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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 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.
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.
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