Welcome to our dedicated page for Oak Vally Bancrp news (Ticker: OVLY), a resource for investors and traders seeking the latest updates and insights on Oak Vally Bancrp stock.
Overview and Core Business
Oak Vally Bancrp (OVLY) is a distinctive financial institution located in the heart of California’s Central Valley. Uniting traditional values with innovative branch management, the bank supports a diverse clientele that includes small and medium-sized businesses, professionals, and individuals. With a focus on delivering personalized banking solutions, OVLY has established itself as a cornerstone in the regional banking sector, leveraging tried-and-tested financial practices alongside a commitment to community service.
Operational Model and Strategic Growth
At its core, Oak Vally Bancrp operates on a de novo branch approach designed to achieve sustainable growth over a rolling ten-year plan. This methodical expansion strategy is built on the solid foundation of in-house expertise and a culture of promoting from within. The bank’s service model emphasizes a team-wide responsibility where every employee contributes to exceptional client service. This initiative has guided OVLY from its origins as a single-branch entity in Oakdale to multiple locations that span across five counties and extend into the Eastern Sierra Nevada.
Commitment to Service and Community
The bank’s operational philosophy is underpinned by a deep-rooted commitment to community and long-term customer relationships. By focusing on personalized financial solutions and maintaining high service standards, Oak Vally Bancrp has crafted a unique identity in a competitive market. Its employees demonstrate a passion for excellence, ensuring that every customer interaction reflects the bank's overarching commitment to service, trust, and integrity.
Distinctive Market Position
Notably, Oak Vally Bancrp holds the unique distinction of being the only Nasdaq-traded company headquartered in Stanislaus County. This factor underscores its prominence in the regional financial landscape and highlights its commitment to transparency and adherence to strict financial reporting standards. Such a position reinforces the bank's credibility and resonates well with communities that value a stable, locally anchored institution in an increasingly complex financial ecosystem.
Competitive Landscape and Business Model Insights
Operating in a dynamic industry, the bank competes with both larger national institutions and other community banks. What sets OVLY apart is its relentless focus on service quality, its innovative expansion strategy, and its internally motivated management philosophy. These factors combine to create a robust business model that prizes steady, methodical growth over speculative leaps, thus fostering a secure environment for its clients.
Expertise in Financial Services
Oak Vally Bancrp incorporates industry-specific insights into every facet of its operations. By seamlessly integrating comprehensive banking services with forward-thinking branch expansion methods, the bank continuously adapts to meet the evolving needs of its market. Its operational efficiency is mirrored by its commitment to a culture of service and a long-term vision that takes a balanced, data-informed approach to growth and client satisfaction.
Summary
This institution stands as an adept example of how a regional bank can maintain stability and growth by prioritizing expert service, community engagement, and a disciplined business model. The combination of its strategic expansion, dedicated personnel, and regional influence makes Oak Vally Bancrp an informative case study in contemporary regional banking and financial services.
Oak Valley Community Bank (NASDAQ: OVLY) has announced the appointment of Jean Turpen as Vice President, Commercial Credit Officer at their Roseville office. Turpen brings 21 years of banking experience and will oversee client relationship management, portfolio management, and credit analysis.
Working with the Greater Sacramento Region team, she will focus on driving sustainable growth while maintaining service excellence. Turpen holds a bachelor's degree in mathematics from University of Alaska Anchorage and is a member of the Construction Financial Management Association (CFMA).
Oak Valley Community Bank, a subsidiary of Oak Valley Bancorp, currently operates 18 branches across various California locations including Oakdale, Turlock, Stockton, and the Eastern Sierra division. The bank plans to open its 19th branch in Lodi later this year.
Oak Valley Community Bank, subsidiary of Oak Valley Bancorp (NASDAQ: OVLY), has received regulatory approval to open its 19th full-service branch in downtown Lodi, scheduled for mid-2025. The new branch, located at 31 South School Street, will be the bank's sixth location in San Joaquin County.
The Lodi branch will offer comprehensive personal and commercial banking services, including a walk-up ATM, night deposit service, and offices for commercial lending and administrative personnel. This expansion marks a significant growth in the bank's San Joaquin County presence, which began in 2005.
Oak Valley Community Bank currently operates 18 branches across various locations including Oakdale, Turlock, Stockton, Patterson, Ripon, Escalon, Manteca, Tracy, Sacramento, Roseville, Sonora, Modesto, and their Eastern Sierra division branches in Bridgeport, Mammoth Lakes, and Bishop.
Oak Valley Bancorp (NASDAQ: OVLY) reported Q4 2024 consolidated net income of $6,008,000 ($0.73 EPS), compared to $7,324,000 ($0.89 EPS) in Q3 2024 and $5,865,000 ($0.71 EPS) in Q4 2023. Full-year 2024 net income was $24,948,000 ($3.02 EPS), down 19.1% from $30,848,000 ($3.75 EPS) in 2023.
The company's total assets reached $1.90 billion, with gross loans at $1.11 billion and total deposits at $1.70 billion as of December 31, 2024. Net interest margin was 4.00% for Q4 2024, compared to 4.04% in Q3 2024 and 4.15% in Q4 2023.
The Board declared a cash dividend of $0.30 per share, payable on February 14, 2025, to shareholders of record as of February 3, 2025, totaling approximately $2,507,000.
Oak Valley Community Bank (NASDAQ: OVLY) has been named '2024 SBA 504 Most Active Bank' by Success Capital CDC, while their Vice President Rob Gildea received the '2024 SBA 504 Most Active Loan Officer' award. These recognitions cover lending activities across six California counties. The bank's achievements highlight its commitment to small business lending through the SBA 504 Program, which provides low down payment, fixed-rate financing for business owners to purchase or build facilities.
The bank operates through 18 branches across California, including locations in Oakdale, Turlock, Stockton, and other cities. The recognition ceremony was held in November, attended by key bank executives and commercial banking officers.
Oak Valley Community Bank, a subsidiary of Oak Valley Bancorp (NASDAQ: OVLY), has announced the appointment of David Skitarelic as Vice President, Commercial Banking Officer at their Roseville office. Skitarelic brings 30 years of Sacramento-area commercial banking experience and will focus on commercial lending and business development in the Greater Sacramento region. The bank operates through 18 branches across various locations including Oakdale, Turlock, Stockton, and the Eastern Sierra division, offering loan and deposit products to individuals and small businesses.
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.
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