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Oak Valley Bancorp Reports 3rd Quarter Results


Oak Valley Bancorp Reports 3rd Quarter Results

OAKDALE, CA -- (Marketwired) -- 10/22/13 -- 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, 2013, consolidated net income available to common shareholders was a record $1,505,000, or $0.19 per diluted common share. This compared to consolidated net income available to common shareholders of $1,395,000, or $0.18 per diluted common share for the same period a year ago.

Year-to-date results for the nine months ended September 30, 2013, include consolidated net income available to common shareholders of $4,111,000, representing a 4.7% increase over the $3,925,000 recorded during the same period last year.

Total assets were $659.2 million at September 30, 2013, an increase of $31.4 million, or 5.0%, from September 30, 2012. Total deposits were $591.6 million as of September 30, 2013, an increase of $38.3 million, or 6.9% over September 30, 2012. Gross loans increased to $413.9 million at September 30, 2013, an increase of $25.1 million, or 6.5%, from September 30, 2012.

"We've remained deliberately focused on building solid relationships, knowing our financial performance is driven by the strength of our customers and the depth of our relationships with them," stated Chris Courtney, President and CEO of the Company and the Bank. "We are extremely pleased to report another quarter of solid earnings. We've been cautiously anticipating a return of borrowing confidence from the local business community and we think we have seen a glimpse of that in recent months. We remain hopeful that the trend continues through the year and beyond."

Net interest income reflected a decrease of $224,000 or 3.6% to $6.0 million for the three months ended September 30, 2013, compared to $6.3 million for the same period last year. Loan and investment yields continue to be tempered by pressures on interest rates, but the growth in loan volume has helped mitigate the decrease in net interest income. The Company's net interest margin for the three months ended September 30, 2013 was 4.12%, compared 4.57% for the same period last year.

Non-interest expense for the quarter and nine month period ended September 30, 2013 totaled $4.6 million and $14.0 million, respectively, and $4.5 million and $13.7 million, respectively, for the comparable periods in 2012. The year-to-date increase corresponds primarily to growth in full time equivalent staff from 123 to 135. Data processing costs associated with increased deposit account activity have also been a factor.

Non-performing assets as of September 30, 2013 were $4.5 million, or 0.68% of total assets. This is down from $6.6 million, or 1.05% at September 30, 2012. The decrease reflects the continued management of the portfolio.

The provision for loan losses during the three months ended September 30, 2013, was $100,000, compared to $300,000 for the same period the previous year. The ratio of loan loss reserves to gross loans decreased to 1.85% at September 30, 2013, compared to 2.05% at September 30, 2012.

The Company currently operates through 14 branches in Oakdale, Sonora, Turlock, Stockton, Patterson, Ripon, Escalon, Manteca, three branches in Modesto, and three branches in their Eastern Sierra Division, which includes Bridgeport, Mammoth Lakes, and Bishop.

For more information, please 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,         3rd        2nd        1st        4th        3rd    
 except per share)     Quarter    Quarter    Quarter    Quarter    Quarter  
Selected Quarterly                                                          
 Operating Data:        2013       2013       2013       2012       2012    
                     ---------- ---------- ---------- ---------- ---------- 
                                                                            
 Net interest income $    6,030 $    6,024 $    5,849 $    6,115 $    6,254 
 Provision for loan                                                         
  losses                    100        100        100        250        300 
 Non-interest income        866        818        785        855        790 
 Non-interest                                                               
  expense                 4,619      4,734      4,639      4,513      4,527 
 Income before                                                              
  income taxes            2,177      2,008      1,895      2,207      2,217 
 Provision for                                                              
  income taxes              672        634        595        718        738 
                     ---------- ---------- ---------- ---------- ---------- 
 Net income               1,505      1,374      1,300      1,489      1,479 
 Preferred stock                                                            
  dividends and                                                             
  accretion                   -          -        (68)       (84)       (84)
                     ---------- ---------- ---------- ---------- ---------- 
 Net income                                                                 
  available to                                                              
  common                                                                    
  shareholders       $    1,505 $    1,374 $    1,232 $    1,405 $    1,395 
                     ========== ========== ========== ========== ========== 
                                                                            
 Earnings per common                                                        
  share - basic      $     0.19 $     0.18 $     0.16 $     0.18 $     0.18 
 Earnings per common                                                        
  share - diluted    $     0.19 $     0.18 $     0.16 $     0.18 $     0.18 
 Dividends declared                                                         
  per common share            -          -          -          -          - 
 Return on average                                                          
  common equity            9.45%      8.48%      7.82%      8.87%      9.02%
 Return on average                                                          
  assets                   0.92%      0.86%      0.81%      0.91%      0.97%
 Net interest margin                                                        
  (1)                      4.12%      4.18%      4.05%      4.15%      4.57%
 Efficiency ratio                                                           
  (1)                     64.65%     67.17%     67.95%     63.23%     63.11%
                                                                            
Capital - Period End                                                        
 Book value per                                                             
  share              $     7.99 $     8.01 $     8.10 $     7.99 $     7.85 
                                                                            
Credit Quality -                                                            
 Period End                                                                 
 Nonperforming                                                              
  assets/ total                                                             
  assets                   0.68%      0.65%      0.99%      1.05%      1.05%
 Loan loss reserve/                                                         
  gross loans              1.85%      1.94%      1.99%      2.04%      2.05%
                                                                            
Period End Balance                                                          
 Sheet                                                                      
($ in thousands)                                                            
 Total assets        $  659,192 $  644,230 $  648,418 $  660,581 $  627,817 
 Gross loans            413,856    390,647    389,992    390,986    388,714 
 Nonperforming                                                              
  assets                  4,495      4,189      6,439      6,923      6,611 
 Allowance for loan                                                         
  losses                  7,669      7,570      7,743      7,975      7,953 
 Deposits               591,642    577,129    580,215    586,993    553,333 
 Common equity           63,379     63,457     64,098     63,219     62,075 
 Total capital (2)       63,379     63,457     64,098     69,969     68,825 
                                                                            
Non-Financial Data                                                          
 Full-time                                                                  
  equivalent staff          135        134        134        130        123 
 Number of banking                                                          
  offices                    14         14         14         14         14 
                                                                            
Common Shares                                                               
 outstanding                                                                
 Period end           7,929,730  7,924,730  7,914,730  7,907,780  7,909,280 
 Period average -                                                           
  basic               7,802,705  7,802,012  7,778,333  7,762,261  7,750,727 
 Period average -                                                           
  diluted             7,851,157  7,842,964  7,830,439  7,793,523  7,778,146 
                                                                            
Market Ratios                                                               
 Stock Price         $     7.96 $     7.67 $     8.14 $     7.45 $     7.49 
 Price/Earnings           10.40      10.86      12.67      10.38      10.49 
 Price/Book                1.00       0.96       1.01       0.93       0.95 
                                                                            
                                                                            
                                                                            
                       NINE MONTHS ENDED                                    
                         SEPTEMBER 30,                                      
                        2013       2012                                     
                     ---------- ----------                                  
                                                                            
($ in thousands,                                                            
 except per share)                                                          
Selected Quarterly                                                          
 Operating Data:                                                            
                                                                            
 Net interest income $   17,903 $   18,730                                  
 Provision for loan                                                         
  losses                    300        900                                  
 Non-interest income      2,469      2,293                                  
 Non-interest                                                               
  expense                13,992     13,736                                  
 Income before                                                              
  income taxes            6,080      6,387                                  
 Provision for                                                              
  income taxes            1,901      2,095                                  
                     ---------- ----------                                  
 Net income               4,179      4,292                                  
 Preferred stock                                                            
  dividends and                                                             
  accretion                 (68)      (367)                                 
                     ---------- ----------                                  
 Net income                                                                 
  available to                                                              
  common                                                                    
  shareholders       $    4,111 $    3,925                                  
                     ========== ==========                                  
                                                                            
 Earnings per common                                                        
  share - basic            0.53       0.51                                  
 Earnings per common                                                        
  share - diluted          0.52       0.51                                  
 Dividends declared                                                         
  per common share            -          -                                  
 Return on average                                                          
  common equity            8.59%      8.78%                                 
 Return on average                                                          
  assets                   0.87%      0.96%                                 
 Net interest margin                                                        
  (1)                      4.11%      4.66%                                 
 Efficiency ratio                                                           
  (1)                     66.57%     64.04%                                 
                                                                            
Capital - Period End                                                        
 Book value per                                                             
  share              $     7.99 $     7.85                                  
                                                                            
Credit Quality -                                                            
 Period End                    
                                             
 Nonperforming                                                              
  assets/ total                                                             
  assets                   0.68%      1.05%                                 
 Loan loss reserve/                                                         
  gross loans              1.85%      2.05%                                 
                                                                            
Period End Balance                                                          
 Sheet                                                                      
($ in thousands)                                                            
 Total assets        $  659,192 $  627,817                                  
 Gross loans            413,856    388,714                                  
 Nonperforming                                                              
  assets                  4,495      6,611                                  
 Allowance for loan                                                         
  losses                  7,669      7,953                                  
 Deposits               591,642    553,333                                  
 Common equity           63,379     62,075                                  
 Total capital (2)       63,379     68,825                                  
                                                                            
Non-Financial Data                                                          
 Full-time                                                                  
  equivalent staff          135        123                                  
 Number of banking                                                          
  offices                    14         14                                  
                                                                            
Common Shares                                                               
 outstanding                                                                
 Period end           7,929,730  7,909,280                                  
 Period average -                                                           
  basic               7,794,439  7,733,848                                  
 Period average -                                                           
  diluted             7,841,596  7,757,754                                  
                                                                            
Market Ratios                                                               
 Stock Price         $     7.96 $     7.49                                  
 Price/Earnings           11.29      11.08                                  
 Price/Book                1.00       0.95                                  
                                                                            
(1)  Ratio computed on a fully tax equivalent basis using a marginal        
 federal tax rate of 34%.                                                   
(2)  Includes preferred stock issued to the U.S. Treasury under the SBLF    
 Program of $6.75 million for the quarters ended September 30 and December  
 31, 2012.  There was no preferred stock outstanding as of March 31, June   
 30, and September 30, 2013.                                                

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

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