Oak Valley Bancorp Reports 4th Quarter Results and Announces Cash Dividend
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 Bancorp (NASDAQ: OVLY) ha riportato un utile netto consolidato nel quarto trimestre 2024 di $6,008,000 ($0.73 EPS), rispetto ai $7,324,000 ($0.89 EPS) nel terzo trimestre 2024 e ai $5,865,000 ($0.71 EPS) nel quarto trimestre 2023. L'utile netto per l'intero anno 2024 è stato di $24,948,000 ($3.02 EPS), in diminuzione del 19.1% rispetto ai $30,848,000 ($3.75 EPS) del 2023.
Il totale degli attivi della società ha raggiunto $1.90 miliardi, con prestiti lordi a $1.11 miliardi e depositi totali a $1.70 miliardi al 31 dicembre 2024. Il margine di interesse netto è stato del 4.00% per il quarto trimestre 2024, rispetto al 4.04% nel terzo trimestre 2024 e al 4.15% nel quarto trimestre 2023.
Il Consiglio ha dichiarato un dividendo in contante di $0.30 per azione, pagabile il 14 febbraio 2025, agli azionisti registrati al 3 febbraio 2025, per un totale di circa $2,507,000.
Oak Valley Bancorp (NASDAQ: OVLY) reportó un ingreso neto consolidado en el cuarto trimestre de 2024 de $6,008,000 ($0.73 EPS), en comparación con $7,324,000 ($0.89 EPS) en el tercer trimestre de 2024 y $5,865,000 ($0.71 EPS) en el cuarto trimestre de 2023. El ingreso neto del año completo 2024 fue de $24,948,000 ($3.02 EPS), una disminución del 19.1% con respecto a los $30,848,000 ($3.75 EPS) en 2023.
Los activos totales de la compañía alcanzaron $1.90 mil millones, con préstamos brutos de $1.11 mil millones y depósitos totales de $1.70 mil millones al 31 de diciembre de 2024. El margen de interés neto fue del 4.00% para el cuarto trimestre de 2024, comparado con el 4.04% en el tercer trimestre de 2024 y el 4.15% en el cuarto trimestre de 2023.
La Junta declaró un dividendo en efectivo de $0.30 por acción, pagadero el 14 de febrero de 2025, a los accionistas registrados a partir del 3 de febrero de 2025, con un total aproximado de $2,507,000.
오크 밸리 뱅콥 (NASDAQ: OVLY)는 2024년 4분기 통합 순이익이 $6,008,000 ($0.73 EPS)이라고 보고했으며, 이는 2024년 3분기 $7,324,000 ($0.89 EPS) 및 2023년 4분기 $5,865,000 ($0.71 EPS)과 비교됩니다. 2024년 전체 연간 순이익은 $24,948,000 ($3.02 EPS)로, 2023년의 $30,848,000 ($3.75 EPS)에서 19.1% 감소했습니다.
회사의 총 자산은 2024년 12월 31일 기준으로 $1.90억 달러에 도달했으며, 총 대출은 $1.11억 달러, 총 예치금은 $1.70억 달러입니다. 2024년 4분기 순 이자 마진은 4.00%로, 2024년 3분기 4.04% 및 2023년 4분기 4.15%와 비교됩니다.
이사회는 주주에게 지급될 현금 배당금 $0.30을 선언했으며, 이는 2025년 2월 14일에 지급될 예정이며, 기록일자는 2025년 2월 3일로 약 $2,507,000에 해당합니다.
Oak Valley Bancorp (NASDAQ: OVLY) a déclaré un revenu net consolidé de 6,008,000 $ ($0.73 EPS) pour le quatrième trimestre 2024, comparé à 7,324,000 $ ($0.89 EPS) au troisième trimestre 2024 et 5,865,000 $ ($0.71 EPS) au quatrième trimestre 2023. Le revenu net pour l'année entière 2024 était de 24,948,000 $ ($3.02 EPS), en baisse de 19.1% par rapport à 30,848,000 $ ($3.75 EPS) en 2023.
Les actifs totaux de la société ont atteint 1,90 milliard de dollars, avec des prêts bruts de 1,11 milliard de dollars et des dépôts totaux de 1,70 milliard de dollars au 31 décembre 2024. La marge d'intérêt nette était de 4,00% pour le quatrième trimestre 2024, contre 4,04% au troisième trimestre 2024 et 4,15% au quatrième trimestre 2023.
Le Conseil a déclaré un dividende en espèces de 0,30 $ par action, payable le 14 février 2025, aux actionnaires enregistrés à partir du 3 février 2025, pour un total d'environ 2,507,000 $.
Oak Valley Bancorp (NASDAQ: OVLY) meldete im vierten Quartal 2024 ein konsolidiertes Nettoergebnis von $6,008,000 ($0.73 EPS), verglichen mit $7,324,000 ($0.89 EPS) im dritten Quartal 2024 und $5,865,000 ($0.71 EPS) im vierten Quartal 2023. Das Nettoergebnis für das gesamte Jahr 2024 betrug $24,948,000 ($3.02 EPS), ein Rückgang von 19.1% im Vergleich zu $30,848,000 ($3.75 EPS) im Jahr 2023.
Die Gesamtvermögen des Unternehmens beliefen sich auf $1,90 Milliarden, mit Brutto-Darlehen von $1,11 Milliarden und Gesamteinlagen von $1,70 Milliarden zum 31. Dezember 2024. Die Nettomarge betrug 4,00% im vierten Quartal 2024, verglichen mit 4,04% im dritten Quartal 2024 und 4,15% im vierten Quartal 2023.
Der Vorstand erklärte eine Bar-Dividende von $0,30 pro Aktie, die am 14. Februar 2025 an die Aktionäre ausgezahlt wird, die zum 3. Februar 2025 registriert sind, was insgesamt etwa $2,507,000 ausmacht.
- Strong liquidity position with $168.8 million in cash and cash equivalents
- Loan growth of $90.0 million (8.8%) year-over-year
- Zero non-performing assets maintained throughout 2024
- Total deposits increased by $45.2 million year-over-year
- Net income decreased 19.1% year-over-year
- Net interest margin declined to 4.00% from 4.15% year-over-year
- Non-interest expenses increased to $46,017,000 from $41,157,000 year-over-year
- Average cost of funds increased to 0.78% from 0.28% year-over-year
OAKDALE, Calif., Jan. 24, 2025 (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 December 31, 2024, consolidated net income was
“We are pleased to report another solid year of earnings and commend our team on their commitment to a culture of relationship banking built on a foundation of sound credit quality standards,” stated Chris Courtney, Chief Executive Officer.
Net interest income was
Net interest margin was
Non-interest income for the fourth quarter and year ended December 31, 2024, totaled
Non-interest expense for the fourth quarter and year ended December 31, 2024, totaled
Total assets were
Non-performing assets (“NPA”) remained at zero as of December 31, 2024, as they were for all of 2024 and 2023. The allowance for credit losses (“ACL”) as a percentage of gross loans decreased to
The Board of Directors of Oak Valley Bancorp at their January 21, 2025 meeting, declared the payment of a cash dividend of
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) | 4th Quarter | 3rd Quarter | 2nd Quarter | 1st Quarter | 4th Quarter | |||||||||||
| Selected Quarterly Operating Data: | 2024 | 2024 | 2024 | 2024 | 2023 | |||||||||||
| Net interest income | $ | 17,846 | $ | 17,655 | $ | 17,292 | $ | 17,241 | $ | 17,914 | ||||||
| (Reversal of) provision for credit losses | - | (1,620 | ) | - | - | 1,130 | ||||||||||
| Non-interest income | 1,430 | 1,846 | 1,760 | 1,519 | 1,755 | |||||||||||
| Non-interest expense | 11,548 | 11,324 | 11,616 | 11,529 | 10,760 | |||||||||||
| Net income before income taxes | 7,728 | 9,797 | 7,436 | 7,231 | 7,779 | |||||||||||
| Provision for income taxes | 1,720 | 2,473 | 1,547 | 1,504 | 1,914 | |||||||||||
| Net income | $ | 6,008 | $ | 7,324 | $ | 5,889 | $ | 5,727 | $ | 5,865 | ||||||
| Earnings per common share - basic | $ | 0.73 | $ | 0.89 | $ | 0.72 | $ | 0.70 | $ | 0.72 | ||||||
| Earnings per common share - diluted | $ | 0.73 | $ | 0.89 | $ | 0.71 | $ | 0.69 | $ | 0.71 | ||||||
| Dividends paid per common share | $ | - | $ | 0.225 | $ | - | $ | 0.225 | $ | - | ||||||
| Return on average common equity | 12.86 | % | 16.54 | % | 14.19 | % | 13.86 | % | 16.44 | % | ||||||
| Return on average assets | 1.25 | % | 1.56 | % | 1.30 | % | 1.26 | % | 1.27 | % | ||||||
| Net interest margin (1) | 4.00 | % | 4.04 | % | 4.11 | % | 4.09 | % | 4.15 | % | ||||||
| Efficiency ratio (2) | 59.91 | % | 58.07 | % | 60.97 | % | 61.46 | % | 54.71 | % | ||||||
| Capital - Period End | ||||||||||||||||
| Book value per common share | $ | 21.95 | $ | 22.18 | $ | 20.55 | $ | 19.97 | $ | 20.03 | ||||||
| Credit Quality - Period End | ||||||||||||||||
| Nonperforming assets / total assets | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||
| Credit loss reserve / gross loans | 1.04 | % | 1.07 | % | 1.04 | % | 1.05 | % | 1.07 | % | ||||||
| Period End Balance Sheet | ||||||||||||||||
| ($ in thousands) | ||||||||||||||||
| Total assets | $ | 1,900,604 | $ | 1,900,455 | $ | 1,840,521 | $ | 1,805,739 | $ | 1,842,422 | ||||||
| Gross loans | 1,106,535 | 1,075,138 | 1,070,036 | 1,039,509 | 1,016,579 | |||||||||||
| Nonperforming assets | - | - | - | - | - | |||||||||||
| Allowance for credit losses | 11,460 | 11,479 | 11,121 | 10,922 | 10,896 | |||||||||||
| Deposits | 1,695,690 | 1,690,301 | 1,644,748 | 1,612,400 | 1,650,534 | |||||||||||
| Common equity | 183,436 | 185,393 | 171,799 | 166,916 | 166,092 | |||||||||||
| Non-Financial Data | ||||||||||||||||
| Full-time equivalent staff | 223 | 222 | 223 | 219 | 222 | |||||||||||
| Number of banking offices | 18 | 18 | 18 | 18 | 18 | |||||||||||
| Common Shares outstanding | ||||||||||||||||
| Period end | 8,357,211 | 8,358,711 | 8,359,556 | 8,359,556 | 8,293,168 | |||||||||||
| Period average - basic | 8,224,504 | 8,221,475 | 8,219,699 | 8,209,617 | 8,200,177 | |||||||||||
| Period average - diluted | 8,278,427 | 8,263,790 | 8,248,295 | 8,244,648 | 8,236,897 | |||||||||||
| Market Ratios | ||||||||||||||||
| Stock Price | $ | 29.25 | $ | 26.57 | $ | 24.97 | $ | 24.78 | $ | 29.95 | ||||||
| Price/Earnings | 10.09 | 7.52 | 8.69 | 8.86 | 10.55 | |||||||||||
| Price/Book | 1.33 | 1.20 | 1.22 | 1.24 | 1.50 | |||||||||||
| (1) This is a non-GAAP measure because its computed on a fully tax equivalent basis using a marginal federal tax rate of | ||||||||||||||||
| (2) This ratio was changed to GAAP basis as of the quarter ended December 31, 2024, and all prior periods have been restated accordingly. | ||||||||||||||||
| YEAR ENDED DECEMBER 31, | ||||||||||||||||
| Profitability | 2024 | 2023 | ||||||||||||||
| ($ in thousands, except per share) | ||||||||||||||||
| Net interest income | $ | 70,034 | $ | 75,802 | ||||||||||||
| (Reversal of) provision for credit losses | (1,620 | ) | 970 | |||||||||||||
| Non-interest income | 6,555 | 6,631 | ||||||||||||||
| Non-interest expense | 46,017 | 41,157 | ||||||||||||||
| Net income before income taxes | 32,192 | 40,306 | ||||||||||||||
| Provision for income taxes | 7,244 | 9,458 | ||||||||||||||
| Net income | $ | 24,948 | $ | 30,848 | ||||||||||||
| Earnings per share - basic | $ | 3.04 | $ | 3.76 | ||||||||||||
| Earnings per share - diluted | $ | 3.02 | $ | 3.75 | ||||||||||||
| Dividends paid per share | $ | 0.45 | $ | 0.32 | ||||||||||||
| Return on average equity | 14.39 | % | 21.87 | % | ||||||||||||
| Return on average assets | 1.35 | % | 1.64 | % | ||||||||||||
| Net interest margin (1) | 4.07 | % | 4.33 | % | ||||||||||||
| Efficiency ratio (2) | 60.08 | % | 49.93 | % | ||||||||||||
| Capital - Period End | ||||||||||||||||
| Book value per share | $ | 21.95 | $ | 20.03 | ||||||||||||
| Credit Quality - Period End | ||||||||||||||||
| Nonperforming assets/ total assets | 0.00 | % | 0.00 | % | ||||||||||||
| Credit loss reserve/ gross loans | 1.04 | % | 1.07 | % | ||||||||||||
| Period End Balance Sheet | ||||||||||||||||
| ($ in thousands) | ||||||||||||||||
| Total assets | $ | 1,900,604 | $ | 1,842,422 | ||||||||||||
| Gross loans | 1,106,535 | 1,016,579 | ||||||||||||||
| Nonperforming assets | - | - | ||||||||||||||
| Allowance for credit losses | 11,460 | 10,896 | ||||||||||||||
| Deposits | 1,695,690 | 1,650,534 | ||||||||||||||
| Stockholders' equity | 183,436 | 166,092 | ||||||||||||||
| Non-Financial Data | ||||||||||||||||
| Full-time equivalent staff | 223 | 222 | ||||||||||||||
| Number of banking offices | 18 | 18 | ||||||||||||||
| Common Shares outstanding | ||||||||||||||||
| Period end | 8,357,211 | 8,293,168 | ||||||||||||||
| Period average - basic | 8,218,846 | 8,193,874 | ||||||||||||||
| Period average - diluted | 8,258,857 | 8,230,892 | ||||||||||||||
| Market Ratios | ||||||||||||||||
| Stock Price | $ | 29.25 | $ | 29.95 | ||||||||||||
| Price/Earnings | 9.64 | 7.96 | ||||||||||||||
| Price/Book | 1.33 | 1.50 | ||||||||||||||
| (1) This is a non-GAAP measure because its computed on a fully tax equivalent basis using a marginal federal tax rate of | ||||||||||||||||
| (2) This ratio was changed to GAAP basis as of the year ended December 31, 2024, and the prior period has been restated accordingly. | ||||||||||||||||
FAQ
What was Oak Valley Bancorp's (OVLY) Q4 2024 earnings per share?
How much is OVLY's latest dividend payment in 2025?
What was OVLY's loan growth in 2024?
How did OVLY's net interest margin change in Q4 2024?
What was OVLY's total deposit growth in 2024?
