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.
Oak Valley Bancorp (OVLY) provides community-focused banking services across California's Central Valley, serving businesses and individuals through personalized financial solutions. This page aggregates official news and developments from this Nasdaq-traded regional bank.
Investors and stakeholders will find timely updates including quarterly earnings reports, leadership announcements, and strategic expansion initiatives. The curated collection serves as a reliable resource for tracking OVLY's financial performance and community engagement efforts.
Content spans regulatory filings, operational updates, and community partnership announcements. Key focus areas include the bank's de novo branch expansion strategy, service excellence initiatives, and financial health indicators.
Bookmark this page for streamlined access to OVLY's latest developments. Check back regularly for updates reflecting the bank's commitment to transparent communication and regional economic growth.
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.
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