OAKDALE − Oak Valley Bancorp, the bank holding company for Oak Valley Community Bank and Eastern Sierra Community Bank, for the three months ending Sept. 30 reported consolidated net income available to common shareholders was $1,535,000, or $0.19 per diluted common share.
This compared to consolidated net income available to common shareholders of $1,505,000, or $0.19 per diluted common share for the same period a year ago.
Year-to-date results for the nine months ended Sept. 30, 2014, include consolidated net income available to common shareholders of $5,480,000, representing a 33.3% increase over the $4,111,000 recorded during the same period last year. In addition to income from normal operations, year-to-date income was bolstered by a $1.88 million credit to the loan loss provision related to the recovery of a previously charged off loan that was received in the second quarter of 2014.
Total assets were $706.8 million at September 30, 2014, an increase of $47.6 million, or 7.2%, from September 30, 2013. The Company’s total deposits were $630.2 million as of September 30, 2014, an increase of $38.5 million, or 6.5% over September 30, 2013. Gross loans increased to $435.8 million at September 30, 2014, an increase of $21.9 million, or 5.3% from September 30, 2013.
Net interest income increased $359,000 or 6.0% to $6.4 million for the three months ended September 30, 2014, compared to $6.0 million for the same period last year.
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. Earlier this year the company announced plans to open a branch in Tracy, which is scheduled to open in November.
For more information, please call 1.866.844.7500 or visit www.ovcb.com.