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Oak Valley Bancorp Reports 3rd Quarter Results

Oak Valley Bancorp (CA) (OVLY) 
US:NASDAQ Investor Relations: investors.ovcb.com
Company Research Source: GlobeNewswire
OAKDALE, Calif., Oct. 18, 2018 (GLOBE NEWSWIRE) -- Oak Valley Bancorp (NASDAQ: OVLY) (the “Company”), the bank holding company for Oak Valley Community Bank and their Eastern Sierra Community Bank division, recently reported unaudited consolidated financial results. For the three months ended September 30, 2018, consolidated net income was $3,165,000, or $0.39 per diluted share (EPS), compared to $2,591,000, or $0.32 EPS for the prior quarter and $2,468,000, or $0.31 EPS for the same period of 2017. Consolidated net income for the nine months ended September 30, 2018 totaled $8,558,000, or $1.06 EPS, representing an increase of $1,053,000 or 14.0%, compared to $7,505,000, or $0.93 EPS for the nine months ended September 30, 2017. The earnings increase compared to prior periods is primarily due to loan growth, the positive impact of rising interest rates on earning assets resulting in increased net interest income, and a lower effective tax rate in 2018 compared to 2017 due to the Ta Show less Read more
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