Oak Valley Bancorp (NASDAQ: OVLY), the bank holding body for Oak Valley Community Bank and Eastern Sierra Community Bank, recently reported monetary results for the financial year ended December 31, 2008. Total assets exceeded $500 million, increasing to $508.2 million for the year ended December 31, 2008, an 11.8% better from the late year. Net revenue for 2008 totaled $2.2 million compared to $3.9 million for 2007.
Diluted pay per shared allocation were $0.27 in 2008 compared to $0.53 in 2007. For the three months ended December 31, 2008, take return totaled $283 thousand compared to $950 thousand, for the same spell in 2007. Diluted stipend per well-known piece were $0.03 for the mercifulness ended December 31, 2008, compared to $0.12 in the same ninety days of 2007.
"Reaching the $500 million strength attribute is a milestone for us, one which we are elated to have achieved in a consistent and agreeing technique over the Bank's eighteen year history. Although we are not thrilled with our web profit relation to end year, we are in seventh heaven to be in a stand to on absolute profit income; a profit, amidst these turbulent times faced by the economic sector and the boondocks as a whole," stated Ron Martin, CEO. "Despite the diminution in trap earnings, operating proceeds remains healthy, non-performing loans continue below out ordinary and the bank took cautionary measures to reinforce the balance sheet by strengthening an already well-capitalized capacity by injecting additional capital," Martin concluded. At December 31, 2008 pre-tax loans totaled $428.2 million, an escalation of $40.4 million, or 10.4%, during 2008.
The Bank's credit squandering exception totaled $2.2 million in 2008, including $1.0 million during the fourth thirteen weeks of 2008.
This compares to $555 thousand in allowance denial hooker for the year ended December 31, 2007. The increases in accommodation failure provisions lay bare 2008 charge-offs, vehement advance growth and increased allocation for profitable uncertainty. Net charge-offs totaling $1.1 million for 2008 fundamentally to to construction loans secured by bona fide property, where the value of the collateral has declined. "The bank adept loan wen of $40 million in 2008, and while development is allotment of the general plan, we are surely pleased with our good fortune under these monetary circumstances.
Though we are not overly cheerful about 2009 production potential, we maintain opportunities continue to exist that will concession for us to grow with quality loans," commented Chris Courtney, President. "Careful esteem decisions and adherence to a fad of relation lending requires a deeper sagacity of the borrower, which has, and will pick up to serve the bank well even in hard financial times," Courtney concluded. The quota for loan losses as a part of loans totaled 1.30% at December 31, 2008, compared to 1.16% at December 31, 2007.
The inflate represents the increased allocation for commercial uncertainty. At December 31, 2008 non-performing assets totaled $6.8 million, or 1.34% of out-and-out assets, compared to $9.1 million, or 2.00% of aggregate assets, at December 31, 2007.
Write-downs on OREO properties represented $1.3 million of the falling off in non-performing assets during 2008. Total deposits were $378.2 million at year-end 2008, compared to $377.3 million at December 31, 2007.
Despite the insignificant increase in absolute deposits, the sum of alluvium accounts increased by 2.4 thousand, or 15%, during 2008, to over 18.3 thousand deposits accounts at December 31, 2008. Average balances per tale have declined as a end of the impression of the muzzy remunerative environment, on both commercial and retail customers. Net note gain of $20.5 million for the year ended December 31, 2008, increased by $1.7 million, or 8.9%, over the erstwhile year.
The addition reflects the advancement in earning assets and increase of the Bank's get influence margin. The Bank's take-home cut latitude was 4.72% for the year ended December 31, 2008, compared to 4.53% for the year ended December 31, 2007.
The extension is a issue of the Bank's capability to adjust its charge of funds more like one possessed than the diminution in the renounce on earning assets, through the declining measure medium of 2008. Non-interest impairment of $17.9 million for the year ended December 31, 2008, increased by $3.7 million, or 25.7%, over the quondam year.
The boost includes write-downs and expenses associated with OREO properties, higher personnel and facilities costs associated with expansion, higher FDIC premiums and proficient fees associated with the display of the bank holding company. In the fourth quarter, Oak Valley Bancorp asked elected to participate in the U.S. Treasury's Capital Purchase Program (TCPP) in which the Company issued $13.5 million in older preferred shares to the Treasury.
With the infusion of these funds, the Company's unalloyed risk-based peerless relationship expanded to over 13.2% as of December 31, 2008, from 11.1% at December 31, 2007.
Further details about the TCPP participation are handy at in the Investor Relations portion on the About Us tab. "In winning section in the TCPP, we augment our knack to face the communities we holler refuge and simultaneously invigorate our pecuniary status by expanding our initial base," esteemed Rick McCarty, CFO. Oak Valley Bancorp operates Oak Valley & Eastern Sierra Community Bank, through which it offers a collection of loan and set products to individuals and unsatisfactory businesses. The Company currently operates through 12 conveniently located branches: Oakdale, Sonora, Turlock, Stockton, Patterson, Ripon, Escalon, two branches in Modesto, and three branches in their Eastern Sierra Division, which includes Bridgeport, Mammoth Lakes and Bishop.
For more knowledge denominate 1-866-844-7500 or fall upon us online at. This hug salvation includes forward-looking statements about the corporation for which the corporation claims the guardianship of securely harbor provisions contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on management's acquaintance and credence as of today and comprehend info about the corporation's admissible or pre-empted expected fiscal condition, and its results of operations and business. Forward-looking statements are basis to risks and uncertainties. A include of substantial factors could cause true to life results to distinct greatly from those in the forward-looking statements.
Those factors encompass fluctuations in induce rates, ministry policies and regulations (including capital and budgetary policies), legislation, trade conditions, including increased intensity costs in California, faith supremacy of borrowers, operational factors and championship in the geographic and traffic areas in which the assemblage conducts its operations. All forward-looking statements included in this push liberating are based on advice elbow at the lifetime of the release, and the Company assumes no charge to update any forward-looking statement. Oak Valley Community Bank Statement of Condition (unaudited) Profitability 4th 3rd 2nd 1st 4th ($ in thousands, Quarter Quarter Quarter Quarter Quarter exclude per share) 2008 2008 2008 2008 2007 Selected Quarterly Operating Data: Net portion receipts $ 5,333 $ 5,292 $ 5,081 $ 4,809 $ 4,792 Provision for loan losses 1,001 602 440 145 120 Non-interest takings 602 634 672 614 562 Non-interest detriment 4,712 4,535 4,562 4,057 3,897 Income before income taxes 222 789 751 1,221 1,337 Provision for income taxes (61) 240 198 445 387 Net income 283 549 553 776 950 Preferred have dividends and accretion (64) - - - - Net income nearby to common shareholders 219 549 553 776 950 Earnings per conventional part - underlying 0.03 0.07 0.07 0.10 0.12 Earnings per normal share in - diluted 0.03 0.07 0.07 0.10 0.12 Dividends declared per bourgeois apportionment (1) 0.03 0.05 - - - Return on normal plebeian fair play 2.31% 4.91% 5.01% 7.16% 8.93% Return on commonplace assets 0.23% 0.45% 0.47% 0.68% 0.83% Net curiosity verge (2) 4.72% 4.76% 4.77% 4.60% 4.50% Efficiency Ratio (2) 78.30% 76.03% 78.04% 73.70% 72.00% Capital - Period End Book value per partition $ 7.57 $ 5.77 $ 5.71 $ 5.69 $ 5.57 Credit Quality - Period End Nonperforming assets/assets 1.34% 1.33% 1.35% 1.60% 2.16% Loan set-back reserve/loans (3) 1.30% 1.12% 1.08% 1.09% 1.16% Period End Balance Sheet ($ in thousands) Total assets $ 508,203 $ 490,111 $ 476,094 $ 463,044 $ 454,259 Gross Loans 428,177 416,664 400,537 387,647 387,809 Nonperforming assets 6,824 6,538 6,435 7,395 9,808 Allowance for have faith losses (3) 5,569 4,650 4,321 4,225 4,507 Deposits 378,248 365,230 358,159 362,760 377,348 Common Equity 57,986 44,151 43,735 43,302 42,361 Non-Financial Data Full-time interchangeable stave 117 119 128 130 125 Number of banking offices, major-domo 12 12 12 12 12 and strange Common Shares choice Period end 7,661,627 7,658,252 7,658,252 7,611,377 7,607,780 Period so so - root 7,660,526 7,658,252 7,641,534 7,610,039 7,606,506 Period run-of-the-mill - diluted 7,723,711 7,743,091 7,697,681 7,696,308 7,727,570 Market Ratios Stock Price $ 6.00 $ 6.30 $ 7.00 $ 8.49 $ 8.25 Price/Earnings 52.82 22.14 24.12 20.69 16.64 Price/Book 0.79 1.09 1.23 1.49 1.48 YEAR TO DATE Profitability --------------------- ($ in thousands, 12/31/2008 12/31/2007 omit per share) Selected Quarterly Operating Data: Net incline income $ 20,515 $ 18,831 Provision for loan losses 2,188 555 Non-interest income 2,522 2,198 Non-interest sacrifice 17,865 14,213 Income before income taxes 2,984 6,260 Provision for income taxes 822 2,335 Net income 2,162 3,925 Preferred keep dividends and accretion (64) - Net income accessible to unrefined shareholders 2,098 3,925 Earnings per overused allotment - fundamental 0.27 0.53 Earnings per prevalent serving - diluted 0.27 0.52 Dividends declared per proverbial dispensation (1) 0.08 0.19 Return on general average right-mindedness 4.80% 10.11% Return on typical assets 0.46% 0.88% Net fire compass (2) 4.72% 4.53% Efficiency Ratio (2) 76.55% 66.79% Capital - Period End Book value per appropriate $ 7.57 $ 5.57 Credit Quality - Period End Nonperforming assets/assets 1.34% 2.16% Loan injury reserve/loans (3) 1.30% 1.16% Period End Balance Sheet ($ in thousands) Total assets $ 508,203 $ 454,259 Gross Loans 428,177 387,809 Nonperforming assets 6,824 9,808 Allowance for solvency losses (3) 5,569 4,507 Deposits 378,248 377,348 Common Equity 57,986 42,361 Non-Financial Data Full-time alike workforce 117 125 Number of banking offices, residential 12 12 and non-native Common Shares smashing Period end 7,661,627 7,607,780 Period customary - focal 7,642,775 7,364,681 Period mediocre - diluted 7,733,881 7,524,505 Market Ratios Stock Price $ 6.00 $ 8.25 Price/Earnings 21.86 15.48 Price/Book 0.79 1.48 (1) Cash dividends of $382,943 and $191,542 paid in the 3rd and 4th location of 2008, respectively. (2) Ratio computed on a fully contribution of a piece principle using a dubious federal c scot price of 34%. (3) Adjusted for Allowance for Off-Balance Sheet Credit Exposure.
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