at the time of the release, and the Company assumes no obligation to update any forward-looking statement.

Oak Valley Bancorp
Financial Highlights (unaudited)
             
($ in thousands, except per share) 3rd Quarter 2nd Quarter 1st Quarter 4th Quarter 3rd Quarter
Selected Quarterly Operating Data:   2017     2017     2017     2016     2016  
             
  Net interest income $   8,620   $   8,455   $   8,082   $   8,049   $   7,829  
  Provision for loan losses     70       35       -       69       90  
  Non-interest income     1,276       2,036       1,471       1,242       1,077  
  Non-interest expense     6,060       6,076       6,207       6,017       5,924  
  Net income before income taxes     3,766       4,380       3,346       3,205       2,892  
  Provision for income taxes     1,298       1,550       1,139       883       962  
  Net income $   2,468   $   2,830   $   2,207   $   2,322   $   1,930  
             
  Earnings per common share - basic $   0.31   $   0.35   $   0.27   $   0.29   $   0.24  
  Earnings per common share - diluted $   0.31   $   0.35   $   0.27   $   0.29   $   0.24  
  Dividends paid per common share $   0.125   $   -    $   0.125   $   -    $   0.12  
  Return on average common equity   11.04 %   13.14 %   10.73 %   11.07 %   9.28 %
  Return on average assets   0.98 %   1.14 %   0.91 %   0.95 %   0.82 %
  Net interest margin (1)   3.78 %   3.74 %   3.69 %   3.68 %   3.73 %
  Efficiency ratio (2)   59.55 %   61.14 %   63.88 %   60.79 %   62.08 %
             
Capital - Period End          
  Book value per common share $   11.07   $   10.89   $   10.40   $   10.19   $   10.24  
             
Credit Quality - Period End          
  Nonperforming assets/ total assets   0.16 %   0.32 %   0.38 %   0.42 %   0.43 %
  Loan loss reserve/ gross loans   1.24 %   1.26 %   1.28 %   1.28 %   1.29 %
             
Period End Balance Sheet          
($ in thousands)          
  Total assets $   996,721   $   1,020,495   $   989,879   $   1,002,110   $   947,017  
  Gross loans     636,609       623,809       612,894       610,949       602,569  
  Nonperforming assets     1,564       3,242       3,777       4,247       4,099  
  Allowance for loan losses     7,917       7,854       7,827       7,832       7,767  
  Deposits     901,716       925,786       899,169       914,093       859,756  
  Common equity     89,676       88,100       84,061       82,450       82,858  
             
Non-Financial Data          
  Full-time equivalent staff     164       164       159       161       158  
  Number of banking offices     16       16       16       16       16  
             
Common Shares outstanding          
  Period end     8,098,605       8,089,705       8,082,205       8,088,455       8,093,555  
  Period average - basic     8,064,690       8,062,026       8,041,829       8,032,380       8,030,782  
  Period average - diluted     8,083,137       8,080,030       8,071,768       8,066,575       8,063,381  
             
Market Ratios          
  Stock Price $   16.79   $   13.90   $   13.20   $   12.55   $   10.20  
  Price/Earnings     13.83       9.87       11.86       10.94       10.70  
  Price/Book     1.52       1.28       1.27       1.23       1.00  
             
             
             
    Nine Months Ended September 30,      
($ in thousands, except per share)   2017     2016        
             
  Net interest income $   25,157   $   23,477        
  Provision for (reversal of) loan losses     105       415        
  Non-interest income     4,783       3,170        
  Non-interest expense     18,343       18,298        
  Net income before income taxes     11,492       7,934        
  Provision for income taxes     3,987       2,591        
  Net income $   7,505   $   5,343        
             
  Earnings per common share - basic $   0.93   $   0.67        
  Earnings per common share - diluted $   0.93   $   0.66        
  Dividends paid per common share $   0.250   $   0.240        
  Return on average common equity   11.64 %   8.83 %      
  Return on average assets   1.01 %   0.78 %      
  Net interest margin (1)   3.73 %   3.84 %      
  Efficiency ratio (2)   61.48 %   63.95 %      
             
Capital - Period End          
  Book value per common share $   11.07   $   10.24        
             
Credit Quality - Period End          
  Nonperforming assets/ total assets   0.16 %   0.43 %      
  Loan loss reserve/ gross loans   1.24 %   1.29 %      
             
Period End Balance Sheet          
($ in thousands)          
  Total assets $   996,721   $   947,017        
  Gross loans     636,609       602,569        
  Nonperforming assets     1,564       4,099        
  Allowance for loan losses     7,917       7,767        
  Deposits     901,716       859,756        
  Common equity     89,676       82,858        
             
Non-Financial Data          
  Full-time equivalent staff     164       158        
  Number of banking offices     16       16        
             
Common Shares outstanding          
  Period end     8,098,605       8,093,555        
  Period average - basic     8,056,265       8,022,602        
  Period average - diluted     8,078,353       8,058,558        
             
Market Ratios          
  Stock Price $   16.79   $   10.20        
  Price/Earnings     13.48       11.50        
  Price/Book     1.52       1.00        
             
(1)  Ratio computed on a fully tax equivalent basis using a marginal federal tax rate of 34%.      
(2)  Ratio computed on a fully tax equivalent basis using a marginal federal tax rate of 34%,       
  and a marginal federal/state combined tax rate of 41.15% for applicable revenue.      


Contact: Chris Courtney/Rick McCarty
Phone: (209) 848-2265	
www.ovcb.com