|By Marketwired .||
|January 22, 2014 03:25 PM EST||
OAKDALE, CA -- (Marketwired) -- 01/22/14 -- 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 December 31, 2013, consolidated net income available to common shareholders was a record $1.7 million, or $0.22 per diluted share. This compared to consolidated net income available to common shareholders of $1.4 million, or $0.18 per diluted share for the three months ended December 31, 2012 and represented a 21.5% increase over the prior year.
Net income for 2013 totaled $5.9 million compared to $5.8 million for 2012. After adjustment for preferred stock dividends and accretion, consolidated net income available to common shareholders was $5.8 million, or $0.74 per diluted share, compared to consolidated net income of $5.3 million, or $0.69 per diluted common share, in 2012. This represents a 9.2% increase in consolidated net income available to common shareholders and marks a new annual earnings record for Oak Valley Bancorp.
Total assets grew to $672.1 million as of December 31, 2013, which was an increase of $11.5 million, or 1.7% over the prior year. Deposits increased to $602.6 million, which was an increase of $15.6 million, or 2.7% over the prior year. Gross loans at year end totaled $419.4 million, reflecting an increase of $28.5 million, or 7.3%, over December 31, 2012.
"We are pleased to report another year of solid earnings. Our commitment to customer care and relationship building is unwavering and the cornerstone of our success," stated Chris Courtney, President and CEO of the Company and the Bank. "Our results are a reflection of emerging consumer confidence and economic expansion in the communities we serve."
Non-performing assets were $3.3 million, or 0.48% of total assets at December 31, 2013. This is down from $6.9 million, or 1.05% at December 31, 2012. There are currently six properties remaining with the non-performing classification; five of which remain as loans, along with one property taken into OREO.
The allowance for loan losses totaled 1.83% of gross loans at December 31, 2013 compared to 2.04% at December 31, 2012. The annual provision for loan losses of $300,000 in 2013 was down from $1.2 million in 2012. Given the high quality of the loan portfolio, limited provisioning was required to support the growth of the portfolio.
Net interest income of $24.3 million for the year ended December 31, 2013, decreased by $570,000, or 2.3%, from the prior year. The year began with margin compression, corresponding to low loan pricing and high cash balances. The margin stabilized in the second half of the year, as cash was deployed into new loans. The Company's net interest margin was 4.13% for the year ended December 31, 2013, compared to 4.53% for the year ended December 31, 2012. Net interest margin for the three months ended December 31, 2013 was 4.19%, compared to 4.15% for the three months ended December 31, 2012.
Non-interest income was $3.3 million for the year ended December 31, 2013, compared to $3.1 million the prior year. The increase is partially attributable to additional fee income related to deposit growth and commissions corresponding to growth in Oak Valley Investments.
Non-interest expense was $18.7 million for the year ended December 31, 2013, compared to $18.2 million for the prior year, an increase of $411,000, or 2.3%. This increase consists primarily of costs associated with servicing deposit growth across all branches.
The Company currently operates through 14 branches in Oakdale, Sonora, Turlock, Stockton, Patterson, Ripon, Escalon, Manteca, three branches in Modesto, and three branches in their Eastern Sierra Division, which includes Bridgeport, Mammoth Lakes, and Bishop.
For more information, please call 1-866-844-7500 or visit www.ovcb.com.
This press release includes forward-looking statements about the corporation for which the corporation claims the protection of safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are based on management's knowledge and belief as of today and include information concerning the corporation's possible or assumed future financial condition, and its results of operations and business. Forward-looking statements are subject to risks and uncertainties. A number of important factors could cause actual results to differ materially from those in the forward-looking statements. Those factors include fluctuations in interest rates, government policies and regulations (including monetary and fiscal policies), legislation, economic conditions, including increased energy costs in California, credit quality of borrowers, operational factors and competition in the geographic and business areas in which the company conducts its operations. All forward-looking statements included in this press release are based on information available at the time of the release, and the Company assumes no obligation to update any forward-looking statement.
Oak Valley Bancorp Financial Highlights (unaudited) ($ in thousands, 4th 3rd 2nd 1st 4th except per share) Quarter Quarter Quarter Quarter Quarter Selected Quarterly Operating Data: 2013 2013 2013 2013 2012 ---------- ---------- ---------- ---------- ---------- Net interest income $ 6,372 $ 6,030 $ 6,024 $ 5,849 $ 6,115 Provision for loan losses - 100 100 100 250 Non-interest income 812 866 818 785 855 Non-interest expense 4,668 4,619 4,734 4,639 4,513 Income before income taxes 2,516 2,177 2,008 1,895 2,207 Provision for income taxes 809 672 634 595 718 ---------- ---------- ---------- ---------- ---------- Net income 1,707 1,505 1,374 1,300 1,489 Preferred stock dividends and accretion - - - (68) (84) ---------- ---------- ---------- ---------- ---------- Net income available to common shareholders $ 1,707 $ 1,505 $ 1,374 $ 1,232 $ 1,405 ========== ========== ========== ========== ========== Earnings per common share - basic $ 0.22 $ 0.19 $ 0.18 $ 0.16 $ 0.18 Earnings per common share - diluted $ 0.22 $ 0.19 $ 0.18 $ 0.16 $ 0.18 Return on average common equity 10.47% 9.45% 8.48% 7.82% 8.87% Return on average assets 1.01% 0.92% 0.86% 0.81% 0.91% Net interest margin (1) 4.19% 4.12% 4.18% 4.05% 4.15% Efficiency ratio (1) 63.05% 64.65% 67.17% 67.95% 63.23% Capital - Period End Book value per share $ 8.24 $ 7.99 $ 8.01 $ 8.10 $ 7.99 Credit Quality - Period End Nonperforming assets/ total assets 0.48% 0.68% 0.65% 0.99% 1.05% Loan loss reserve/ gross loans 1.83% 1.85% 1.94% 1.99% 2.04% Period End Balance Sheet ($ in thousands) Total assets $ 672,060 $ 659,192 $ 644,230 $ 648,418 $ 660,581 Gross loans 419,438 413,856 390,647 389,992 390,986 Nonperforming assets 3,256 4,495 4,189 6,439 6,923 Allowance for loan losses 7,659 7,669 7,570 7,743 7,975 Deposits 602,633 591,642 577,129 580,215 586,993 Common equity 65,310 63,379 63,457 64,098 63,219 Total capital (2) 65,310 63,379 63,457 64,098 69,969 Non-Financial Data Full-time equivalent staff 136 135 134 134 130 Number of banking offices 14 14 14 14 14 Common Shares outstanding Period end 7,929,730 7,929,730 7,924,730 7,914,730 7,907,780 Period average - basic 7,803,247 7,802,705 7,802,012 7,778,333 7,762,261 Period average - diluted 7,859,380 7,851,157 7,842,964 7,830,439 7,793,523 Market Ratios Stock Price $ 8.37 $ 7.96 $ 7.67 $ 8.14 $ 7.45 Price/Earnings 9.64 10.40 10.86 12.67 10.38 Price/Book 1.02 1.00 0.96 1.01 0.93 YEAR ENDED DECEMBER 31, 2013 2012 ---------- ---------- ($ in thousands, except per share) Selected Quarterly Operating Data: Net interest income $ 24,275 $ 24,845 Provision for loan losses 300 1,150 Non-interest income 3,281 3,148 Non-interest expense 18,660 18,249 Income before income taxes 8,596 8,594 Provision for income taxes 2,710 2,813 ---------- ---------- Net income 5,886 5,781 Preferred stock dividends and accretion (68) (452) ---------- ---------- Net income available to common shareholders $ 5,818 $ 5,329 ========== ========== Earnings per common share - basic $ 0.75 $ 0.69 Earnings per common share - diluted $ 0.74 $ 0.69 Return on average common equity 9.07% 8.80% Return on average assets 0.90% 0.95% Net interest margin (1) 4.13% 4.53% Efficiency ratio (1) 65.65% 63.83% Capital - Period End Book value per share $ 8.24 $ 7.99 Credit Quality - Period End Nonperforming assets/ total assets 0.48% 1.05% Loan loss reserve/ gross loans 1.83% 2.04% Period End Balance Sheet ($ in thousands) Total assets $ 672,060 $ 660,581 Gross loans 419,438 390,986 Nonperforming assets 3,256 6,923 Allowance for loan losses 7,659 7,975 Deposits 602,633 586,993 Common equity 65,310 63,219 Total capital (2) 65,310 69,969 Non-Financial Data Full-time equivalent staff 136 130 Number of banking offices 14 14 Common Shares outstanding Period end 7,929,730 7,907,780 Period average - basic 7,796,659 7,740,990 Period average - diluted 7,846,078 7,766,745 Market Ratios Stock Price $ 8.37 $ 7.45 Price/Earnings 11.22 10.85 Price/Book 1.02 0.93 (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 quarter ended December 31, 2012. There was no preferred stock outstanding as of March 31, June 30, September 30, and December 31, 2013.
Chris Courtney/Rick McCarty
Phone: (209) 848-2265
"I think that everyone recognizes that for IoT to really realize its full potential and value that it is about creating ecosystems and marketplaces and that no single vendor is able to support what is required," explained Esmeralda Swartz, VP, Marketing Enterprise and Cloud at Ericsson, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Mar. 30, 2017 08:00 AM EDT Reads: 4,579
Most companies are adopting or evaluating container technology - Docker in particular - to speed up application deployment, drive down cost, ease management and make application delivery more flexible overall. As with most new architectures, this dream takes a lot of work to become a reality. Even when you do get your application componentized enough and packaged properly, there are still challenges for DevOps teams to making the shift to continuous delivery and achieving that reduction in cost ...
Mar. 30, 2017 07:15 AM EDT Reads: 470
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
Mar. 30, 2017 06:00 AM EDT Reads: 3,150
After more than five years of DevOps, definitions are evolving, boundaries are expanding, ‘unicorns’ are no longer rare, enterprises are on board, and pundits are moving on. Can we now look at an evolution of DevOps? Should we? Is the foundation of DevOps ‘done’, or is there still too much left to do? What is mature, and what is still missing? What does the next 5 years of DevOps look like? In this Power Panel at DevOps Summit, moderated by DevOps Summit Conference Chair Andi Mann, panelists l...
Mar. 30, 2017 05:00 AM EDT Reads: 10,105
Virtualization over the past years has become a key strategy for IT to acquire multi-tenancy, increase utilization, develop elasticity and improve security. And virtual machines (VMs) are quickly becoming a main vehicle for developing and deploying applications. The introduction of containers seems to be bringing another and perhaps overlapped solution for achieving the same above-mentioned benefits. Are a container and a virtual machine fundamentally the same or different? And how? Is one techn...
Mar. 30, 2017 04:45 AM EDT Reads: 3,346
My team embarked on building a data lake for our sales and marketing data to better understand customer journeys. This required building a hybrid data pipeline to connect our cloud CRM with the new Hadoop Data Lake. One challenge is that IT was not in a position to provide support until we proved value and marketing did not have the experience, so we embarked on the journey ourselves within the product marketing team for our line of business within Progress. In his session at @BigDataExpo, Sum...
Mar. 30, 2017 04:45 AM EDT Reads: 3,373
MongoDB Atlas leverages VPC peering for AWS, a service that allows multiple VPC networks to interact. This includes VPCs that belong to other AWS account holders. By performing cross account VPC peering, users ensure networks that host and communicate their data are secure. In his session at 20th Cloud Expo, Jay Gordon, a Developer Advocate at MongoDB, will explain how to properly architect your VPC using existing AWS tools and then peer with your MongoDB Atlas cluster. He'll discuss the secur...
Mar. 30, 2017 04:15 AM EDT Reads: 1,016
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
Mar. 30, 2017 04:15 AM EDT Reads: 2,279
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service.
Mar. 30, 2017 04:00 AM EDT Reads: 3,322
Niagara Networks exhibited at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
Mar. 30, 2017 03:45 AM EDT Reads: 3,496
SYS-CON Events announced today that MobiDev, a client-oriented software development company, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex softw...
Mar. 30, 2017 02:15 AM EDT Reads: 4,167
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
Mar. 30, 2017 01:30 AM EDT Reads: 2,667
What sort of WebRTC based applications can we expect to see over the next year and beyond? One way to predict development trends is to see what sorts of applications startups are building. In his session at @ThingsExpo, Arin Sime, founder of WebRTC.ventures, will discuss the current and likely future trends in WebRTC application development based on real requests for custom applications from real customers, as well as other public sources of information,
Mar. 30, 2017 01:15 AM EDT Reads: 1,277
DevOps tends to focus on the relationship between Dev and Ops, putting an emphasis on the ops and application infrastructure. But that’s changing with microservices architectures. In her session at DevOps Summit, Lori MacVittie, Evangelist for F5 Networks, will focus on how microservices are changing the underlying architectures needed to scale, secure and deliver applications based on highly distributed (micro) services and why that means an expansion into “the network” for DevOps.
Mar. 30, 2017 01:00 AM EDT Reads: 8,371
In his session at Cloud Expo, Alan Winters, an entertainment executive/TV producer turned serial entrepreneur, will present a success story of an entrepreneur who has both suffered through and benefited from offshore development across multiple businesses: The smart choice, or how to select the right offshore development partner Warning signs, or how to minimize chances of making the wrong choice Collaboration, or how to establish the most effective work processes Budget control, or how to max...
Mar. 30, 2017 12:45 AM EDT Reads: 778