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Oak Valley Bank: Net income of $1.3 million for first quarter

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POSTED April 22, 2013 9:04 p.m.

 

 

OAKDALE  − Oak Valley Bancorp - the bank holding company for Oak Valley Community Bank and Eastern Sierra Community Bank - recently reported consolidated net income of $1.3 million for the first quarter.

Consolidated net income available to common shareholders was $1,232,000, or $0.16 per diluted common share. This compared to consolidated net income of $1,461,000 and net income available to common shareholders of $1,292,000, or $0.17 per diluted common share for the same period a year ago.

Total assets were $648.4 million at March 31, 2013, an increase of $54.9 million, or 9.3%, from March 31, 2012. Gross loans decreased by $2.6 million, to $390.0 million as of March 31, 2013, a decrease of 0.7% from March 31, 2012. The Bank’s total deposits were $580.2 million as of March 31, 2013, an increase of $61.5 million, or 11.9% over March 31, 2012.

Net interest income for the three months ended March 31, 2013 was $5.8 million, decreasing by $415,000, or 6.6% from $6.3 million for the same period last year. The net interest margin for the three months ended March 31, 2013 was 4.05%, compared to 4.15% for the three months prior and 4.67% for the same period last year.

“Margin compression will continue to play a considerable role in banking sector profitability this year, however, we remain encouraged by signs of strengthening commercial loan demand,” stated Ron Martin, CEO. “After experiencing early loan pay downs in January, commercial borrowing activity gained momentum and we replaced the majority of those loan balances by quarter-end,” Martin concluded

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, pcall 1-866-844-7500 or visit www.ovcb.com.

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