Business News • MarketWire • Oak Valley Bancorp Amends 4th Quarter Results |
Oak Valley Bancorp Amends 4th Quarter Results |
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Oak Valley Bancorp Amends 4th Quarter Results
OAKDALE, CA--(Marketwired - Mar 18, 2014) - Oak Valley Bancorp (NASDAQ: OVLY), the bank holding company for Oak Valley Community Bank and Eastern Sierra Community Bank, recently published a revision to their fourth quarter results, which were first published January 22, 2014. Changes to the financial results reduced reported common equity and total capital by $793,000 as a result of the common stock dividend that was declared in December 2013, but inadvertently was not transferred out of equity and into a liability account at that time. The effect of the error was that the book value per share should have been $8.14 instead of $8.24 and the price to book ratio should have been 1.03 instead of 1.02. Also, due to a reclassification of deferred tax assets, reported total assets decreased by $207,000, which was reported as $672.1 million and should have been $671.9 million. The original release is amended and restated as follows and the financial tables below have been adjusted accordingly to reflect these changes.
View More : http://www.marketwired.com/mw/release.do?id=1890108&sourceType=3
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