# EDGAR Filing Document

**Accession Number:** 0001431567
**File Stem:** 0001437749-23-001567
**Filing Date:** 2023-1
**Character Count:** 21404
**Document Hash:** 05d828e5ad338fb370805bd3914ac33e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-23-001567.hdr.sgml**: 20230123

**ACCESSION NUMBER**: 0001437749-23-001567

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230120

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230123

**DATE AS OF CHANGE**: 20230123

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Oak Valley Bancorp
- **CENTRAL INDEX KEY:** 0001431567
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **IRS NUMBER:** 262326676
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34142
- **FILM NUMBER:** 23543063

**BUSINESS ADDRESS:**
- **STREET 1:** 125 N. THIRD AVE.
- **CITY:** OAKDALE
- **STATE:** CA
- **ZIP:** 95361
- **BUSINESS PHONE:** 209-844-7500

**MAIL ADDRESS:**
- **STREET 1:** 125 N. THIRD AVE.
- **CITY:** OAKDALE
- **STATE:** CA
- **ZIP:** 95361

ovly20230120_8k.htm

**UNITED STATES**<br> **SECURITIES AND EXCHANGE COMMISSION**<br> Washington, D.C. 20549<br>**FORM **8-K**<br>**CURRENT REPORT** <br>**Pursuant to Section 13 or 15(d) of the**<br> **Securities Exchange Act of 1934.** <br>

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| | | |
|:---|:---|:---|
| **Date of Report: **January 20, 2023**<br> (Date of earliest event reported) | **Date of Report: **January 20, 2023**<br> (Date of earliest event reported) | **Date of Report: **January 20, 2023**<br> (Date of earliest event reported) |
| **Oak Valley Bancorp**<br> (Exact name of registrant as specified in its charter) | **Oak Valley Bancorp**<br> (Exact name of registrant as specified in its charter) | **Oak Valley Bancorp**<br> (Exact name of registrant as specified in its charter) |
| **CA**<br> (State or other jurisdiction<br> of incorporation) | **001-34142**<br> (Commission File Number) | **26-2326676**<br> (IRS Employer<br> Identification Number) |
| **125 N. Third Ave**. **Oakdale**, **CA**<br> (Address of principal executive offices) | **95361**<br> (Zip Code) |  |
| <br> **(**209**) **848-2265**<br> (Registrant's telephone number, including area code) | <br> **(**209**) **848-2265**<br> (Registrant's telephone number, including area code) | <br> **(**209**) **848-2265**<br> (Registrant's telephone number, including area code) |
| **Not Applicable**<br> (Former Name or Former Address, if changed since last report) | **Not Applicable**<br> (Former Name or Former Address, if changed since last report) | **Not Applicable**<br> (Former Name or Former Address, if changed since last report) |

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Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock | OVLY | The Nasdaq Stock Market, LLC |

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934. Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02. Results of Operations and Financial Condition**<br>On January 20, 2023 Oak Valley Bancorp issued a press release, a copy of which is attached as Exhibit 99.1 and incorporated herein by reference. The press release announced the Company's operating results for the quarter and twelve months ended December 31, 2022.<br>The information in this Item 2.02 in this Form 8-K and the Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as shall be expressly set forth by specific reference in such filing.<br>**Item 7.01. Regulation FD Disclosure.**<br>See "Item 2.02. Results of Operations and Financial Condition" which is incorporated by reference in this Item 7.01.<br>**Item 9.01. Financial Statements and Exhibits**<br>**(a) Financial statements:**<br> None<br> **(b) Pro forma financial information:**<br> None<br> **(c) Shell company transactions:**<br> None<br> **(d) Exhibits**<br> 99.1 [Press Release of Oak Valley Bancorp dated January 20, 2023](ex_466147.htm)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 Cover Page Interactive Data File (embedded within the Inline XBRL document)<br>**SIGNATURE**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.<br>

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| | |
|:---|:---|
| Dated: January 23, 2023 | **OAK VALLEY BANCORP** <br> By: <u>/s/ Jeffrey A. Gall</u><br> Jeffrey A. Gall<br> Senior Vice President and Chief Financial Officer (Principal Financial Officer and duly authorized signatory) |

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| | |
|:---|:---|
| **Exhibit Index** | **Exhibit Index** |
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| 99.1 | [Press Release of Oak Valley Bancorp dated January 20, 2023](ex_466147.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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## Exhibit 99.1

**Exhibit 99.1**

**PRESS** RELEASE<br>

**For Immediate Release**

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| | |
|:---|:---|
| **Date:** | January 20, 2023 |

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| | |
|:---|:---|
| **Contact:** | Chris Courtney/Rick McCarty |

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|:---|:---|
| **Phone:** | (209) 848-2265<br> www.ovcb.com |

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**OAK VALLEY BANCORP REPORTS 4<sup>th</sup> QUARTER RESULTS AND ANNOUNCES CASH DIVIDEND**

OAKDALE, CA – 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 December 31, 2022, consolidated net income was $9,475,000 or $1.15 per diluted share (EPS), as compared to $6,800,000, or $0.83 EPS, for the prior quarter and $3,466,000, or $0.42 EPS for the same period a year ago. Consolidated net income for the year ended December 31, 2022, totaled $22,902,000, or $2.79 EPS, representing an increase of 40.2% compared to $16,337,000 or $2.00 EPS for 2021. The increase in QTD and YTD earnings is mainly due to rising net interest income and a loan loss provision reversal of $1,550,000 recorded during the fourth quarter.

"We are excited to report a truly outstanding financial performance for the quarter and the year. Our team's dedication to serving our clients' needs, expanding banking relationships, and delivering a premier banking experience has proven to resonate with clients – time and time again," stated Chris Courtney, Chief Executive Officer.

Net interest income was $19,113,000 and $60,076,000 for the fourth quarter and year ended December 31, 2022, respectively, compared to $16,772,000 during the prior quarter, $11,309,000 for the fourth quarter of 2021, and $48,835,000 for the year ended December 31, 2021. The increases over prior periods are mainly attributable to increased yields on all earning assets resulting from recent FOMC rate hikes. In addition, gross core loans, excluding PPP loans, grew by $84.4 million and the book value of the investment security portfolio grew by $264.1 million during the year. These increases were offset in part by the decrease in PPP loan interest and fees, as outstanding balances have been paid down to $1.8 million as of December 31, 2022, a year-over-year reduction of $28.7 million due to SBA forgiveness payments.

Net interest margin was 4.09% and 3.32% for the fourth quarter and year ended December 31, 2022, respectively, as compared to 2.55% and 3.04% for the same periods of 2021. The interest margin expansion compared to the prior periods was the result of deploying cash balances into higher yielding investments and loans, deposit interest rates remaining relatively flat, and the aforementioned positive impact of FOMC rate hikes on earning asset yield.

Non-interest income for the fourth quarter and year ended December 31, 2022, totaled $1,421,000 and $5,571,000, respectively, compared to $1,611,000 during the prior quarter, $1,542,000 for the fourth quarter of 2021, and $5,426,000 for the year ended December 31, 2021. The year-over-year increase was primarily due to a gain of $274,000 from market value changes on a limited partnership equity investment recorded in the third quarter, which consequently resulted in a decrease in the fourth quarter.

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Non-interest expense for the fourth quarter and year ended December 31, 2022, totaled $9,611,000 and $37,308,000, respectively, compared to $9,370,000 during the prior quarter, $8,877,000 for the fourth quarter of 2021 and $33,219,000 for the year ended December 31, 2021. The fourth quarter and year-to-date increases compared to prior periods correspond to staffing expense, general operating costs related to servicing the growing loan and deposit portfolios, and a decrease in deferred costs associated with funded loans which is recorded against salary expense.

Total assets were $1.97 billion at December 31, 2022, an increase of $6.4 million over September 30, 2022, and $4.4 million over December 31, 2021. Gross loans were $915.8 million as of December 31, 2022, an increase of $3.5 million from September 30, 2022, and $55.7 million from December 31, 2021. Gross loans were impacted by PPP loan balance decreases of $3.2 million and $28.7 million, during the fourth quarter and trailing twelve months, respectively, due to SBA forgiveness payments. The Company's total deposits were $1.81 billion as of December 31, 2022, a decrease of $16.6 million from September 30, 2022, and an increase of $7.3 million over December 31, 2021.

Non-performing assets remained at zero as of December 31, 2022, as they were as of September 30, 2022 and December 31, 2021. The allowance for loan losses as a percentage of gross loans decreased to 1.03% at December 31, 2022, compared to 1.21% at September 30, 2022, and 1.25% at December 31, 2021. The Company recorded a $1,550,000 reversal of loan loss provisions during the fourth quarter, mainly related to a COVID-19 risk-based discretionary reserve first recorded during 2020, that was no longer required, as economic conditions have improved. Loan loss reserves relative to gross loans remain at acceptable levels consistent with our internal loan risk model and credit quality remains stable.

The Board of Directors of Oak Valley Bancorp at their January 17, 2023, meeting declared the payment of a cash dividend of $0.16 per share of common stock to its shareholders of record at the close of business on January 30, 2023. The payment date will be February 10, 2023 and will amount to approximately $1,321,000. This is the first dividend payment made by the Company in 2023.

Oak Valley Bancorp operates Oak Valley Community Bank & their Eastern Sierra Community Bank division, through which it offers a variety of loan and deposit products to individuals and small businesses. They currently operate through 18 conveniently located branches: Oakdale, Turlock, Stockton, Patterson, Ripon, Escalon, Manteca, Tracy, Sacramento, Roseville, two branches in Sonora, three branches in Modesto, and three branches in their Eastern Sierra division, which includes Bridgeport, Mammoth Lakes, and Bishop. The Company's Roseville location opened in early 2022 as a Loan Production Office and as a full-service branch in December 2022.

For more information, call 1-866-844-7500 or visit <u>www.ovcb.com</u>.

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.

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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.

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|:---|
| **Oak Valley Bancorp** |
| Financial Highlights (unaudited) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ($ in thousands, except per share) | 4th Quarter | 3rd Quarter | 2nd Quarter | 1st Quarter | 4th Quarter |
| **Selected Quarterly Operating Data:** | 2022 | 2022 | 2022 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net interest income | $19113 | $16772 | $13233 | $10958 | $11309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Reversal of) provision for loan losses | (1550) | 200 |  |  | (635) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-interest income | 1421 | 1611 | 1371 | 1168 | 1542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-interest expense | 9611 | 9370 | 9205 | 9122 | 8877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income before income taxes | 12473 | 8813 | 5399 | 3004 | 4609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for income taxes | 2998 | 2013 | 1141 | 635 | 1143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income | $9475 | $6800 | $4258 | $2369 | $3466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Earnings per common share - basic | $1.16 | $0.83 | $0.52 | $0.29 | $0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Earnings per common share - diluted | $1.15 | $0.83 | $0.52 | $0.29 | $0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends paid per common share | $- | $0.150 | $- | $0.150 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return on average common equity | 33.37% | 21.96% | 13.40% | 6.84% | 9.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return on average assets | 1.90% | 1.35% | 0.88% | 0.50% | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net interest margin (1) | 4.09% | 3.61% | 2.98% | 2.51% | 2.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Efficiency ratio (2) | 45.49% | 48.14% | 59.68% | 71.70% | 67.45% |
| Capital - Period End |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Book value per common share | $15.33 | $12.86 | $14.38 | $15.95 | $17.31 |
| Credit Quality - Period End |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nonperforming assets/ total assets | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan loss reserve/ gross loans | 1.03% | 1.21% | 1.19% | 1.25% | 1.25% |
| Period End Balance Sheet |  |  |  |  |  |
| ($ in thousands) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $1968346 | $1962470 | $1991235 | $1946019 | $1964478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross loans | 915758 | 912235 | 907627 | 858763 | 860037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nonperforming assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowance for loan losses | 9468 | 10997 | 10785 | 10762 | 10738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits | 1814297 | 1830882 | 1852502 | 1799305 | 1806966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common equity | 126627 | 106188 | 118698 | 131649 | 142612 |
| Non-Financial Data |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Full-time equivalent staff | 198 | 209 | 209 | 206 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of banking offices | 18 | 17 | 17 | 17 | 17 |
| Common Shares outstanding |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Period end | 8257894 | 8258794 | 8254574 | 8255601 | 8239099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Period average - basic | 8175871 | 8172836 | 8170291 | 8157987 | 8151250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Period average - diluted | 8213891 | 8206342 | 8201367 | 8197275 | 8188003 |
| Market Ratios |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock Price | $22.65 | $17.87 | $17.20 | $18.45 | $17.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Price/Earnings | 4.93 | 5.41 | 8.23 | 15.67 | 10.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Price/Book | 1.48 | 1.39 | 1.20 | 1.16 | 1.01 |

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| (1) Ratio computed on a fully tax equivalent basis using a marginal federal tax rate of 21%. |
| (2) Ratio computed on a fully tax equivalent basis using a marginal federal tax rate of 21%. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A marginal federal/state combined tax rate of 29.56%, was used for applicable revenue. |

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| | | |
|:---|:---|:---|
|  | YEAR ENDED<br> DECEMBER 31, | YEAR ENDED<br> DECEMBER 31, |
| Profitability | 2022 | 2021 |
| ($ in thousands, except per share) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net interest income | $60076 | $48835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for loan losses | (1350) | (635) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-interest income | 5571 | 5426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-interest expense | 37308 | 33219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income before income taxes | 29689 | 21677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for income taxes | 6787 | 5340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income | $22902 | $16337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Earnings per share - basic | $2.80 | $2.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Earnings per share - diluted | $2.79 | $2.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends paid per share | $0.300 | $0.290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return on average equity | 18.21% | 11.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return on average assets | 1.17% | 0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net interest margin (1) | 3.32% | 3.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Efficiency ratio (2) | 54.29% | 59.43% |
| Capital - Period End |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Book value per share | $15.33 | $17.31 |
| Credit Quality - Period End |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nonperforming assets/ total assets | 0.00% | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan loss reserve/ gross loans | 1.03% | 1.25% |
| Period End Balance Sheet |  |  |
| ($ in thousands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $1968346 | $1964478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross loans | 915758 | 860037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nonperforming assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowance for loan losses | 9468 | 10738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits | 1814297 | 1806966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stockholders' equity | 126627 | 142612 |
| Non-Financial Data |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Full-time equivalent staff | 198 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of banking offices | 18 | 17 |
| Common Shares outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Period end | 8257894 | 8239099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Period average - basic | 8169305 | 8145028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Period average - diluted | 8204769 | 8178740 |
| Market Ratios |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock Price | $22.65 | $17.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Price/Earnings | 8.08 | 8.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Price/Book | 1.48 | 1.01 |

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|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Ratio computed on a fully tax equivalent basis using a marginal federal tax rate of 21%. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Ratio computed on a fully tax equivalent basis using a marginal federal tax rate of 21%. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A marginal federal/state combined tax rate of 29.56%, was used for applicable revenue. |

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