Oak Valley Bancorp (OVLY) in Oakdale, Calif., has restated its fourth-quarter earnings after discovering that it made an error accounting for a common stock dividend.
The $672 million-asset company said in a press release Tuesday that the error inflated its book value per share by 10 cents, to $8.24. It should have been $8.14 a share. The change also reduced the company's reported common equity and total capital by $793,000.
Oak Valley also said that it a reclassification of deferred-tax assets had reduced its total assets by $207,000.
The adjustments did not alter Oak Valley's net income. The company reported on Jan. 22 that its quarterly earnings increased 22% from a year earlier, to $1.7 million.