Oak Valley Bancorp Reports 3rd Quarter Results
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 Bancorp (NASDAQ: OVLY) ha riportato i risultati finanziari per il terzo trimestre del 2024. Il reddito netto consolidato è stato di 7.324.000 dollari, ovvero 0,89 dollari per azione diluita, rispetto ai 5.889.000 dollari del trimestre precedente e ai 7.354.000 dollari del terzo trimestre del 2023. L'aumento rispetto al secondo trimestre è stato principalmente dovuto ai recuperi sui prestiti, che hanno comportato un'inversione di 1.620.000 dollari del fondo per perdite su crediti. Il reddito netto da interessi è ammontato a 17.655.000 dollari, in aumento rispetto ai 17.292.000 dollari del secondo trimestre ma in calo rispetto ai 18.938.000 dollari del terzo trimestre del 2023. Il margine di interesse netto era del 4,04%, rispetto al 4,11% del secondo trimestre e al 4,34% del terzo trimestre del 2023.
Il totale degli attivi ha raggiunto 1,90 miliardi di dollari, i prestiti lordi ammontavano a 1,08 miliardi di dollari e i depositi totali erano di 1,69 miliardi di dollari al 30 settembre 2024. Gli attivi non performanti sono rimasti a zero, e il fondo per perdite su crediti come percentuale dei prestiti lordi è aumentato all'1,07%. La banca mantiene una forte posizione di liquidità con 213,9 milioni di dollari in contante e equivalente di contante.
Oak Valley Bancorp (NASDAQ: OVLY) reportó sus resultados financieros del tercer trimestre de 2024. El ingreso neto consolidado fue de 7,324,000 dólares, o 0.89 dólares por acción diluida, en comparación con 5,889,000 dólares en el trimestre anterior y 7,354,000 dólares en el tercer trimestre de 2023. El incremento del segundo trimestre se debió principalmente a la recuperación de préstamos, resultando en una reversión de 1,620,000 dólares de la provisión para pérdidas crediticias. El ingreso neto por interés fue de 17,655,000 dólares, un aumento respecto a los 17,292,000 dólares del segundo trimestre, pero una disminución respecto a los 18,938,000 dólares del tercer trimestre de 2023. El margen de interés neto fue del 4.04%, comparado con el 4.11% del segundo trimestre y el 4.34% del tercer trimestre de 2023.
Los activos totales alcanzaron 1.90 mil millones de dólares, los préstamos brutos fueron de 1.08 mil millones de dólares y los depósitos totales eran de 1.69 mil millones de dólares al 30 de septiembre de 2024. Los activos no rentables se mantuvieron en cero, y la provisión para pérdidas crediticias como porcentaje de los préstamos brutos aumentó al 1.07%. El banco mantiene una sólida posición de liquidez con 213.9 millones de dólares en efectivo y equivalentes de efectivo.
오크 밸리 뱅코프 (NASDAQ: OVLY)는 2024년 3분기 재무 결과를 발표했습니다. 통합 순수익은 7,324,000달러, 즉 희석 주당 0.89달러로, 이전 분기의 5,889,000달러와 2023년 3분기의 7,354,000달러와 비교됩니다. 2분기 증가의 주요 원인은 대출 회수로 인한 1,620,000달러의 신용 손실 축소 때문입니다. 순이자 수익은 17,655,000달러로, 2분기의 17,292,000달러에서 증가했지만 2023년 3분기의 18,938,000달러에서 감소했습니다. 순이자 마진은 4.04%로, 2분기의 4.11%와 2023년 3분기의 4.34%와 비교됩니다.
총 자산은 19억 달러에 도달하였고, 총 대출은 10억 8천만 달러였으며, 2024년 9월 30일 기준 총 예금은 16억 9천만 달러였습니다. 부실 자산은 제로를 유지하고 있으며, 총 대출 대비 신용 손실 충당금 비율은 1.07%로 증가하였습니다. 은행은 2억 1,390만 달러의 현금 및 현금 등가물로 강력한 유동성 상태를 유지하고 있습니다.
Oak Valley Bancorp (NASDAQ: OVLY) a annoncé ses résultats financiers pour le troisième trimestre 2024. Le revenu net consolidé s'élevait à 7 324 000 dollars, soit 0,89 dollar par action diluée, contre 5 889 000 dollars au trimestre précédent et 7 354 000 dollars au troisième trimestre 2023. L'augmentation par rapport au trimestre précédent est principalement due aux récupérations de prêts, entraînant une reversement de 1 620 000 dollars de la provision pour pertes sur créances. Le revenu net d'intérêts était de 17 655 000 dollars, en hausse par rapport à 17 292 000 dollars au 2ème trimestre, mais en baisse par rapport à 18 938 000 dollars au 3ème trimestre 2023. La marge d'intérêt nette était de 4,04%, contre 4,11% au 2ème trimestre et 4,34% au 3ème trimestre 2023.
Les actifs totaux ont atteint 1,90 milliard de dollars, les prêts bruts étaient de 1,08 milliard de dollars et les dépôts totaux s'élevaient à 1,69 milliard de dollars au 30 septembre 2024. Les actifs non performants sont restés à zéro, et la provision pour pertes sur créances en pourcentage des prêts bruts a augmenté à 1,07 %. La banque maintient une solide position de liquidité avec 213,9 millions de dollars en espèces et équivalents de liquidités.
Oak Valley Bancorp (NASDAQ: OVLY) hat seine finanziellen Ergebnisse für das dritte Quartal 2024 bekannt gegeben. Der konsolidierte Nettoertrag betrug 7.324.000 US-Dollar oder 0,89 US-Dollar pro verwässerter Aktie, im Vergleich zu 5.889.000 US-Dollar im Vorquartal und 7.354.000 US-Dollar im dritten Quartal 2023. Der Anstieg gegenüber dem zweiten Quartal war hauptsächlich auf Rückzahlungen von Krediten zurückzuführen, die zu einer Umkehrung der Rückstellungen für Kreditverluste in Höhe von 1.620.000 US-Dollar führten. Der Zinsertrag netto betrug 17.655.000 US-Dollar, was einem Anstieg von 17.292.000 US-Dollar im zweiten Quartal entspricht, jedoch einem Rückgang im Vergleich zu 18.938.000 US-Dollar im dritten Quartal 2023. Die Nettozinsmarge betrug 4,04 %, im Vergleich zu 4,11 % im zweiten Quartal und 4,34 % im dritten Quartal 2023.
Die gesamten Vermögenswerte beliefen sich auf 1,90 Milliarden US-Dollar, die Bruttokredite lagen bei 1,08 Milliarden US-Dollar und die Gesamteinlagen beliefen sich auf 1,69 Milliarden US-Dollar zum 30. September 2024. Die notleidenden Anlagen blieben bei null, und die Rückstellungen für Kreditverluste als Prozentsatz der Bruttokredite stiegen auf 1,07 %. Die Bank behauptet eine starke Liquiditätsposition mit 213,9 Millionen US-Dollar in Bargeld und Bargeldäquivalenten.
- Consolidated net income increased to $7,324,000 in Q3 2024, up from $5,889,000 in Q2 2024
- Loan recoveries resulted in a $1,620,000 reversal of allowance for credit losses
- Net interest income increased to $17,655,000 from $17,292,000 in the prior quarter
- Total assets grew to $1.90 billion, an increase of $59.9 million from Q2 2024
- Gross loans increased by $103.9 million year-over-year
- Total deposits rose to $1.69 billion, up $45.6 million from Q2 2024
- Non-performing assets remained at zero for all of 2024 and 2023
- Strong liquidity position with $213.9 million in cash and cash equivalents
- Net income decreased year-over-year for both Q3 and YTD periods
- Net interest margin declined to 4.04% from 4.34% in Q3 2023
- Increase in deposit interest expense and general operating expenses
- Average cost of funds increased to 0.83% from 0.33% year-over-year
Insights
Oak Valley Bancorp's Q3 2024 results show mixed performance. The consolidated net income of
The bank's net interest margin decreased to
Credit quality appears strong, with non-performing assets at zero and an increased allowance for credit losses at
Oak Valley Bancorp's Q3 results highlight both strengths and challenges in the current banking landscape. The bank's ability to grow deposits by
The bank's focus on relationship banking is paying dividends, evidenced by the
However, the increase in non-interest expenses, particularly in staffing and operational costs, warrants attention. As the bank grows, maintaining cost discipline will be key to preserving profitability. The thorough analysis of the commercial real estate portfolio is prudent given industry-wide concerns and the stable credit quality is reassuring for investors.
OAKDALE, Calif., Oct. 18, 2024 (GLOBE NEWSWIRE) -- 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 September 30, 2024, consolidated net income was
The increase in third quarter net income compared to the prior quarter was primarily due to loan recoveries that resulted in a reversal of allowance for credit losses of
Net interest income for the three months ended September 30, 2024 was
“Our strong core deposits have helped manage funding costs and maintain a healthy net interest margin. Loan growth is crucial to minimizing future margin compression amid possible interest rate drops. Oak Valley was founded on service-focused relationship banking, which drives these efforts. Our success in growing relationships relies on standing out from our competitors by meeting and surpassing client expectations,” stated Rick McCarty, President and Chief Operating Officer.
Non-interest income was
Non-interest expense totaled
Total assets were
Non-performing assets (“NPA”) remained at zero as of September 30, 2024, as they were for all of 2024 and 2023. The allowance for credit losses (“ACL”) as a percentage of gross loans increased to
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.
For more information, call 1-866-844-7500 or visit www.ovcb.com.
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.
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.
| Contact: | Chris Courtney/Rick McCarty |
| Phone: | (209) 848-2265 |
| www.ovcb.com |
| Oak Valley Bancorp | ||||||||||||||||
| Financial Highlights (unaudited) | ||||||||||||||||
| ($ in thousands, except per share) | 3rd Quarter | 2nd Quarter | 1st Quarter | 4th Quarter | 3rd Quarter | |||||||||||
| Selected Quarterly Operating Data: | 2024 | 2024 | 2024 | 2023 | 2023 | |||||||||||
| Net interest income | $ | 17,655 | $ | 17,292 | $ | 17,241 | $ | 17,914 | $ | 18,938 | ||||||
| (Reversal of) provision for credit losses | (1,620 | ) | - | - | 1,130 | 300 | ||||||||||
| Non-interest income | 1,846 | 1,760 | 1,519 | 1,755 | 1,566 | |||||||||||
| Non-interest expense | 11,324 | 11,616 | 11,529 | 10,760 | 10,578 | |||||||||||
| Net income before income taxes | 9,797 | 7,436 | 7,231 | 7,779 | 9,626 | |||||||||||
| Provision for income taxes | 2,473 | 1,547 | 1,504 | 1,914 | 2,272 | |||||||||||
| Net income | $ | 7,324 | $ | 5,889 | $ | 5,727 | $ | 5,865 | $ | 7,354 | ||||||
| Earnings per common share - basic | $ | 0.89 | $ | 0.72 | $ | 0.70 | $ | 0.72 | $ | 0.90 | ||||||
| Earnings per common share - diluted | $ | 0.89 | $ | 0.71 | $ | 0.69 | $ | 0.71 | $ | 0.89 | ||||||
| Dividends paid per common share | $ | 0.225 | $ | - | $ | 0.225 | $ | - | $ | 0.160 | ||||||
| Return on average common equity | 16.54 | % | 14.19 | % | 13.86 | % | 16.44 | % | 19.85 | % | ||||||
| Return on average assets | 1.56 | % | 1.30 | % | 1.26 | % | 1.27 | % | 1.57 | % | ||||||
| Net interest margin (1) | 4.04 | % | 4.11 | % | 4.09 | % | 4.15 | % | 4.34 | % | ||||||
| Efficiency ratio (2) | 56.96 | % | 59.12 | % | 59.61 | % | 53.08 | % | 49.89 | % | ||||||
| Capital - Period End | ||||||||||||||||
| Book value per common share | $ | 22.18 | $ | 20.55 | $ | 19.97 | $ | 20.03 | $ | 16.29 | ||||||
| Credit Quality - Period End | ||||||||||||||||
| Nonperforming assets / total assets | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||
| Credit loss reserve / gross loans | 1.07 | % | 1.04 | % | 1.05 | % | 1.07 | % | 1.00 | % | ||||||
| Period End Balance Sheet | ||||||||||||||||
| ($ in thousands) | ||||||||||||||||
| Total assets | $ | 1,900,455 | $ | 1,840,521 | $ | 1,805,739 | $ | 1,842,422 | $ | 1,835,402 | ||||||
| Gross loans | 1,075,138 | 1,070,036 | 1,039,509 | 1,016,579 | 971,243 | |||||||||||
| Nonperforming assets | - | - | - | - | - | |||||||||||
| Allowance for credit losses | 11,479 | 11,121 | 10,922 | 10,896 | 9,738 | |||||||||||
| Deposits | 1,690,301 | 1,644,748 | 1,612,400 | 1,650,534 | 1,666,548 | |||||||||||
| Common equity | 185,393 | 171,799 | 166,916 | 166,092 | 135,095 | |||||||||||
| Non-Financial Data | ||||||||||||||||
| Full-time equivalent staff | 222 | 223 | 219 | 222 | 225 | |||||||||||
| Number of banking offices | 18 | 18 | 18 | 18 | 18 | |||||||||||
| Common Shares outstanding | ||||||||||||||||
| Period end | 8,358,711 | 8,359,556 | 8,359,556 | 8,293,168 | 8,293,468 | |||||||||||
| Period average - basic | 8,221,475 | 8,219,699 | 8,209,617 | 8,200,177 | 8,197,083 | |||||||||||
| Period average - diluted | 8,263,790 | 8,248,295 | 8,244,648 | 8,236,897 | 8,232,338 | |||||||||||
| Market Ratios | ||||||||||||||||
| Stock Price | $ | 26.57 | $ | 24.97 | $ | 24.78 | $ | 29.95 | $ | 25.08 | ||||||
| Price/Earnings | 7.52 | 8.69 | 8.86 | 10.55 | 7.05 | |||||||||||
| Price/Book | 1.20 | 1.22 | 1.24 | 1.50 | 1.54 | |||||||||||
| (1) Ratio computed on a fully tax equivalent basis using a marginal federal tax rate of | ||||||||||||||||
| (2) Ratio computed on a fully tax equivalent basis using a marginal federal tax rate of | ||||||||||||||||
| A marginal federal/state combined tax rate of | ||||||||||||||||
| NINE MONTHS ENDED SEPTEMBER 30, | ||||||||||||||||
| Profitability | 2024 | 2023 | ||||||||||||||
| ($ in thousands, except per share) | ||||||||||||||||
| Net interest income | $ | 52,188 | $ | 57,888 | ||||||||||||
| Provision for (reversal of) credit losses | (1,620 | ) | (160 | ) | ||||||||||||
| Non-interest income | 5,125 | 4,876 | ||||||||||||||
| Non-interest expense | 34,469 | 30,397 | ||||||||||||||
| Net income before income taxes | 24,464 | 32,527 | ||||||||||||||
| Provision for income taxes | 5,524 | 7,544 | ||||||||||||||
| Net income | $ | 18,940 | $ | 24,983 | ||||||||||||
| Earnings per share - basic | $ | 2.30 | $ | 3.05 | ||||||||||||
| Earnings per share - diluted | $ | 2.30 | $ | 3.04 | ||||||||||||
| Dividends paid per share | $ | 0.450 | $ | 0.320 | ||||||||||||
| Return on average equity | 14.90 | % | 23.71 | % | ||||||||||||
| Return on average assets | 1.38 | % | 1.76 | % | ||||||||||||
| Net interest margin (1) | 4.08 | % | 4.39 | % | ||||||||||||
| Efficiency ratio (2) | 58.55 | % | 47.48 | % | ||||||||||||
| Capital - Period End | ||||||||||||||||
| Book value per share | $ | 22.18 | $ | 16.29 | ||||||||||||
| Credit Quality - Period End | ||||||||||||||||
| Nonperforming assets/ total assets | 0.00 | % | 0.00 | % | ||||||||||||
| Credit loss reserve/ gross loans | 1.07 | % | 1.00 | % | ||||||||||||
| Period End Balance Sheet | ||||||||||||||||
| ($ in thousands) | ||||||||||||||||
| Total assets | $ | 1,900,455 | $ | 1,835,402 | ||||||||||||
| Gross loans | 1,075,138 | 971,243 | ||||||||||||||
| Nonperforming assets | - | - | ||||||||||||||
| Allowance for credit losses | 11,479 | 9,738 | ||||||||||||||
| Deposits | 1,690,301 | 1,666,548 | ||||||||||||||
| Stockholders' equity | 185,393 | 135,095 | ||||||||||||||
| Non-Financial Data | ||||||||||||||||
| Full-time equivalent staff | 222 | 225 | ||||||||||||||
| Number of banking offices | 18 | 18 | ||||||||||||||
| Common Shares outstanding | ||||||||||||||||
| Period end | 8,358,711 | 8,293,468 | ||||||||||||||
| Period average - basic | 8,216,947 | 8,191,749 | ||||||||||||||
| Period average - diluted | 8,252,286 | 8,228,869 | ||||||||||||||
| Market Ratios | ||||||||||||||||
| Stock Price | $ | 26.57 | $ | 25.08 | ||||||||||||
| Price/Earnings | 8.65 | 6.15 | ||||||||||||||
| Price/Book | 1.20 | 1.54 | ||||||||||||||
| (1) Ratio computed on a fully tax equivalent basis using a marginal federal tax rate of | ||||||||||||||||
| (2) Ratio computed on a fully tax equivalent basis using a marginal federal tax rate of | ||||||||||||||||
| A marginal federal/state combined tax rate of | ||||||||||||||||
FAQ
What was Oak Valley Bancorp's (OVLY) net income for Q3 2024?
How did OVLY's Q3 2024 net income compare to the previous quarter?
What was Oak Valley Bancorp's (OVLY) net interest margin for Q3 2024?
How much did OVLY's total assets grow in Q3 2024?
What was the status of Oak Valley Bancorp's (OVLY) non-performing assets as of September 30, 2024?
