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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 Bancorp (NASDAQ: OVLY) reported its financial results for Q1 2023, posting a net income of $9.23 million or $1.12 per diluted share, slightly down from $9.48 million or $1.15 per share in Q4 2022 but significantly higher than the $2.37 million or $0.29 per share a year ago.
The dip in net income compared to the last quarter is attributed to a decrease in loan loss provision reversals, down to $460,000 from $1.55 million. Strong increases in net interest income ($19.54 million) and non-interest income ($1.66 million) helped offset this decline. The net interest margin expanded to 4.39%, driven by higher yields from rate hikes. Total assets decreased to $1.94 billion, with gross loans increasing by $68.1 million year-over-year.
Oak Valley Community Bank, a subsidiary of Oak Valley Bancorp (NASDAQ: OVLY), has appointed Michael Schulze as Vice President and Commercial Banking Officer, based in Turlock, CA. With over 20 years of banking experience, Schulze will focus on business development and commercial lending in Turlock and surrounding areas. His extensive local knowledge and relationships are expected to enhance the bank's commercial banking team. Oak Valley Bancorp continues to operate through 18 branches, providing diverse loan and deposit products to individuals and small businesses.
Oak Valley Bancorp (NASDAQ: OVLY) reported robust financial results for Q4 and the full year ending December 31, 2022. Net income surged to $9.5 million ($1.15 EPS) in Q4, a significant increase from $3.5 million ($0.42 EPS) year-over-year. For the year, net income reached $22.9 million ($2.79 EPS), up 40.2% from 2021. Key growth factors included a reversal of loan loss provisions of $1.55 million and increased net interest income of $19.1 million for Q4. Total assets rose to $1.97 billion, with gross loans at $915.8 million. The company declared a $0.16 cash dividend, marking its first payout in 2023.
On January 19, 2023, Oak Valley Community Bank, a subsidiary of Oak Valley Bancorp (NASDAQ: OVLY), opened its eighteenth full-service branch in Roseville, California. Located at 1478 Stone Point Drive, the branch aims to enhance customer convenience and expand its services in the Capital Region. Originally established as a Loan Production Office in early 2022, the Roseville Branch offers comprehensive personal and commercial banking services, operated by a team with extensive banking experience. This expansion reflects the bank's commitment to growth and customer service, targeting both individual clients and the business community in the area.
Oak Valley Community Bank, a subsidiary of Oak Valley Bancorp (NASDAQ: OVLY), has been honored as the “Most Active SBA 504 Lending Partner” by Success Capital for the seventh consecutive year. The bank booked $13 million in SBA 504 loans, funding $27 million in projects and aiding nearly 100 small business jobs. Additionally, it received recognition from Valley Small Business Development Corporation for the largest loan guarantees funded. This year, Oak Valley funded over $3.5 million in guaranteed loans, showcasing its commitment to small business growth in the Central Valley.
Oak Valley Bancorp (NASDAQ: OVLY) reported a strong financial performance for Q3 2022, with consolidated net income reaching $6.8 million or $0.83 per diluted share, up from $4.3 million or $0.52 in the previous quarter. Year-to-date earnings reached $13.4 million, a 4.3% increase from $12.9 million in the prior year. Net interest income rose to $16.8 million, driven by higher yields from FOMC rate hikes and growth in loans and investments. Total assets stood at $1.96 billion, while non-performing assets remained at zero.
Oak Valley Community Bank has been awarded a $27,500 grant from the Federal Home Loan Bank of San Francisco for Jessica’s House, aimed at expanding grief support services for families in Stanislaus and Merced counties. This grant will enhance community training and development programs, supporting a network of first responders, clinicians, and therapists. It is part of a $1.5 million allocation for various economic projects across Arizona, California, and Nevada. Jose Sabala, Community Reinvestment Officer, expressed optimism about the partnership to positively impact local communities.
Oak Valley Community Bank, a subsidiary of Oak Valley Bancorp (NASDAQ: OVLY), appointed Damon K. Munoz as Vice President, Commercial Banking Officer, based in Roseville. Munoz has over 20 years of experience in commercial banking and will focus on lending and business development in the Capital region. His expertise includes real estate and SBA financing. The bank will soon open a full-service branch in Roseville, enhancing its footprint across 17 locations, including the Greater Sacramento Valley.
Oak Valley Community Bank, a subsidiary of Oak Valley Bancorp (NASDAQ: OVLY), has promoted Tina Corgiat-Rey to Assistant Vice President and Branch Manager of the Patterson Branch. Corgiat-Rey brings over 20 years of banking experience, having started her career at the bank as a New Accounts Representative in 2005. Her dedication to customer care has significantly contributed to the branch's success. The bank also received regulatory approval to open a new full-service branch in Roseville, enhancing its presence in the region.
On July 21, 2022, Oak Valley Bancorp (OVLY) reported unaudited financial results for Q2 2022, showing a net income of $4.26 million ($0.52 EPS), up from $2.37 million ($0.29 EPS) in Q1 2022. Year-to-date net income decreased to $6.63 million ($0.81 EPS) from $8.32 million ($1.02 EPS) in 2021, primarily due to a decline in PPP loan income. Net interest income rose to $13.23 million, driven by loan growth and higher asset yields. Total assets reached $1.99 billion, with deposits increasing to $1.85 billion. The Board declared a $0.15 cash dividend, payable on August 12, 2022.
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