Oak Valley Bancorp (OVLY)

[MisterEC]

Current Report Filing (8-k)

Date : 02/01/2016 @ 12:24PM
Source : Edgar (US Regulatory)
Stock : Oak Valley Bancorp (CA) (MM) (OVLY)
Quote : 9.45 0.09 (0.96%) @ 4:00PM

Current Report Filing (8-k)



Date:

January 29, 2016



Contact:

Chris Courtney/Rick McCarty



Phone:

[phone]

www.ovcb.com



OAK VALLEY BANCORP REPORTS 4th QUARTER RESULTS



OAKDALE, CA - Oak Valley Bancorp (NASDAQ: OVLY) (the “Company”), the bank holding company for Oak Valley Community Bank and Eastern Sierra Community Bank (the “Bank”), recently reported consolidated financial results for the fourth quarter and year of 2015. For the three months ended December 31, 2015, consolidated net income was $490,000, or $0.06 per diluted share. This compared to consolidated net income of $1,382,000, or $0.17 per diluted share, for the prior quarter and $1,642,000, or $0.20 per diluted share for the same period a year ago. The decrease in net income is attributable to one-time merger related expenses of $1,326,000, net of taxes ($1,971,000 pre-tax), associated with the Mother Lode Bank acquisition completed in December 2015.



Consolidated net income for 2015 totaled $4,908,000, or $0.61 per diluted share, representing a decrease of 31.1% compared to consolidated net income of $7,122,000, or $0.89 per diluted share for 2014. Year-to-date results in 2014 included a $1.88 million reversal of loan loss provisions related to the recovery of a charged off loan which bolstered net income in 2014 from normal operations, and combined with the 2015 merger expenses, further contributed to the year-over-year decrease in earnings.

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