Oak Valley Bancorp Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013
The company's 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. 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. Return on average common equity was 9.07% against 8.80% a year ago. Return on average assets was 0.90% against 0.95% a year ago. Book value per share was $8.24 against $7.99 a year ago.