Oak Valley Community Bank Reports Results

Apr 24, 2001, 01:00 ET from Oak Valley Community Bank

    OAKDALE, Calif., April 24 /PRNewswire Interactive News Release/ --
 Oak Valley Community Bank (OTC Bulletin Board:   OVYB), traded as OVYB on the
 bulletin board, reported earnings of $381,000 or $0.24 per share for the first
 quarter ending March 31, 2001.  This compares to earnings of $345,000 for the
 first quarter of 2000.  The return on average assets was 1.20% and the return
 on beginning equity was 11.37%.  Total assets at March 31, 2001 were
 $128.3 million, an increase of $8.4 million or 7% from March 31, 2000.  Total
 net loans increased by $11.6 million or 15% to $90.6 million at
 March 31, 2001.  The Bank's total deposits were $107.5 million at
 March 31, 2001, which is an increase of $9.4 million or 10% over last year.
 Growth will continue to be a strategic objective of Oak Valley Community Bank,
 which opened a branch in the Eastern Sierra town of Bridgeport in September
 2000.  On May 29th, the Bank's 10th anniversary, the Mammoth Lakes Branch will
 be opened as Eastern Sierra Community Bank, a Division of Oak Valley Community
 Bank.
     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 COMMUNITY BANK
                           CONSOLIDATED BALANCE SHEET
          (Unaudited) (Dollars in thousands, except per share amount)
 
     Period Ending March 31                      2001        2000       1999
     Assets
     Cash and Federal Funds Sold               $7,041      $4,259     $3,224
     Certificates of Deposit                    1,500         500         --
     Investment Securities                     25,516      32,876     30,244
     Loans:
       Real Estate                             59,358      50,541     36,176
       Commercial                              22,924      15,034     13,154
       Installment and Other                   10,004      14,836     15,235
     Total Loans                               92,286      80,411     64,565
     Less:
       Unearned Income                            381         356        310
       Allowance for Loan Losses                1,278       1,041        912
     Net Loans                                 90,627      79,014     63,343
     Other Assets                               3,596       3,226      4,457
       Total Assets                          $128,280    $119,875   $101,268
 
     Liabilities
     Deposits                                $107,482     $98,053    $84,493
     Wholesale Funding                          6,500       9,000      5,300
     Account Payable and Accrued Expenses         699         667        738
       Total Liabilities                     $114,681    $107,720    $90,531
     Shareholders' Equity                     $13,599     $12,155    $10,737
     Total Liabilities and Shareholders'
      Equity                                 $128,280    $119,875   $101,268
 
                        CONSOLIDATED STATEMENT OF INCOME
          (Unaudited) (Dollars in thousands, except per share amount)
 
     Period Ending March 31                      2001        2000       1999
     Interest Income
       Interest and Fees on Loans              $2,141      $2,009     $1,702
       Interest on Investments and
        Federal Funds                             557         528        366
     Total Interest Income                      2,698       2,537      2,068
     Interest Expense on Deposits and
      Federal Funds                             1,255       1,112        818
     Net Interest Income                        1,443       1,425      1,250
     Provision for Loan Losses                    116          51         65
     Net Interest Income                        1,327       1,374      1,185
     Other Income                                 224          88        136
     Other Expenses                               929         892        859
     Net Operating Income                         622         570        462
     Income Taxes                                 241         225        177
     Net Income                                  $381        $345       $285
 
                              SELECTED FINANCIAL DATA
                                    (Unaudited)
 
     Period Ending March 31                      2001        2000       1999
     Annualized Return On:
       Average Assets                           1.20%       1.17%      1.17%
       Beginning Equity                        11.37%      11.94%     11.04%
     Net Interest Margin                        4.81%       5.05%      5.48%
     Capital Ratio                             10.60%      10.14%     10.60%
     Nonperforming Loans to Total Loans         0.32%       0.82%      0.46%
     Shares Outstanding                     1,602,303   1,550,935    952,593
     Earnings per Share*                        $0.24       $0.22      $0.20
     Book Value per Share *                     $8.49       $7.84      $7.51
     * 1999 is adjusted for a 3:2 stock split that occurred during the 1st
     quarter 2000.
 
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SOURCE Oak Valley Community Bank
    OAKDALE, Calif., April 24 /PRNewswire Interactive News Release/ --
 Oak Valley Community Bank (OTC Bulletin Board:   OVYB), traded as OVYB on the
 bulletin board, reported earnings of $381,000 or $0.24 per share for the first
 quarter ending March 31, 2001.  This compares to earnings of $345,000 for the
 first quarter of 2000.  The return on average assets was 1.20% and the return
 on beginning equity was 11.37%.  Total assets at March 31, 2001 were
 $128.3 million, an increase of $8.4 million or 7% from March 31, 2000.  Total
 net loans increased by $11.6 million or 15% to $90.6 million at
 March 31, 2001.  The Bank's total deposits were $107.5 million at
 March 31, 2001, which is an increase of $9.4 million or 10% over last year.
 Growth will continue to be a strategic objective of Oak Valley Community Bank,
 which opened a branch in the Eastern Sierra town of Bridgeport in September
 2000.  On May 29th, the Bank's 10th anniversary, the Mammoth Lakes Branch will
 be opened as Eastern Sierra Community Bank, a Division of Oak Valley Community
 Bank.
     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 COMMUNITY BANK
                           CONSOLIDATED BALANCE SHEET
          (Unaudited) (Dollars in thousands, except per share amount)
 
     Period Ending March 31                      2001        2000       1999
     Assets
     Cash and Federal Funds Sold               $7,041      $4,259     $3,224
     Certificates of Deposit                    1,500         500         --
     Investment Securities                     25,516      32,876     30,244
     Loans:
       Real Estate                             59,358      50,541     36,176
       Commercial                              22,924      15,034     13,154
       Installment and Other                   10,004      14,836     15,235
     Total Loans                               92,286      80,411     64,565
     Less:
       Unearned Income                            381         356        310
       Allowance for Loan Losses                1,278       1,041        912
     Net Loans                                 90,627      79,014     63,343
     Other Assets                               3,596       3,226      4,457
       Total Assets                          $128,280    $119,875   $101,268
 
     Liabilities
     Deposits                                $107,482     $98,053    $84,493
     Wholesale Funding                          6,500       9,000      5,300
     Account Payable and Accrued Expenses         699         667        738
       Total Liabilities                     $114,681    $107,720    $90,531
     Shareholders' Equity                     $13,599     $12,155    $10,737
     Total Liabilities and Shareholders'
      Equity                                 $128,280    $119,875   $101,268
 
                        CONSOLIDATED STATEMENT OF INCOME
          (Unaudited) (Dollars in thousands, except per share amount)
 
     Period Ending March 31                      2001        2000       1999
     Interest Income
       Interest and Fees on Loans              $2,141      $2,009     $1,702
       Interest on Investments and
        Federal Funds                             557         528        366
     Total Interest Income                      2,698       2,537      2,068
     Interest Expense on Deposits and
      Federal Funds                             1,255       1,112        818
     Net Interest Income                        1,443       1,425      1,250
     Provision for Loan Losses                    116          51         65
     Net Interest Income                        1,327       1,374      1,185
     Other Income                                 224          88        136
     Other Expenses                               929         892        859
     Net Operating Income                         622         570        462
     Income Taxes                                 241         225        177
     Net Income                                  $381        $345       $285
 
                              SELECTED FINANCIAL DATA
                                    (Unaudited)
 
     Period Ending March 31                      2001        2000       1999
     Annualized Return On:
       Average Assets                           1.20%       1.17%      1.17%
       Beginning Equity                        11.37%      11.94%     11.04%
     Net Interest Margin                        4.81%       5.05%      5.48%
     Capital Ratio                             10.60%      10.14%     10.60%
     Nonperforming Loans to Total Loans         0.32%       0.82%      0.46%
     Shares Outstanding                     1,602,303   1,550,935    952,593
     Earnings per Share*                        $0.24       $0.22      $0.20
     Book Value per Share *                     $8.49       $7.84      $7.51
     * 1999 is adjusted for a 3:2 stock split that occurred during the 1st
     quarter 2000.
 
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 SOURCE  Oak Valley Community Bank