Welcome to our dedicated page for Oak Valley Bancorp news (Ticker: OVLY), a resource for investors and traders seeking the latest updates and insights on Oak Valley Bancorp stock.
Oak Valley Bancorp (NASDAQ: OVLY) is a well-established bank holding company headquartered in Oakdale, California. It operates through its subsidiary, Oak Valley Community Bank, and offers a comprehensive range of financial services to businesses and individuals. With a unique style of service that attracts small to medium-sized businesses, professionals, and individuals, Oak Valley Community Bank has grown significantly since its inception.
Located in the heart of California’s Central Valley, Oak Valley Bancorp serves a growing footprint that spans five counties and extends into the Eastern Sierra Nevada. The company's commitment to a team philosophy and promoting from within has contributed to its long-term growth strategy. This strategy includes a well-thought-out de novo branch approach referred to as the “rolling 10-year plan.” Over its 24-year history, this plan has transformed Oak Valley Bancorp from a single branch operation to a network of 15 locations, with a 16th branch under construction, and nearly $800 million in assets.
Oak Valley Community Bank offers a variety of business checking and savings accounts, commercial and real estate loans, and lines of credit. They also provide a wide range of additional services for both businesses and individuals, including online banking, remote deposit capture, mobile banking, merchant services, night depository, extended hours, wire transfers, note collection, and access to a national network of automated teller machines.
Known for its strong community ties and culture of service, Oak Valley Bancorp has the distinction of being the only NASDAQ-traded company headquartered in Stanislaus County. The company's primary source of revenue is net interest income, reflecting its robust financial health and effective management practices.
The latest updates on Oak Valley Bancorp's performance, events, and developments are crucial for stakeholders and potential investors seeking relevant and timely information about the company.
Oak Valley Community Bank, subsidiary of Oak Valley Bancorp (NASDAQ: OVLY), has secured approval for two 2024 AHEAD grants from the Federal Home Loan Bank of San Francisco totaling $125,000. The grants will benefit Turlock Gospel Mission ($100,000) and Habitat for Humanity of Tuolumne County ($25,000). The funding will support workforce development through Volente Coffee Roasters and upgrade communication infrastructure for affordable housing initiatives. These grants are part of a larger $7.3 million AHEAD funds distribution across Arizona, California, and Nevada, supporting 84 economic development projects.
Oak Valley Bancorp (NASDAQ: OVLY) reported its Q3 2024 financial results. Consolidated net income was $7,324,000, or $0.89 per diluted share, compared to $5,889,000 in the prior quarter and $7,354,000 in Q3 2023. The increase from Q2 was primarily due to loan recoveries resulting in a $1,620,000 reversal of allowance for credit losses. Net interest income was $17,655,000, up from $17,292,000 in Q2 but down from $18,938,000 in Q3 2023. The net interest margin was 4.04%, compared to 4.11% in Q2 and 4.34% in Q3 2023.
Total assets reached $1.90 billion, gross loans were $1.08 billion, and total deposits were $1.69 billion as of September 30, 2024. Non-performing assets remained at zero, and the allowance for credit losses as a percentage of gross loans increased to 1.07%. The bank maintains a strong liquidity position with $213.9 million in cash and cash equivalents.
Oak Valley Community Bank, a subsidiary of Oak Valley Bancorp (NASDAQ: OVLY), has announced the hiring of Heather Diaz as Vice President, Branch Manager of the Modesto-McHenry Office. Diaz brings over a decade of banking experience, previously serving as Vice President, Financial Center Manager for a large national bank. In her new role, she will manage branch operations, ensure premier service, and pursue business development opportunities.
Diaz's background includes managing sales teams, specialized lending partners, and investment partners. She has been recognized with the Pinnacle Excellence Award and the Circle of Excellence Award. Julie DeHart, Executive Vice President of the Retail Banking Group, expressed enthusiasm about Diaz joining the team, citing her extensive experience in Stanislaus County and leadership expertise as valuable assets for the bank's growth.
Oak Valley Community Bank (OVCB), a subsidiary of Oak Valley Bancorp (NASDAQ: OVLY), announced that the Federal Home Loan Bank of San Francisco has awarded Modesto Gospel Mission (MGM) a $2 million AHP grant for 2024. This funding will support MGM's Restoration Woods project, which aims to rehabilitate existing transitional housing and provide supportive services for 134 individuals in need.
The grant will be used for substantial rehabilitation and construction of housing units offering both short-term emergency shelter and longer-term housing solutions. Residents will have access to case management, financial education, and on-site amenities. This grant is part of a larger $61.8 million funding competition by the FHLB of San Francisco, which will aid in constructing nearly 4,000 affordable housing units across Arizona, California, and Nevada.
Oak Valley Bancorp (NASDAQ: OVLY) reported Q2 2024 results with consolidated net income of $5,889,000, or $0.71 EPS. This marks an increase from $5,727,000 ($0.69 EPS) in Q1 2024, but a decrease from $8,404,000 ($1.02 EPS) in Q2 2023. The company saw growth in deposit and loan portfolios, with total assets reaching $1.84 billion. Gross loans increased to $1.07 billion, up $119.5 million year-over-year. Total deposits were $1.64 billion.
The Board declared a cash dividend of $0.225 per share, payable on August 9, 2024, to shareholders of record as of July 29, 2024. This marks the second dividend payment in 2024. Despite industry concerns over commercial real estate credit risk, Oak Valley Bancorp maintains a strong liquidity position with $180.3 million in cash and cash equivalents.
Oak Valley Bancorp (NASDAQ: OVLY), the holding company for Oak Valley Community Bank and Eastern Sierra Community Bank, announced the retirement of Ronald C. Martin from its Boards of Directors, effective June 30, 2024. Martin, who joined the bank in 1992 as President and CEO, played a significant role in the bank's growth and stability. He stepped down from the CEO role in 2013 but continued to serve as a director. Current CEO, Chris Courtney, praised Martin's contributions and leadership. Oak Valley Bancorp operates 18 branches across various locations offering diverse loan and deposit products.
Oak Valley Community Bank, a subsidiary of Oak Valley Bancorp (NASDAQ: OVLY), has announced the hiring of Melissa Loeb as Vice President and Branch Manager of their Roseville office. Loeb brings over 20 years of banking experience, including 12 years as a Branch Manager in Northern California.
In her new role, she will oversee branch operations and focus on business development. Julie DeHart, Executive Vice President of the Retail Banking Group, expressed confidence in Loeb's positive impact due to her extensive experience and leadership skills in the Sacramento market.
Oak Valley Bancorp operates 18 branches across various locations, offering a wide range of loan and deposit products to individuals and small businesses.
Oak Valley Bancorp (NASDAQ: OVLY) received the 2023 Raymond James Community Bankers Cup, ranking in the top 10% of U.S. community banks. This achievement marks the fourth time the company has been recognized, securing the 2nd spot out of 203 banks considered. The award highlights superior performance in key financial metrics such as nonperforming assets, core deposit percentage, net interest margin, efficiency ratio, return on average assets, and return on average tangible common equity. CEO Chris Courtney attributed the success to the team's dedication and performance. Oak Valley operates 18 branches across various California locations.
Oak Valley Community Bank Named One of Central Valley’s Best Places to Work
Oak Valley Community Bank, a subsidiary of Oak Valley Bancorp (NASDAQ: OVLY), has been recognized as one of the Best Places to Work in the Central Valley for 2024. The bank's growth and commitment to fostering a positive workplace environment have contributed to this achievement. The recognition highlights the bank's exceptional service culture and dedication to exceeding expectations.
The recognition by Best Companies Group and Opportunity Stanislaus reflects OVCB's success in creating a supportive work environment, increasing its workforce by 10% or more in 2023, and being part of a select group of companies celebrated for their employee satisfaction and job quality.
FAQ
What is the current stock price of Oak Valley Bancorp (OVLY)?
What is the market cap of Oak Valley Bancorp (OVLY)?
What services does Oak Valley Community Bank offer?
Where is Oak Valley Bancorp headquartered?
How many branches does Oak Valley Bancorp operate?
What is the primary source of revenue for Oak Valley Bancorp?
What is the 'rolling 10-year plan'?
Does Oak Valley Bancorp offer online banking?
What distinguishes Oak Valley Bancorp in the market?
What types of loans does Oak Valley Community Bank provide?
What is Oak Valley Bancorp's asset size?
What is Oak Valley Bancorp's approach to employee management?
