Welcome to our dedicated page for Oak Valley Bancorp news (Ticker: OVLY), a resource for investors and traders seeking the latest updates and insights on Oak Valley Bancorp stock.
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, a subsidiary of Oak Valley Bancorp (NASDAQ: OVLY), has appointed Thomas (T.J.) Keshishian as Vice President and Branch Manager at the East Sonora Branch. With six years of banking experience and a Pinnacle Award in 2019, Keshishian is expected to enhance business development and operations. He is a member of the Sierra Professional Association and is actively involved in community activities. Oak Valley Bancorp operates 17 branches, offering various loan and deposit products for individuals and small businesses.
Oak Valley Bancorp (NASDAQ: OVLY) reported first-quarter 2021 net income of $4,357,000 ($0.53 EPS), down from $4,649,000 ($0.57 EPS) in the prior quarter. Year-over-year, this figure increased from $2,709,000 ($0.33 EPS). The decrease was due to a prior loan loss provision reversal. Net interest income rose to $12,242,000, aided by $2,590,000 from Paycheck Protection Program (PPP) loans. Total assets reached $1.67 billion, a $153.9 million increase from the prior quarter. The allowance for loan losses decreased to 1.10%. Non-performing assets stood at $362,000, up from zero NPA last quarter.
Oak Valley Bancorp (NASDAQ: OVLY) reported impressive financial results for Q4 2020, with net income reaching $4.65 million or $0.57 per share, up from $3.75 million or $0.46 in the previous quarter. Annual net income increased by 9.6% to $13.69 million or $1.68 per share, aided by $244 million in PPP loans that generated $2.15 million in income for the quarter. Non-performing assets were reduced to zero, and total assets grew to $1.51 billion.
Oak Valley Bancorp (NASDAQ: OVLY) has promoted Mike Garcia and Jeff Hushaw to Senior Vice President, Commercial Lending. Both have significantly contributed to the bank's commercial loan portfolio growth. Garcia, with nearly 20 years of experience, has been recognized for facilitating the largest SBA 504 loans in 2019 and 2020. Hushaw brings over 30 years of lending experience to the firm. Oak Valley operates through 17 branches and offers various loan and deposit products to individuals and small businesses throughout Central Valley.
Oak Valley Bancorp (NASDAQ: OVLY) has announced the promotions of Julie DeHart and Cathy Ghan to Executive Vice Presidents in their respective divisions. DeHart, who joined in 2005, has demonstrated leadership in Retail Banking, while Ghan, who joined in 2007, has been integral to the Commercial Real Estate department's expansion. Both executives have extensive experience and community involvement, reflecting the bank's commitment to growth and service. Oak Valley operates 17 branches across California, offering diverse financial products to individuals and businesses.
On December 15, 2020, Lynn Reeves Dickerson was appointed to the Board of Directors of Oak Valley Bancorp (NASDAQ: OVLY), effective January 5, 2021. Dickerson, who has been the CEO of the Gallo Center for the Arts since 2009, brings extensive experience from her 29-year career in the newspaper industry, including roles as Publisher & President of The Modesto Bee and Vice President of Operations at McClatchy Company. She expressed excitement about joining the Board and contributing to the company's growth and success.
Oak Valley Community Bank, a subsidiary of Oak Valley Bancorp (NASDAQ: OVLY), announced the appointment of Kim Parco as Vice President and Commercial Loan Officer at the Tracy Branch. With over 30 years of commercial banking experience, Parco will handle commercial and agricultural lending, SBA loans, and relationship management. Her extensive knowledge of the local market has been highlighted as a key asset. Oak Valley Bancorp operates multiple branches and offers a variety of loan and deposit products for individuals and small businesses.
Oak Valley Community Bank has been awarded the title of “Most Active SBA 504 Lending Partner” by Success Capital for 2020, marking the fifth consecutive year the bank has received this honor. The bank facilitated nearly $8 million in loans, contributing to over $21 million in funded projects across five counties. Additionally, Mike Garcia received recognition for the “Largest SBA 504 Loan.” These awards reflect Oak Valley's commitment to supporting the local small business community and highlight the efforts of its dedicated staff.
Oak Valley Community Bank, part of Oak Valley Bancorp (NASDAQ: OVLY), welcomes Rob Gildea as Vice President, Commercial Loan Officer, based in the Stockton – Brookside Branch. With over 30 years in the banking industry and 15 years in commercial relationship management, Gildea will enhance commercial lending and business development in the Stockton area. His proven expertise is expected to support the growth of business clients and the bank's success, according to Gary Stephens, EVP Commercial Banking Group.
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