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Bank holding companies

Oak Valley Bancorp Reports Strong Financial Performance in Second Quarter of 2024

Strategic Insights

— 2 min read

Oak Valley Bancorp, the holding company for Oak Valley Community Bank and Eastern Sierra Community Bank, recently reported unaudited consolidated financial results for the three months ended June 30, 2024. The results show a strong financial performance, driven by growth in the deposit and loan portfolios, as well as an increase in non-interest income.

Key Takeaways:

  • Consolidated net income for the second quarter of 2024 was $5,889,000, or $0.71 per diluted share, compared to $5,727,000, or $0.69 EPS, for the prior quarter and $8,404,000, or $1.02 EPS, for the same period last year.
  • Net interest income for the three months ended June 30, 2024 was $17,292,000, an increase of $51,000 from the prior quarter and a decrease of $115,000 from the same period a year ago.
  • Non-interest income was $1,760,000 for the quarter ended June 30, 2024, an increase of $241,000 from the prior quarter and $105,000 from the same period last year.
  • The Company's total deposits were $1.64 billion as of June 30, 2024, an increase of $32.3 million over March 31, 2024 and a decrease of $37.6 million from June 30, 2023.
  • The deposit increase during the second quarter was due in part to an increase in new checking accounts and their corresponding balances resulting from the new checking acquisition program launched by the bank in January 2024.
  • Non-performing assets ("NPA") remained at zero as of June 30, 2024, as they were for all of 2024 and 2023.
  • The allowance for credit losses ("ACL") as a percentage of gross loans decreased slightly to 1.04% at June 30, 2024, compared to 1.05% at March 31, 2024 and increased from 0.99% at June 30, 2023.
  • The Company declared the payment of a cash dividend of $0.225 per share of common stock to its shareholders of record at the close of business on July 29, 2024. The payment date will be August 9, 2024 and will amount to approximately $1,881,000.

Statistics:

  • Consolidated net income for the second quarter of 2024: $5,889,000
  • Net interest income for the three months ended June 30, 2024: $17,292,000
  • Non-interest income for the quarter ended June 30, 2024: $1,760,000
  • Total deposits as of June 30, 2024: $1.64 billion
  • Non-performing assets as of June 30, 2024: $0
  • Allowance for credit losses as a percentage of gross loans at June 30, 2024: 1.04%
  • Total assets at June 30, 2024: $1,840,521 thousand

Sources:

  • GlobeNewswire, "Oak Valley Bancorp Reports Second Quarter 2024 Financial Results" (July 18, 2024)
  • Oak Valley Bancorp, "Financial Highlights (unaudited)" (as of June 30, 2024)

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