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Oak Valley Banks nets $5.8 million

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POSTED January 22, 2013 9:11 p.m.

 

OAKDALE − Oak Valley Bancorp, the bank holding company for Oak Valley Community Bank and Eastern Sierra Community Bank, recently reported financial results for the fiscal year ended Dec. 31, 2012.

Net income for 2012 totaled $5.8 million compared to $5.9 million for 2011. After adjustment for preferred stock dividends and accretion, net income available to common shareholders was $5.3 million, or $0.69 per diluted share, compared to net income of $4.7 million, or $0.61 per diluted common share, in 2011. This represents a 13.4% increase in net income available to common shareholders and marks record earnings for Oak Valley Bancorp.

Total assets grew to $660.5 million as of December 31, 2012, which was an increase of $48.3 million, or 7.9% over the prior year. Deposits increased to $587.0 million, which was an increase of $50.8 million, or 9.5% over the prior year. Gross loans at year end totaled $391.0 million, reflecting a decrease of $5.2 million, or 1.3%, from December 31, 2011.

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.

 

Free soup for

wearing red

at Mimi’s Café

 

MODESTO - Mimi’s Cafe is again raising awareness and funds for Go Red For Women this February, American Heart Month, with its second annual campaign, Mimi’s Goes Red.

 Come into Mimi’s on Feb. 1, the 10th National Wear Red Day, wearing red and receive a free cup of Mimi’s Signature Soup. In addition, throughout the month, guests who donate $1 will receive a heart-shaped tribute card to inscribe and display in the restaurant to complement the iconic red dress standee and red décor. A $5 donation comes with a limited-edition sparkle red dress lapel pin, with 100 percent of all donations going directly to the American Heart Association. As a thank you, donors will receive up to $30 in Mimi’s savings. Every Tuesday throughout the month, as a show of appreciation, warm-hearted guests can also enjoy a complimentary cup of Mimi’s hot and savory soup with a donation.

 

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